Gold and silver showed bearish movement because unemployment claims of USA was 268K less unemployment as compared to last week. A bullish news for bullions and also increased the chance of rate hike as federal reserve said last month if data of unemployment and inflation would be in the favor of the US economy interest rate can be hiked. In coming session more bearishness can be seen selling bullions would be a profitable strategy. Crude oil showed sideways movement in coming session bullishness can be seen.
Gold inched higher early on Thursday, but continued to linger near a seven-week low touched in the previous session as positive U.S. economic data boosted expectations the Federal Reserve would raise interest rates sooner rather than later.
Sentiment bolstered after copper and other industrial metals rose in global markets with oil amid speculation that the world economy will cope with the impact of higher US interest rates.
Gold today continue on lower note and broke its important support of 28900 and found the support of 28700. Sustaining below 28650 again drag it upto the support level of 28500. On higher side if some correction happens then 29150 will act as strong resistance level.
SILVER over all showed sideways to bearish movement all the day. Now bearishness may again drag it upto the support level of 39000. On the other hand 39800 will act as major resistance level above only some correction may be seen.
MCX Crude opened on higher note and gave false breakout on higher side and drag towards the support level of 3000. Now bullishness may bounce it towards the resistance level of 3400. And on lower side 3270 will act as important support level.
Copper showed bullish movement in morning session and some correction on lower side on evening session. Now if it maintain above 316 then 320 will act as next resistance level. On other hand 312 will act as important support level.
(Click to submit your details) Just one step to get best trading tips and Recommendation.