Crude Oil Market News and Updates

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Market Outlook

Gold price resumes the rise in its way to our waited target at 1321.49, keeping the bullish trend valid efficiently for the rest of the day, reminding you that breaching the mentioned level will extend the bullish wave to reach 1357.53 as a next main target, while the expected rise will remain active in the upcoming sessions unless breaking 1299.20 level and holding it. Crude oil price shows slight bearish bias but it remains near 60.50 level, as long as the price above 59.50, so our positive expectations will remain active for today. Copper price repeated providing sideways trading, and the price might decline to 3.2000 level until gathering the positive momentum, which allows it to achieve more of the targets in the upcoming period that might begin at 3.4400 reaching to 3.5200 level.

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Fundamental News
Gold prices rose to fresh three month highs on Tuesday in the first trading day of 2018, propelled higher by a weaker dollar. Comex gold futures rose 0.21% to $1,312.20 a troy ounce by 03:45 AM ET (08:45 AM GMT), the strongest level since September 26. Investors were also awaiting Friday’s U.S. nonfarm payrolls report for December.
Crude oil prices were hovering at multi-year highs on Tuesday, as unrest in Iran sparked concerns over potential supply disruptions in the region and as supply cut efforts by global oil producers continued to support.

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Gold showed bullish movement and found the major resistance level of 29270. Now if price sustains on a higher level then it will test next resistance level of 29395. On another side, 29101 will be a major support level.

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Silver showed bullish movement and found the major resistance level of 39485. Now if price sustains on a higher level then it will test next resistance level of 39641. On another side, 38754 will be a major support level.

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Crude oil showed range bound movement and found the major resistance level of 3940. Now if price sustains on a higher level then it will test next resistance level of 4065. On another side, 3745 will be a major support level.

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Copper showed range bound movement and found the major resistance level of 465.15. Now if price sustains on a higher level then it will test next resistance level of 467.85. On another side, 457.30 will be a major support level.

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