Safe Trading in Crude Oil and Updates

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Market Outlook

Gold prices are rebounding again –in geopolitical tensions over North Korea would not last long. However, with the dollar breaching resistance on Friday, it may well work higher and that may prevent a strong rebound in gold prices. Silver prices are following gold’s lead. Oil prices stabilized on Monday, after a 2 percent slide on Friday, as the number of rigs drilling for new oil in the United States dipped and on expectations that Saudi Arabia would continue to restrain its output to support the market. Metals prices are already on the high ground so trading is likely to become more volatile as we started to see at the end of last week.

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Fundamental News

Gold prices rebounded from two-month lows on Friday as fresh concerns over tensions with North Korea pressured the dollar lower and bolstered safe-haven demand for the precious metal.

Oil tumbled by 2 percent on Friday, with WTI dipping back below $50 per barrel, as concerns of overproduction re-surfaced. But traders said a reported cut in the number of U.S. oil rigs drilling for new production had halted the price fall.

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Gold showed bullish movement and found the important resistance level of 29772. Now if it will close above the important resistance level of 29800 then 30000 will act as next resistance level. On the other hand, 29300 will act as a major support level.

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Silver showed bullish movement and found the important resistance level of 39999. Now if it will close above the important resistance level of 40000 then 40500 will act as next resistance level. On the other hand, 39000 will act as a major support level.

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Crude showed bullish movement and found the important resistance level of 3259. Now if it will close above the important resistance level of 3260 then 3300 will act as next resistance level. On the other hand, 3200 will act as a major support level.

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Copper showed sideways to bullish movement and found the important resistance level of 439.50. Now if it will close above the important resistance level of 440 then 445 will act as next resistance level. On the other hand, 430 will act as a major support level.

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