Crude Oil enters bull market territory, Bullions trade sideways after correction


Crude Oil broke the important resistance levels of 3,420 and prices rallied up till 3,450 levels after the forecast of US oil inventories unexpectedly declined amid threats from Turkey to cut crude exports from Iraq.

Intermediate resistance for Crude Oil can be seen near 3,450 levels, above the mentioned level prices can touch 350 levels. Overall, trend is bullish for prices as Crude is trading well above the 200days SMA. Trend reversal can be seen only below 3,470 levels.

Gold prices extended losses from the prior session as sentiments turned negative for the Bullions after hawkish comments from Federal Reserve Chair Janet Yellen boosted expectations of a December rate hike.

Intermediate support can be seen near 29,700 and resistance can be seen near 29,950 levels. Trade can be initiated only above or below the mentioned levels.





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