Base Metal Trading Tips, News and Updates

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Market Outlook
Gold prices were lower on Tuesday, pulling back from a two-week high as market players awaited comments from a number of Federal Reserve policymakers for more clues on the timing of the next U.S. rate hike. Oil prices rose on Tuesday on expectations that an OPEC-led production cut to prop up the market could be extended, while strong demand would also work to slowly erode a global fuel supply overhang. Base metals prices with the exception of copper were higher during London Metal Exchange morning trading on Tuesday March 21.

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Fundamental News
It’s not unusual for a financial market to be pulled in different directions simultaneously by competing influences, but what is notable for gold currently is the apparent inability of the contradictory factors to gain momentum.
The Organization of the Petroleum Exporting Countries together with other producers including Russia has pledged to cut its output by almost 1.8 million barrels per day (bpd) between January and June in an effort to prop up prices and rein in a global supply glut that has dogged markets for almost three years.

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Gold showed bullish movement and found the important resistance level of 28600. Now if it will sustain below the important support level of 28400 then 28200 will act as next support level. On the other hand 28600 will act as a major resistance level.

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Silver showed bullish movement and found the important resistance level of 41000. Now if it will sustain below 40500 then 40000 will act as next support level. On the other hand 41250 will act as a major resistance level.

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Crude showed sideways to bearish movement and found the important support level of 3130. Now if it will close below the important support level of 3130 then 3100 will act as next support level. On the other hand 3200 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 378. Now if it will close below the important support level of 378 then 370 will act as next support level. On the other hand 385 will act as a major resistance level.

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