OPEC+ said to discuss options that include rollover and gradual oil output increase later todayReuters reports, citing sources familiar with the matterA rollover of existing production cuts is what the market is largely expecting now but the question is, for how long and what are the terms. Reuters sources are saying that there may be a proposal for a gradual increase in output up to 500k bpd moving forward.
Further Development
Analyzing the current trading chart of Gold, I found that the buyers got exhausted today and the downside continuation is in play.Watch for selling opportunities with the downside targets at the price of $1.705 and $1.681.Stochastic oscillator is in overbought zone, which is sign that selling pressure might continue.
Key Levels:
Resistance: $1.720Support levels: $1.705 and $1.680
