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Today’s Special Gold Market News

Market Outlook

Gold prices were higher on Wednesday, bouncing off the prior session’s eight-week low after U.S. President Donald Trump abruptly fired FBI Director James Comey in a move that shocked Washington.Rekindled fears that North Korea could be gearing up for another weapons test also supported gold. Oil futures rose on Wednesday after Reuters reported Saudi Arabia would cut supplies to the region as OPEC tries to counter rising U.S. output that is threatening to derail its attempts to end a sustained global crude glut. Oil was also supported by a larger than expected fall in U.S. crude inventories last week, down 5.8 million barrels.

Fundamental News

China’s April producer price inflation cooled more than expected in a sign manufacturing activity may be losing momentum along with other sectors of the economy as domestic demand remains muted and the government cracks down on financial risks.

Oil prices pared gains in mid-afternoon trade, as sentiment turned bearish, after the EIA raised its U.S. oil production forecast to an average of 9.3 million barrels per a day (bpd) in 2017 and 10 million bpd in 2018.

Gold showed sideways to bearish movement and broke the important support level of 28000. Now if it will close below the important support level of 28000 then 27700 will act as next support level. On the other hand 28300 will act as a major resistance level.

Silver showed sideways movement and found the important support level of 37870. Now if it will close below the important support level of 37700 then 37100 will act as next support level. On the other hand 38500 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3087. Now if it will close above the important resistance level of 3100 then 3150 will act as next resistance level. On the other hand 3000 will act as a major support level.

Copper showed bearish movement and find the important support level of 356.60. Now if it will close below the important support level of 355 then 350 will act as next support level. On the other hand 365 will act as a major resistance level.

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