Safe Trading in Copper and Updates

Market Outlook

Gold prices rose on Tuesday boosted by the softer dollar and safe haven buying as geopolitical tensions kept investors on edge. Gold also looks bullish for the upcoming session. Crude oil prices pushed higher on Tuesday after the Organization of the Petroleum Exporting Countries said Monday that there is clear evidence the market is rebalancing after years of oversupply. The base metals seem well placed to work higher again, but these already high prices are attracting scale-up selling, which is most noticeable in lead and zinc but is likely to be seen in the other metals that are in the high ground.

Fundamental News

Gold made a strong start to the week amid renewed geopolitical uncertainty as President Donald Trump’s tweets over the weekend, sparked fears that the president is leaning toward military action against North Korea.

Saudi Arabia has cut November allocations by 560,000 barrels per day in line with its commitment to an OPEC-led supply reduction pact. In the United States, some production remains offline following Hurricane Nate, lending additional support.

Gold showed bullish movement and found the important resistance level of 29859. Now if it will close above the important resistance level of 29860 then 30000 will act as next resistance level. On the other hand, 29300 will act as a major support level.

Silver showed bullish movement and found the important resistance level of 40440. Now if it will close above the important resistance level of 40500 then 41000 will act as next resistance level. On the other hand, 39500 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 3334. Now if it will close above the important resistance level of 3350 then 3400 will act as next resistance level. On the other hand, 3250 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 443.50. Now if it will close above the important resistance level of 445 then 450 will act as next resistance level. On the other hand, 435 will act as a major support level.

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