Today’s Special Crude Oil Market News

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Market Outlook

Gold prices moved higher on Friday, as recent political events in the U.S. continued to weigh on the greenback and boost demand for safe-haven assets, although investors were also eyeing the release of U.S. data due later in the day. The bullish initial jobless claims report fuelled expectations that the Federal Reserve would hike its benchmark rate in June amid a tightening labor market. U.S. oil prices slipped lower on Friday, as investors locked in profits from the commodity’s recent gains sparked by hopes major oil producers will extend their plan to reduce output levels in a move to re-balance the market.

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Fundamental News

Gold gained in Asia with a meeting of top finance officials from the world’s leading economies at the weekend in Italy to discuss issues from trade to currencies.

Crude prices have rallied more than 4% over the past two-sessions, however, overall sentiment remains bearish as the EIA raised its U.S. oil production forecast and lowered projection for average oil prices in 2017.

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Gold showed sideways movement and find the important support level of 28008. Now if it will close below the important support level of 27900 then 27700 will act as next support level. On the other hand 28300 will act as a major resistance level.

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Silver showed sideways to bullish movement and found the important resistance level of 38393. Now if it will close above the important resistance level of 38500 then 39000 will act as next resistance level. On the other hand 37700 will act as a major support level.

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Crude showed bearish movement and find the important support level of 3045. Now if it will close below the important support level of 3000 then 2950 will act as next support level. On the other hand 3100 will act as a major resistance level.

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Copper showed sideways movement and find the important support level of 358. Now if it will close below the important support level of 355 then 350 will act as next support level. On the other hand 365 will act as a major resistance level.

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