Todays Best Gold Market Updates and News

Market Outlook

Gold price settles around 1355.00 level after the bullish rally that it witnessed yesterday, noting that the way is open to visit our main waited target at 1365.97, which represents last month recorded high, to keep the bullish trend dominant on the intraday and short term basis. Crude oil price rallied upwards strongly on yesterday’s evening to breach 60.14 level and settles above it, which activates the bullish trend scenario on the intraday and short term basis, as the price begins to test the first positive target at 61.40, Copper price resumes its bullish rally to reach the first target at 3.2200 yesterday, today’s opening with new positivity to surpass the mentioned level and hint targeting new positive levels that might extend towards 3.3300 followed by reaching the bullish channel’s resistance at 3.5100 today.

Fundamental News
Gold dipped in Asia on Thursday as top buyer China started a market break through Feb. 21 to mark the Lunar New Year and physical trade dipped further with Hong Kong also shut and Singapore on holidays Friday and Monday.

Crude oil prices continued to rise on Thursday, still supported by news in the previous session of a lower than expected rise in U.S. inventories and after Saudi Arabia reaffirmed its commitment to curtail production.

Gold showed sideways to bearish movement and found the major support level of 30374. Now if price sustains on lower level then it will test next support level of 30203. On other side 30750 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 38138. Now if price sustains on lower level then it will test next support level of 37777. On other side 38588 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3933. Now if price sustains on higher level then it will test next resistance level of 3989. On other side 3850 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 463. Now if price sustains on higher level then it will test next resistance level of 468. On other side 454 will be major support level.

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