Today’s Special Crude Oil Market Updates

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Market Outlook

Gold prices added to overnight gains on Wednesday, touching the highest level in two weeks as markets become increasingly worried about political turmoil involving U.S. President Donald Trump. 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. Oil prices edged lower on Wednesday, moving further away from the strongest level in more than three weeks after industry data overnight showed a surprise increase in U.S. oil stockpiles.

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Fundamental News

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, weakened for a sixth straight day, falling around 0.2% to 97.86.

As oilfield workers for Lilis Energy Inc threaded together drill pipes one recent morning in the Permian Basin, a bulldozer cleared sagebrush to make way for the company’s fifth well since January.

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Gold showed bullish movement and broke the important resistance level of 28200. Now if it will close above the important resistance level then 28700 will act as next resistance level. On the other hand 28100 will act as a major support level.

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Silver showed bullish 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.

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Crude showed sideways movement and find the important support level of 3110. Now if it will close below the important support level of 3110 then 3060 will act as next support level. On the other hand 3180 will act as a major resistance level.

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Crude showed sideways movement and find the important support level of 3110. Now if it will close below the important support level of 3110 then 3060 will act as next support level. On the other hand 3180 will act as a major resistance level.

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