Gold prices lower on Thursday, nursing overnight losses amid fading demand for safe-haven assets, despite jitters ahead of the French presidential election and ongoing geopolitical tensions over North Korea. Oil prices regained some ground on Thursday, after steep losses in the previous session, as leading Gulf oil producers signaled a likely extension of OPEC-led supply cuts beyond the middle of the year. The tone in the base metals is not bullish at present and we put that down to the market adjusting from being too bullish after the US election and earlier this year. The higher prices attracted hoarded metal out of the woodwork and that is having to be absorbed and while that is happening upward momentum has been lost.
The U.S. Environmental Protection Agency will reconsider a rule on greenhouse gas emissions from oil and gas operations and delay its compliance date, the agency said on Wednesday in the Trump administration’s latest move to reduce regulations.
Leading Gulf oil producers Saudi Arabia and Kuwait gave the clearest signal yet that OPEC plans to extend into the second half of the year a deal with non-OPEC producers to curb oil supplies.
Gold showed sideways to bearish movement and found the important support level of 29203. Now if it will close below the important support level of 29000 then 28700 will act as next support level. On the other hand 29500 will act as a major resistance level.
Silver showed bearish movement and found the important support level of 41200. Now if it will close below the important support level of 41000 then 40500 will act as next support level. On the other hand 42300 will act as a major resistance level.
Crude showed bearish movement and found the important support level of 3283. Now if it will close below the important support level of 3250 then 3200 will act as next support level. On the other hand 3370 will act as a major resistance level.
Copper showed bullish movement and found the important resistance level of 364.75. If prices sustain above 365 level in next trading session then this bullish momentum can take prices to 370 level. If it breaks the support level of 356 then 350 will act as next support level.
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