While there is still substantial bullish sentiment in the gold market, analysts are recommending investors taking a more cautious stance next week as prices are caught in the middle of a near-term trading range.
According to many analysts, gold’s short-term technical is stuck in neutral territory; prices can just as easily fall to $1,300 an ounce, as they could rise back to test resistance at $1,360 an ounce. April gold futures last traded at $1.331.50 an ounce, down almost 2% from the previous week. The selloff comes after the yellow metal rallied more than 3% last week, its best percentage gain in almost two years.
It’s not just gold that is suffering; silver prices were also dragged lower, last trading at $16.55 an ounce, down almost 1% since last week. The market continues to struggle as prices are unable to break above key resistance at $17 an ounce.
Analysts said that gold’s correction after the failed breakout above $1,360 is not a significant surprise. But the question to answer now: does the market have further to correct before it pushes higher? Read More @ http://www.kitco.com/news/2018-02-23/Kitco-News-Weekly-Outlook-Where-Are-Gold-Prices-Heading-Flip-A-Coin-Analysts.html
OPEC and its allies including Russia may next year ease the crude-output curbs that have helped prices recover from the worst crash in a generation, according to Saudi Arabia’s oil minister. With the market moving toward equilibrium and bloated inventories shrinking, the next step for global producers will be to phase out the reductions, Khalid Al-Falih told reporters in New Delhi on Saturday. The nations taking part in the supply curbs are currently studying what a crude re-balancing will entail, and will announce their next steps once that’s analyzed, he said. The production curbs may be eased “sometime in 2019, but we don’t know when and we don’t know how,” Al-Falih said. “What we know is that it’s going to be done in a way that it will not in any way disturb the balance and undo the hard work since 2016.” Read More @ https://www.bloomberg.com//news/articles/2018-02-24/saudis-see-oil-output-cuts-easing-in-2019-without-hurting-market
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