Todays Gold Market Trend and News

a1

a2

Market Outlook

Gold prices dropped to a five-week low during European morning hours on Wednesday, as traders bet on a strong likelihood the Federal Reserve will raise rates at its upcoming policy meeting next week. Oil dropped further below $56 a barrel on Wednesday after an industry report pointed to a large rise in crude inventories in the United States, renewing oversupply concerns despite OPEC output curbs. Base metal prices were steady with a downside bias moving off yesterday’s lows but struggling against a backdrop of weaker Chinese data.

a3

Fundamental News

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. Investors are now awaiting Friday’s nonfarm payrolls report for further clues on the likely pace of hikes this year.

U.S. crude supplies have continued to rise despite a supply cut that started on Jan. 1 by the Organization of the Petroleum Exporting Countries plus Russia and other non-members. Data has suggested high compliance with the deal.

a4

a5

Gold showed bearish movement and found the important support level of 28580. Now if it will sustain below the important support level of 28500 then 28300 will act as next support level. On the other hand 28750 will act as a major resistance level.

a6

Silver showed sideways movement and found the important support level of 41450. Now if it will sustain below 41400 then 41000 will act as next support level. On the other hand 41800 will act as a major resistance level.

a7

Crude showed sideways to bearish movement and found the important support level of 3480. Now if it will close above the important resistance level of 3540 then 3600 will act as next resistance level. On the other hand 3450 will act as a major support level.

a8

Copper 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 390 will act as a major resistance level.

a9

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *