Today’s Profitable Silver Market News

 

Market Outlook

Gold prices edged higher on Wednesday, as investors looked ahead to the outcome of the Federal Reserve’s two-day policy meeting, at which it is expected to deliver an interest rate hike. Oil prices fell on Wednesday after industry data showed a build in U.S. crude stocks and OPEC reported a rise in its production despite a pledge to cut output. The base metals remain in a ‘glass-half-empty’ mood; copper prices seem to be the ones trying to shake off their gloom while the others continue to drift with any effort to look brighter being short-lived.

Fundamental News

Gold futures traded in a narrow range, as investors held off initiating large positions in the precious metal ahead of the start of the Federal Reserve’s June meeting, which concludes on Wednesday, with the majority of traders expecting an interest rate hike.

Crude prices have fallen more than 10 percent since late May, pulled down by heavy global oversupply that has persisted despite a move led by the Organization of the Petroleum Exporting Countries to curb production.

Gold showed bullish movement and found the important resistance level of 29087. Now if it will close above the important resistance level of 29100 then 29500 will act as next resistance level. On the other hand 28800 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 39821. Now if it will close above the important resistance level of 40000 then 40500 will act as next resistance level. On the other hand 38800 will act as a major support level.

Crude showed bearish movement and found the important support level of 2863. Now if it will close below the important support level of 2850 then 2800 will act as next support level. On the other hand 3000 will act as a major resistance level.

Crude showed bearish movement and found the important support level of 2863. Now if it will close below the important support level of 2850 then 2800 will act as next support level. On the other hand 3000 will act as a major resistance level.

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