Crude oil Market Trend and Updates

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Market Outlook

Gold price shows sideways trades since yesterday, setting around 1340.00 level, noticing that stochastic begins to get rid of its negative momentum gradually, while the EMA50 keeps providing the positive support to the price and protects the key support 1321.49. Crude oil price hovers around the main bullish channel’s resistance, noting that the price got a daily close above this level, which reinforces the expectations of continuing the main bullish trend in the upcoming sessions, which its next target located at 66.75. Copper price continued to resist the negative pressures recently to keep the positive consolidation above the initial support at 3.2000, We expect the price to form strong positive attack in the near term period to target 3.4400followed by attempting to reach the bullish channel’s resistance at 3.5700 to form the main target of the bullish bias.

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Fundamental News

Gold prices held near their highest level in around four months in early dealings on Tuesday, supported by a weaker U.S. dollar languishing near three-year lows. The yellow metal did not settle on Monday due to the U.S. Martin Luther King Day holiday.

Brent crude oil prices held near $70 a barrel on Tuesday, a level not seen since 2014’s dramatic market slump. Prices have been driven up by production curbs in OPEC nations and Russia, as well as strong demand thanks to healthy economic growth. It expected Brent to rise to around $75 per barrel by the third quarter of this year.

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Gold showed sideways to bearish movement and found the major support level of 29600. Now if price sustains on a lower level then it will test next support level of 29510. On another side, 29892 will be major resistance level.

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Silver showed sideways to bearish movement and found the major support level of 39031. Now if price sustains on a lower level then it will test next support level of 38666. On another side, 39693 will be major resistance level.

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Crude oil showed sideways to bearish movement and found the major support level of 4060. Now if price sustains on a lower level then it will test next support level of 4016. On another side, 4128 will be major resistance level.

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Copper showed sideways to bearish movement and found the major support level of 451.95. Now if price sustains on a lower level then it will test next support level of 448.80. On another side, 460.00 will be major resistance level.

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