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Market Outlook

Gold prices held near their highest level in around seven weeks on Tuesday, as market players looked ahead to a key batch of U.S. economic data to gauge the strength of the world’s largest economy and how it will impact the Federal Reserve’s view on monetary policy. Oil traded near two-month high, supported by signs that a persistent inventory glut is starting to ease and strong global demand, although stronger OPEC production kept a lid on gains. Copper prices are managing to generally hold on to most of its recent gains and the metal looks strong, while the other metals appear not to be convinced that they should be following copper’s lead.

Fundamental News

Gold prices in India last week recorded the biggest discount in seven months as a rebound in prices hurt retail demand while imports of the precious metal are expected to come under pressure amid a seasonal slowdown.

Brent crude oil prices were expected to remain broadly unchanged in 2018 and average at around $45-$50 a barrel as U.S. shale production is able to expand at these levels, effectively capping prices.

 

Gold showed sideways to bullish movement and found the important resistance level of 28814. Now if it will close above the important resistance level of 28860 then 29000 will act as next resistance level. On the other hand 28500 will act as a major support level.

Silver showed bearish movement and found the important support level of 38230. Now if it will close below the important support level of 38000 then 37500 will act as next support level. On the other hand, 39000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3107. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand, 3235 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 3107. Now if it will close below the important support level of 3100 then 3050 will act as next support level. On the other hand, 3235 will act as a major resistance level.

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