Gold and Crude Market Trend & News

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Market Outlook
Gold prices edged lower on Monday, kicking the week off with modest losses as investors awaited fresh signals about the timing of the next U.S. interest rate increase this year. The precious metal ended the quarter with a gain of almost 8.5% boosted by the weaker dollar and growing doubts over whether the Trump administration’s economic proposals would boost the U.S. economy and allow the Fed to tighten policy more aggressively. Oil futures dipped on Monday as a higher U.S. rig count indicated rising shale output and stoked worries about global oversupply, while a stronger dollar also pressured prices.

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Fundamental News
The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.
Iraq plans to increase its oil output capacity to 5 million barrels per day before the end of the year, but Baghdad has assured OPEC it will fully comply with the pact to cut oil supply.

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Gold showed bearish movement and found the important resistance level of 28950. Now if it will sustain below the important support level of 28800 then 28500 will act as next support level. On the other hand 29000 will act as a major resistance level.

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Silver showed sideways movement and found the important resistance level of 41900. Now if it will sustain below 41900 then 41500 will act as next support level. On the other hand 42500 will act as a major resistance level.

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Crude showed sideways movement and found the important resistance level of 3310. Now if it will close below the important support level of 3250 then 3200 will act as next support level. On the other hand 3310 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 374. Now if it will close below the important support level of 374 then 370 will act as next support level. On the other hand 380 will act as a major resistance level.

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