Today’s Gold & Crude Oil Market Trend and Analysis

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Market Outlook

Gold prices edged lower on Tuesday, amid a rise in the dollar as market players awaited further hints on the timing of the next U.S. rate hike. Global financial markets will focus on minutes of the Federal Reserve’s latest policy meeting this week as well as housing-related data for more clues on the timing of the next U.S. rate hike. Oil rose after exchange data showed hedge funds placing record bets on North Sea and U.S. crude as OPEC production cuts tightened supply. Base metals prices are consolidating with prices down an average of 0.3%, with all the metals.

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Fundamental News

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.35% to 101.27 in early London morning trade, within sight of last week’s more than one-month high of 101.75.

S&P Global Platts to include add Norway’s Troll crude in basket for dated Brent benchmark from start of 2018.The benchmark Brent basket currently includes Brent, Forties, Oseberg and Ekofisk, or BFOE, for official pricing.

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Gold showed bearish movement and found the important support level of 29075. Now if it will maintain above the important resistance level of 29450 then 29600 will act as next resistance level. On the other hand 29200 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 43000. Now if it will maintain above 43200 then 43600 will act as next resistance level. On the other hand 42500 will act as a major support level.

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Crude showed sideways to bullish movement and found the important resistance level of 3694. Now if it will close above the important resistance level of 3720 then 3770 will act as next resistance level. On the other hand 3650 will act as a major support level.

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Copper showed sideways movement and found the important resistance level of 406. Now if it will close below the important support level of 404 then 400 will act as next support level. On the other hand 407 will act as a major resistance level.

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