Important News for Gold Market

Market Outlook

Gold prices remained under mild pressure as risk appetite remained healthy this week after Hurricane Irma appeared to have caused less damage than feared and in the absence of any new provocations from North Korea. Oil prices edged lower on Thursday but held on the most of their gains from the previous session which came after data showing a record drop in gasoline inventories and indications that the oversupplied global market is starting to rebalance. In the rest of the complex, zinc prices fell back from near ten-year high levels to below $3,000 per tonne, while nickel prices also continued to retreat lower, dropping a further $130 per tonne.

Fundamental News

Gold prices remained on track to suffer their longest losing streak in more than a month as appetite for safe-haven investments continued to fade, underpinning a move higher in both the dollar and treasury yields.

The Organization of the Petroleum Exporting Countries said Tuesday that output declined by 79,000 barrels a day to 32.76 million in August, driven mainly by a drop in Libya, Gabon, Venezuela, and Iraq.

Gold showed bullish movement and found the important resistance level of 29992. Now if it will close above the important resistance level of 30100 then 30500 will act as next resistance level. On the other hand, 29500 will act as a major support level.

Silver showed sideways to bearish movement and found the important support level of 40800. Now if it will close below the important support level of 40800 then 40500 will act as next support level. On the other hand, 41900 will act as a major resistance level.

Crude showed bullish movement and found the important resistance level of 3243. Now if it will close above the important resistance level of 3250 then 3300 will act as next resistance level. On the other hand, 3100 will act as a major support level.

Copper showed bearish movement and found the important support level of 417.50. Now if it will close below the important support level of 415 then 410 will act as next support level. On the other hand, 430 will act as a major resistance level.

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