Commodity Mcx Market Trend

mcxMarket Outlook:

Gold showed bearish movement as the US data of Unemployment and ADP non form employment was strong. In coming session more weakness can be seen. Silver was strong as compare to gold. Selling gold would be profitable strategy. Base metals were weak and bearish trend can be continued in coming session.

Aluminum trend was very bearish and selling it would be profitable. Crude oil was sideways but bullish trend can be seen in coming session. Crude inventory was negative and it will help the bullish trend of crude oil.

Fundamental News:

1). Bullion moves in very narrow range Investors were awaiting the U.S. May ADP private employment report due later in the day and, most importantly, non-farm payrolls on Friday. Solid readings could heighten expectations for a move as early as the Fed’s June 14-15 policy meeting.

2). Crude oil inventory was -1.4M forecast was -2.7M and previous was -4.2M.

Gold today showed bearish movement all day. Sustaining below 28800 again drag it upto the support level of 28500. On higher side if some correction happens then 28150 will act as strong resistance level.

golddSILVER over all showed sideways to negative trend. Now bearishness may again drag it upto the support level of 38000. On the other hand 39000 will act as major resistance level above only some correction may be seen.

silverMCX Crude drags down in morning session and showed bullish movement in evening session. Now bullishness may bounce it towards the resistance level of 3375. And on lower side 3220 will act as important support level.

crudeCopper opened on lower note and correct on higher side in evening session. Now if it maintain above 311.50 then 315 will act as next resistance level. On other hand 307.80 will act as important support level.

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