Get Profitable Gold Market Analysis

1 2

Market Outlook

Gold prices edged higher on Tuesday, recovering from the prior session’s six-week low as market players looked ahead to comments from Federal Reserve Chair Janet Yellen for further signs of the central bank’s likely rate hike trajectory through the end of the year. Oil prices rose for a fourth consecutive session on Tuesday boosted by a weaker dollar and investors covering short positions, but worries over persistent oversupply capped gains. The base metals are still split between copper, lead, zinc and nickel prices that have been able to climb of late and look well placed to continue higher.

3

Fundamental News

Gold failed to capitalize on the release of weaker than expected data as new orders for key U.S.-made capital goods unexpectedly fell in May suggesting a slowdown in the manufacturing sector.

The dollar fell 0.1 percent against a basket of six major currencies (DXY), propping up oil, ahead of a speech by U.S. Federal Reserve Chair Janet Yellen.

4

5

Gold showed bullish movement and found the important resistance level of 28648. Now if it will close above the important resistance level of 28700 then 29000 will act as next resistance level. On the other hand 28300 will act as a major support level.

6

Silver showed bullish movement and found the important resistance level of 38516. Now if it will close above the important resistance level of 38600 then 39500 will act as next resistance level. On the other hand 37800 will act as a major support level.

7

Crude showed bullish movement and found the important resistance level of 2877. Now if it will close above the important resistance level of 2880 then 2950 will act as next resistance level. On the other hand 2800 will act as a major support level.

9

Copper showed bullish movement and found the important resistance level of 378.10. Now if it will close above the important resistance level of 380 then 385 will act as next resistance level. On the other hand 365 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Your email address will not be published.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 *