Safe Trading in Gold Market and News

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Market Outlook

Gold price tests the bullish channel’s support line now and keeps its stability above it, as the EMA50 mees this support to add more strength to it, we will continue to suggest the bullish trend for the upcoming sessions conditioned by holding above 1345.00, reminding you that our next main targets begin at 1375.00 and extend to 1404.00. Crude oil price confirmed breaching the resistance line last Friday; the bullish trend will remain suggested for today conditioned by holding above 65.00. Copper price confirmed keeping the bullish bias domination by gathering new positive momentum, to keep its consolidation within the bullish channel, thus, we will keep waiting to renew the bullish attempts that target 3.4400 level.

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Fundamental News

Gold prices ended lower on Friday but remained in sight of the previous day’s 17-month peak as the U.S. dollar was pressured by data pointing to slower U.S. economic growth and comments by a senior U.S. official backing a weaker currency.

Crude prices held near their strongest levels since late 2014 on Monday, amid ongoing optimism that OPEC-led output cuts would continue to drain the market of excess supplies. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers.

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Gold showed sideways to bearish movement and found the major support level of 29850. Now if price sustains on lower level then it will test next support level of 29699. On other side 30291 will be major resistance level.

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Silver showed sideways to bearish movement and found the major support level of 38746. Now if price sustains on lower level then it will test next support level of 38402. On other 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 4142. Now if price sustains on lower level then it will test next support level of 4100. On other side 4271 will be major resistance level.

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Copper showed sideways to bearish movement and found the major support level of 447.00. Now if price sustains on lower level then it will test next support level of 443.80.On other side 456.50 will be major resistance level.

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