Edge in Precious Metal and Profitable News

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Market Outlook

Gold prices rose sharply on Wednesday, as investors piled into safe haven assets amid intensifying tensions between the U.S. and North Korea, with Pyongyang saying it is considering plans to attack Guam. Oil prices edged lower on Wednesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. Base metals are likely to trade sideways with a possible upward bias because investors continue to express a strong interest for reflation-oriented trades following signs that China’s economic growth momentum remains solid in the third quarter of the year.

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Fundamental News

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

 A global deal cutting crude output has forced mid-sized Russian oil company Tatneft to curb flows at some fields, leaving it with lower revenues but little relief from maintenance and running costs. Its response: innovation.

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Gold showed bullish movement and found the important resistance level of 28865 Now if it will close above the important resistance level of 29000 then 29250 will act as next resistance level. On the other hand, 28300 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 38690 Now if it will close above the important resistance level of 38700 then 39000 will act as next resistance level. On the other hand, 38000 will act as a major support level.

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Crude showed sideways to bullish movement and found the important resistance level of 3176. Now if it will close above the important resistance level of 3180 then 3235 will act as next resistance level. On the other hand, 3100 will act as a major support level.

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Copper showed sideways movement and found the important resistance level of 416.95. Now if it will close above the important resistance level of 417 then 425 will act as next resistance level. On the other hand, 400 will act as a major support level.

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