Todays Gold and Silver Market Trend and Profitable News

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Market Outlook

Gold prices were higher on Monday, starting the week off with gains as demand for safe-haven assets was boosted amid news of North Korea’s firing of four ballistic missiles. Market participants kept a wary eye on developments in North Korea, which fired four ballistic missiles early on Monday, three of which landed in Japan’s exclusive economic zone. Oil prices fell on Monday, wiping out some of the gains of the previous session amid worries lower growth targets in China could cut oil demand and ongoing concern over Russia’s compliance with a global deal to cut oil output.

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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.

Crude oil prices were also supported by news of increasing supply disruptions in the Middle East, ANZ said in a note on Monday. That followed new doubts over Libya’s attempts to revive its oil production after an armed faction entered two major oil ports on Friday.

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Gold showed sideways movement and found the important support level of 28950. Now if it will sustain below the important support level of 28850 then 28650 will act as next support level. On the other hand 29350 will act as a major resistance level.

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Silver showed sideways movement and found the important support level of 42350. Now if it will sustain below 42300 then 41800 will act as next resistance level. On the other hand 43000 will act as a major support level.

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Crude showed sideways to bearish movement and found the important support level of 3520. Now if it will close above the important resistance level of 3500 then 3400 will act as next resistance level. On the other hand 3600 will act as a major support level.

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Copper showed sideways to bearish movement and found the important support level of 390. Now if it will close below the important support level of 390 then 385 will act as next support level. On the other hand 397 will act as a major resistance level.

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