Crude Oil Market Analysis and Updates

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Market Outlook
Gold prices rose on Tuesday as rising political tension over North Korea and Syria supported demand for the safe-haven metal. The U.S. had been working to rally international support for its revised stance on Syria ahead of the American Secretary of State’s first diplomatic trip to Moscow. Crude oil eased from a five-week high on Tuesday as rising U.S. shale oil production offset concerns over geopolitical tensions in the Middle East and output cuts being made to support prices. The base metals remain under pressure but the price weakness so far seems limited to routine pullbacks, the exception being zinc which has broken support.

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Fundamental News
Nervous investors turned to the safety of gold, government bonds and the yen on Tuesday as concerns mounted about possible U.S. military strikes in the Middle East and the Korean Peninsula.

Oil prices have also been supported by a deal led by the Organization of the Petroleum Exporting Countries to cut output by 1.8 million barrels per day for the first six months of 2017, to get rid of excess supply.

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Gold showed bullish movement and found the important resistance level of 29229. Now if it will close above the important resistance level of 29300 then 29500 will act as next resistance level. On the other hand 28800 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 42275. Now if it will close above the important resistance level of 42300 then 42800 will act as next resistance level. On the other hand 41500 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3456. Now if it will close above the important resistance level of 3470 then 3500 will act as next resistance level. On the other hand 3400 will act as a major support level.

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Copper showed sideways to bearish movement and found the important support level of 369.55. Now if it will close below the important support level of 369 then 365 will act as next support level. On the other hand 380 will act as a major resistance level.

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