CRUDE OIL MARKET UPDATE :
Crude oil prices dipped lower on Friday, as investors were upset over an uptick in U.S. production but losses were limited as expectations grew that Opec would extend its agreement on output restrain.
A report from Baker Hughes showed the number of oil rigs operating in the US rose to the highest in almost a month by 9 to 738.
The rising U.S. output after federal energy projections this week estimated U.S. production to rise to 9.2 million barrels per day (bpd) in 2017 and a record 10.0 million bpd in 2018.
Crude Oil Technical View :
Crude Oil market hourly Chart has formed “Bullish pennant chart” pattern. The previous sessions seem under consolidation inside the pennant and have ended up retesting the support level near 3700. The market is expected to pullback to positive momentum from the same in the upcoming session and the rally could travel towards 3750 and further levels. A strong support holds at 3680.
GOLD MARKET UPDATE :
Gold prices dropped steeply on Friday but remained on track to crack three to three-week losing streak against dollar weakness.
Gold prices fell 1% intraday as investors appeared to wind down their bullish positions on gold amid current dollar weakness.
U.S. Senate Republicans unveiled a tax plan on Thursday that was significantly different from the House of Representatives’ version, as the Senate’s plan proposed a cut to the corporate rate to 20% from 35% in 2019, which differs from the GOP plan to slash the corporate rate immediately.
Gold Technical View :
Gold market 4hr Chart has formed “Rising Wedge” pattern. The previous sessions seem to have taken support at the channel’s support slope line which could be taken as a retest. The market is expected to pullback to positive momentum in the upcoming session which could rally towards 29600-29700 levels. A strong support holds at 29450.