Crude oil Market Trend News and Updates

Market Outlook

Gold price continues its bullish rally to approach our waited target at 1357.53, waiting for more rise in the upcoming sessions, noting that breaching the mentioned level will extend Gold price gains to reach 1375.00 followed by 1405.00 on the short-term basis. Crude oil price begins the attempts to breach the main bullish channel’s resistance after resuming the bullish bias in the last sessions of last week, reinforcing the expectations of continuing the bullish trend on the intraday and short-term basis, noting that breaching 64.45 followed by 64.95 levels will open the way to achieve our next main target at 66.75. Copper price continued to resist the negative pressures recently to keep the positive consolidation above the initial support at 3.2000, noticing that the price gathers new positive momentum to renew the bullish attempts by rallying towards 3.2850.

Fundamental News

Gold prices started the week on the front-foot on Monday, hitting their highest level since September as the dollar languished at three-year lows against a basket of currencies. Gold prices tallied the fifth week of gains in a row last week, rising 1.4%.

Crude prices were largely unchanged near recent highs in early dealings on Monday, as the market weighed rising U.S. drilling activity against ongoing efforts by major producers to cut output to reduce a global glut. The reports come out one day later than usual due to the Martin Luther King Day holiday on Monday.

Gold showed sideways to bullish movement and found the major resistance level of 29810. Now if price sustains on a higher level then it will test next resistance level of 29955. On another side, 29600 will be a major support level.

Silver showed sideways to bullish movement and found the major resistance level of 39719. Now if price sustains on a higher level then it will test next resistance level of 39860. On another side, 39325 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4123. Now if price sustains on a higher level then it will test next resistance level of 4175. On another side, 4066 will be a major support level.

Copper showed sideways to bullish movement and found the major resistance level of 462.45. Now if price sustains on a higher level then it will test next resistance level of 465.15. On another side, 457.90 will be a major support level.

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