Today’s Gold Market and Silver Market Trend

Market Outlook

Gold price settles around 1270.00 levels since morning, the expectations of continuing the bearish trend in the upcoming period. Crude oil price shows some slight bearish bias now affected by this morning. The expected trading range for today is between 3490 support and 3540 resistance. Base metals prices on the London Metal Exchange are fairly mixed this morning. The rest are ranged between lead prices that are down by -0.54% and zinc prices that are up by 1.02%. Aluminium prices are down by -0.68%, Nickel price is down by -0.57%.

Fundamental News

Oil started the week off with mixed readings after last week’s nearly 5% rise in investor sentiment in black gold continued to be buoyed by hopes of extension to the OPEC-led deal to curb production.

Gold prices hovered around the unchanged mark on Monday as market participants looked forward to a busy week for economic data along with the latest Federal Reserve policy decision.

Gold showed sideways to bullish movement and found the resistance level of 29420 and downside it took support level of 29210. Now if price sustains below 29210 then 29105 will act as a next support level and up-side 29540 will act as a next resistance level.

Silver showed sideways to bullish movement and found the major resistance level of 39400. Now if price sustains on a higher level then it will test next resistance level of 39680. On another side, 38900 will be a major support level.

Crude oil showed sideways to bullish movement and found the major resistance level of 3545. Now if price sustains on higher level then it will test next resistance level of 3575. On other side 3485 will be major support level.

Copper showed sideways to bearish movement and found the major support level of 442. Now if price sustains on lower level then it will test next support level of 438. On other side 448 will be major resistance level.

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