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Safe Trading in Gold, Silver & Crude | Free Calls

 

Market Outlook

Gold prices edged slightly higher on Thursday, as investors eyed upcoming U.S. data and speeches by Federal Reserve officials, but gains were expected to remain limited as Wednesday’s upbeat U.S. economic reports continued to support demand for the dollar. Oil prices steadied on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports and the return of supply from a Libyan oilfield dragged on the market. Aluminium was the main metal to push on with its rebound and hold on to gains; lead, zinc and nickel rallied but struggled to hold on to gains; while copper continued to consolidate, the former in low ground and the latter in high ground.

Fundamental News

Gold prices inched up in Asia on Thursday with markets this as Hong Kong, South Korea, and China shut for holidays.

Oil prices have been well supported in recent weeks amid growing optimism that the crude market was well on its way towards rebalancing as data showed strong compliance from major producers with their supply cut agreement.

Gold showed bearish movement and found the important support level of 29360. Now if it will close below the important support level of 29350 then 29200 will act as next support level. On the other hand, 29600 will act as a major resistance level.

Silver showed sideways movement and found the important support level of 39000. Now if it will close below the important support level of 39000 then 38700 will act as next support level. On the other hand, 39650 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3250. Now if it will close below the important support level of 3250 then 3200 will act as next support level. On the other hand, 3320 will act as a major resistance level.

Copper showed bullish movement and found the important support level of 439. Now if it will close below the important support level of 435 then 430 will act as next support level. On the other hand, 440 will act as a major resistance level.

 

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