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Today’s Special Silver Market Updates

Market Outlook

Gold prices were higher on Thursday, touching the strongest level in around two weeks as investors feeling increasingly nervous over the future of Donald Trump’s U.S. presidency sought safe havens for their money. Oil prices slumped on Thursday, amid concern that an ongoing rebound in U.S. shale production is derailing efforts by other major producers to rebalance global oil supply and demand. Base metals are looking weaker this morning, copper’s and aluminum’s grind higher over the past five trading days appears to have run out of steam, while lead, zinc and nickel prices have been sliding. Last weekend’s announcement by China about infrastructure spending seems to have been the catalyst for the metals.

Fundamental News

The deepening political turmoil dampened demand for risk-sensitive assets, such as global equities, and sparked a rally in assets perceived as safe, such as the yen, bullion and U.S. Treasuries, which are often used as a hedge in times of political uncertainty.

Brent reached $52.63 a barrel and WTI rose as high as $49.66 on Monday after Saudi Arabia and Russia agreed on the need to extend output curbs by members of the Organization of the Petroleum Exporting Countries and other producers.

Gold showed bullish movement and broke the important resistance level of 29000. Now if it will close above the important resistance level then 29200 will act as next resistance level. On the other hand 28200 will act as a major support level.

Silver showed sideways movement and found the important resistance level of 39400. Now if it will close above the important resistance level of 39400 then 39700 will act as next resistance level. On the other hand 39000 will act as a major support level.

Crude showed bullish movement and find the important resistance level of 3250. Now if it will close above the important resistance level of 3250 then 3300 will act as next resistance level. On the other hand 3150 will act as a major support level.

Copper showed bullish movement and find the important resistance level of 367. Now if it will close above the important resistance level of 367 then 372 will act as next resistance level. On the other hand 361 will act as a major support level.

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