Precious metals showed bearish movement and in coming session more bearishness can be seen. US rate hike was delay by Federal Reserve and in the anticipation market made new high but not able to hold and closed at lower levels. Crude oil is continuously making new lows and showing bearish movement. In coming session correction can be seen and selling from higher levels can be profitable in crude oil.
1). Gold rose on Thursday after the Federal Reserve stopped short at this week’s policy meeting of indicating that a further increase in U.S. interest rates is on the cards for later this year.
2). Most of the base metals eased further at the non-ferrous metal market today on persistent stockists selling amid low demand from industrial users.
3). Crude oil prices will remain in the $45-$50-a-barrel range till mid-2017, with little to change the global supply and demand situation.
Gold showed bearish movement in evening session and drag down towards the support level of 30950. Now if it will close below the important support level of 30850 then 30650 will act as next support level. On higher side 31300 will act as vital resistance level.
Silver showed bearish movement after forming double top pattern it slide towards the support level of 47100.Now if it will break the resistance level of 47750 then 48250 will act as next resistance level. On lower side 47000 will act as important support level.
Crude oil showed bearish movement and also closed below its important support level of 2780. Now if it will sustain below 2750 then 2700 will be next support level. On the other hand 2825 will act as important resistance
Copper showed sideways to bullish movement and correct towards the resistance level of 331. Now if it will break the support level of 328 then 325 will act as next support level. On the other hand 331 will act as a major resistance level.
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