Silver Market Updates and Profitable News

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Market Outlook

Gold prices edged lower on Thursday, as market players awaited the outcome of the European Central Bank’s meeting for fresh clues on when it will start to shift away from its ultra-easy policy.\Oil prices were a bit lower on Thursday, pausing for breath after rallying to the highest level in around six weeks in the prior session. The higher base metals prices are running into supply, no doubt a combination of profit-taking, pricing, and forward selling. Zinc and lead seem to be attracting the most selling, while the others are holding up better.

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Fundamental News

Gold gave up some its recent gains after soaring as much as 2% in the previous session, as the dollar bounced off lows, following the release of better than expected housing data indicating a possible turnaround in U.S. home building.

When the head of Libya’s state energy company visited Sharara oil field in early July, community leaders and workers crowded into a conference room to ask about jobs, training, and services for local people.

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Gold showed bullish movement and found the important resistance level of 28380. Now if it will close above the important resistance level of 28400 then 28650 will act as next resistance level. On the other hand, 28000 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 37966. Now if it will close above the important resistance level of 38000 then 38500 will act as next resistance level. On the other hand, 37000 will act as a major support level.

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Crude showed sideway to bullish movement and found the important resistance level of 3084. Now if it will close above the important resistance level of 3100 then 3150 will act as next resistance level. On the other hand, 3000 will act as a major support level.

7Copper showed sideways to bearish movement and found the important support level of 385. Now if it will close below the important support level of 385 then 380 will act as next support level. On the other hand, 391 will act as a major resistance level.

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