Expert View on Copper and Crude Oil

1

2

Market Outlook

Gold prices edged lower on Wednesday, as market players looked ahead to the outcome of the Federal Reserve’s policy meeting for insight on the timing of the next U.S. rate hike and clues on how the central bank plans to pare back its balance sheet. Oil prices continued their march higher on Wednesday, extending gains into a third session as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. The market has been buoyed by Saudi Arabia’s announcement at a meeting of the OPEC and non-OPEC producers on Monday that it would limit crude exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier.

 2

Fundamental News

The U.S. dollar sank to a fresh 13-month low against a basket of the other major currencies, with traders skeptical the outcome of the Fed’s meeting would do much to alter the greenback’s recent weak trend.

Oil prices scored their biggest one-day rally of 2017 on Tuesday as fresh pledges from Saudi Arabia and Nigeria at the start of the week to respectively pull back on exports and output boosted sentiment.

3

4

Gold showed bearish movement and found the important support level of 28304. Now if it will close below the important support level of 28300 then 28000 will act as next support level. On the other hand, 28600 will act as a major resistance level.

5

Silver showed bearish movement and found the important support level of 37778. Now if it will close below the important support level of 37500 then 37000 will act as next support level. On the other hand, 38500 will act as a major resistance level.

6

Crude showed bullish movement and found the important resistance level of 3153. Now if it will close above the important resistance level of 3160 then 3200 will act as next resistance level. On the other hand, 3070 will act as a major support level.

7

Copper showed bullish movement and found the important resistance level of 414.25. Now if it will close above the important resistance level of 415 then 420 will act as next resistance level. On the other hand, 400 will act as a major support level.

8

(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Your email address will not be published.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 *