Safe Trading in Gold Market and Updates

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Market Outlook

Gold price begins today’s trading with slight bullish bias, we will keep preferring the bullish trend in the upcoming sessions conditioned by holding above 29350 level, pointing that branching 29550 will push the price to 29720 as a next main target. Silver price didn’t show any strong move in the last days, to stay stable near 39300 level. Crude oil price shows slight bearish bias after testing 3815 barriers in last Friday, the Expected trading range for today is between 3720 support and 3820 resistance. Copper price faced intraday negative pressures on Friday to notice postponing the bullish rally and fluctuate near the initial support around 450.50, the Expected trading range for today is between 443 and 452. Zinc price faced negative pressures on Monday. The expected trading range for today is between 206.20 and 209.70.

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Fundamental News

Gold prices drifted higher on Monday, as investors looked ahead to a busy week of Federal Reserve speakers for fresh clues on the likely trajectory of monetary policy.

Crude prices were a bit lower on Monday, as energy markets looked ahead to this week’s Organization of Petroleum Exporting Countries’ (OPEC) highly-anticipated meeting to see whether major producers plan to extend their current production-cut agreement.

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Gold showed sideways to bullish movement and found the major resistance level of 29550. Now if price sustains on a higher level then it will test next resistance level of 29685. On another side, 29350 will be a major support level.

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Silver showed sideways to bearish movement and found the major support level of 39100. Now if price sustains on a lower level then it will test next support level of 38880. On another side, 39530 will be major resistance level.

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Crude Oil showed sideways to bearish movement and found the major support level of 3710. Now if price sustains on a lower level then it will test next support level of 3678. On another side, 3820 will be major resistance level.

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Copper showed sideways to bearish movement and found the major support level of 443. Now if price sustains on a lower level then it will test next support level of 439. On another side, 453 will be major resistance level.

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