Gold and Silver Market News and Updates

Market Outlook

Gold price fluctuates around 1321.49 level without managing to breach it until now, we will continue to suggest the bullish trend unless breaking 1299.20 level and holding below it, as breaking this level will push the price to return to the correctional bearish track again, which its next target located at 1281.17. Crude oil price recent trades are confined inside minor bearish channel, which we believe it forms bullish flag pattern that supports the chances of continuing the main bullish trend, the price needs to breach 61.65 to confirm resuming the bullish trend that its next target located at 63.70,  Copper price still need the positive momentum to keep the sideways fluctuation, to approach from the initial support at 3.2000, opening the way towards gaining new positive momentum in the near period, confirming the continuation of the positivity targeting 3.4400 level initially.

Fundamental News

Gold prices fell on Monday as the stronger dollar weighed after Friday’s weaker-than-expected U.S. jobs report did little to alter expectations for further Federal Reserve rate hikes this year.

Crude oil prices were hovering near recent multi-year peaks on Monday, helped by news of a decline in U.S. oil rigs, although ongoing concerns over rising U.S. production were expected to limit gains. Oil services firm Baker Hughes on Friday reported a decline by five to 742 in the number of U.S. rigs in the week to January 5.

Gold showed sideways to bullish movement and found the major resistance level of 29347. Now if price sustains on a higher level then it will test next resistance level of 29476. On another side, 29153 will be a major support level.

Silver showed sideways to bearish movement and found the major support level of 38754. Now if price sustains on a lower level then it will test next support level of 38515. On another side, 39372 will be major resistance level.

Crude Oil showed sideways to bearish movement and found the major support level of 3843. Now if price sustains on a lower level then it will test next support level of 3815. On another side, 3927 will be major resistance level.

Copper showed sideways to bearish movement and found the major support level of 448.15. Now if price sustains on a lower level then it will test next support level of 443.95. On another side, 455.00 will be major resistance level.

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