Todays Gold Market Trading Strategies

Market Outlook
Gold prices pulled back from three-week highs on Friday as the dollar rebounded against a currency basket, but losses were held in check as the dollar remained near multi-year lows. For upcoming session it may take some correction from higher to lower level Oil prices extended gains to hit their highest level in nearly two weeks on Monday, buoyed as Asian shares joined a global recovery in equity markets and as worries grew over tensions in the Middle East. For upcoming session it may give more upside movement. All base metals gives both sided movement on Monday and it may continue with sideways movement in upcoming session.

Fundamental News
Oil prices hit their highest level in nearly two weeks on Monday, lifted by a global equity market recovery and tensions in the Middle East, although concerns of rising U.S. production tempered gains.

Gold prices slipped lower on Monday, pulling away from a three-and-a-half week high as the U.S. dollar remained supported by Friday’s strong U.S. housing sector data.

Gold showed sideways to bearish movement and found the major support level of 30650. Now if price sustains on lower level then it will test next support level of 30464. On other side 31000 will be major resistance level.

Crude oil showed sideways to bullish movement and found the major resistance level of 4080. Now if price sustains on higher level then it will test next resistance level of 4179. On other side 3907 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38980. Now if price sustains on higher level then it will test next resistance level of 39200. On other side 38280 will be major support level.

Copper showed sideways to bullish movement and found the major resistance level of 468. Now if price sustains on higher level then it will test next resistance level of 474. On other side 454 will be major support level.

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