Edge in Crude Oil and Profitable News

Market Outlook

Gold prices were hovering at two-month highs on Friday, as mounting tensions between the U.S. and North Korea continued to support strong demand for safe-haven assets.  U.S. oil moved lower on Friday, as fresh concerns over rising supplies surfaced following the release of the Organization of the Petroleum Exporting Countries’ monthly report on Thursday. For the base metals recent fundamental developments should help to provide underlying support, but considering the scale of recent gains, some profit taking/consolidation is likely.

Fundamental News

The precious metal remained supported as tensions escalated between Washington and Pyongyang after U.S. President Donald Trump warned the peninsula on Thursday against attacking Guam or U.S. allies.

World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak OPEC compliance with output cuts, the International Energy Agency said on Friday.

Gold showed sideways to bullish movement and found the important resistance level of 29295 Now if it will close above the important resistance level of 29300 then 29500 will act as next resistance level. On the other hand, 28800 will act as a major support level.

Silver showed sideways to bullish movement and found the important resistance level of 39396 Now if it will close above the important resistance level of 39550 then 40000 will act as next resistance level. On the other hand, 38500 will act as a major support level.

Crude showed bearish movement and found the important support level of 3082. Now if it will close below the important support level of 3080 then 3050 will act as next support level. On the other hand, 3235 will act as a major resistance level.

Copper showed sideways to bullish movement and found the important resistance level of 413 Now if it will close above the important resistance level of 415 then 420 will act as next resistance level. On the other hand, 400 will act as a major support level.

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