Gold Market News & Trading Strategies

Market Outlook
Gold price confirmed breaking 1335.40 levels after closing the daily candlestick below it, to provide clear negative trades on its way to test 1316.48 level mainly, to keep the bearish bias suggested in the upcoming sessions. Crude oil price opens today’s trading negatively to break 61.40 and settles below it, which puts the price under negative pressure, the bearish bias will be suggested in the upcoming sessions unless the price managed to breach 61.40 level and settle above it again, Copper price remains affected by the contradiction between the indicators to notice the continuation of delaying the bullish attack Any attempt for the price to provide any negative close below the critical support at 3.0300 will cancel the bullish overview, to expect forming strong negative trading, to target 2.8500 level reaching to 2.7100.

Fundamental News
Gold is sensitive to moves in both U.S. rates and the dollar. Market participants were looking ahead to the minutes of the Fed’s latest policy meeting, due on Wednesday, for potential indications on the pace of future rate hikes.

Crude oil prices moved sharply lower on Wednesday weighed by the U.S. dollar’s recent rebound and as traders grew more cautious ahead of this week’s U.S. supply data.

Gold showed sideways to bullish movement and found the major resistance level of 30800. Now if price sustains on higher level then it will test next resistance level of 30950. On other side 30290 will be major support level.

Silver showed sideways to bullish movement and found the major resistance level of 38870. Now if price sustains on higher level then it will test next resistance level of 39200. On other side 38087 will be major support level.

Crude oil showed sideways to bearish movement and found the major support level of 3961. Now if price sustains on lower level then it will test next support level of 3907. On other side 4060 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 462. Now if price sustains on higher level then it will test next resistance level of 470. On other side 453 will be major support level.

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