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Safe Trading in Precious Metal and Updates

Market Outlook

Gold price ended yesterday’s trading below the bullish channel’s support, to open the way to start bearish correction for the bullish wave that started from 1236.41 areas and reached the recent top 1236.97, Crude oil price keeps providing the negative trades to approach testing the bullish channel’s support line that appears on the chart, located now at 64.80, we believe that the chances are valid to rebound bullishly and resume the bullish trend in the upcoming sessions, and the positive targets begin at 66.25 and extend to 67.95, Copper price stability within the main bullish channel, we notice forming new sideways trades by approaching 3.1500 level, below 3.000 this level will cancel the bullish overview and confirm the preparation to build new bearish bias in the upcoming period.

Fundamental News

Gold prices declined on Tuesday, extending losses into a third session, as traders awaited a U.S. Federal Reserve policy meeting for fresh catalysts. U.S. government debt yields also extended recent gains, with the benchmark 10-year note climbing to its highest level in almost four years at 2.733%.

Crude prices fell on Tuesday, extending losses into a second session, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer.

Gold showed sideways to bullish movement and found the major resistance level of 30170. Now if price sustains on a higher level then it will test next resistance level of 30291. On another side, 29954 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39450. Now if price sustains on a higher level then it will test next resistance level of 39850. On another side, 38850 will be a major support level.

Crude oil showed sideways to bearish movement and found the major support level of 4069. Now if price sustains on a lower level then it will test next support level of 4011. On another side, 4153 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 451.75. Now if price sustains on a higher level then it will test next resistance level of 456.50. On another side, 445.30 will be a major support level.

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