Safe Crude oil Trading and Updates

Market Outlook

Gold price shows clear negative trades to approach testing the key support 1321.49; we believe that the chances are valid to rebound bullishly and resume the main bullish trend that its next target located at 1357.53, noting that breaking 1321.49 will push the price to visit 1299.20 areas initially before any new attempt to rise. Crude oil price continues to provide the positive attempts waiting to resume the main bullish trend again, taking into consideration that breaching 64.87 will stop the negative overview and push the price to head towards 66.75 areas as a next main station. Copper price failed to take advantage of the positive factors to notice renewing the sideways fluctuation and settles around 3.2000, reminding you that it is important to hold above this level to support the bullish attempts that target 3.4400 followed by 3.5700.

Fundamental News

Gold prices edged lower for the first time in six sessions in early dealings on Thursday, moving away from its strongest level in around four months as investors kept an eye on upcoming U.S. data to gauge if the world’s largest economy is strong enough to withstand multiple rate hikes in 2018.

 

Crude prices were slightly lower in early dealings on Thursday; amid speculation weekly supply data due later in the day will show a sizable gain in U.S. gasoline and fuel supplies.

Gold showed sideways to bullish movement and found the major resistance level of 29829. Now if price sustains on a higher level then it will test next resistance level of 29955. On another side, 29550 will be a major support level.

Silver showed sideways to bearish movement and found the major support level of 38900. Now if price sustains on a lower level then it will test next support level of 38666. On another side, 39487 will be major resistance level.

Crude oil showed sideways to bearish movement and found the major support level of 4052. Now if price sustains on a lower level then it will test next support level of 4007. On another side, 4107 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 454.40. Now if price sustains on a higher level then it will test next resistance level of 457.90. On another side, 451.10 will be a major support level.

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