Important News for Gold and Silver

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Market Outlook

Gold prices declined on Tuesday, extending losses from the prior session as worries faded over the potential damage of Hurricane Irma and as tensions on the Korean Peninsula took a backseat. Crude oil prices edged lower on Tuesday, as investors looked ahead to the Organization of Petroleum Exporting Countries’ monthly report to assess global supply and demand levels. The corrections in the LME metals prices on September 8 were to some extent expected and overdue as it has recently felt like prices had run ahead of the fundamentals. Dip buying was seen on Monday, but it appears selling pressure is around again this morning.

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Fundamental News

Gold’s losses came as appetite for safe-haven assets eased amid relief that North Korea refrained from conducting a weapons test to mark the anniversary of the country’s founding.

While the largest U.S. refinery, Motiva Port Arthur and a number of others were restarting more than two weeks after Hurricane Harvey ripped through the U.S. Gulf coast, the impact from Irma was less supportive of oil prices.

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Gold showed sideways to bearish movement and found the important resistance level of 29820. Now if it will close below the important support level of 29800 then 29500 will act as next support level. On the other hand, 30500 will act as a major resistance level.

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Silver showed sideways to bearish movement and found the important support level of 40964. Now if it will close below the important support level of 40800 then 40500 will act as next support level. On the other hand, 41900 will act as a major resistance level.

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Crude showed bullish movement and found the important resistance level of 3105. Now if it will close above the important resistance level of 3110 then 3150 will act as next resistance level. On the other hand, 3000 will act as a major support level.

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Copper showed bearish movement and found the important support level of 428.70. Now if it will close below the important support level of 425 then 420 will act as next support level. On the other hand, 435 will act as a major resistance level.

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