Gold and silver was bearish and in coming session weakness can be continued. US economic data is improving which is positive for US dollar and if US dollar will be strong it will create pressure on precious metals. Movement in crude oil is sideways but from last 3 months its trend is bullish. In coming session if crude will break the recent high it would be a profitable strategy to buy and hold till the next contract. Base metals were bearish due to lack of demand and more bearishness can be seen in coming sessions.
1). Gold steadied after two days of losses on Friday, but was set for its biggest weekly slide in eight weeks on the back of a firmer dollar and indications from the US Federal Reserve that it could raise interest raise rates sooner than expected.
2). Base metals found support during Friday’s LME pre-market while shorts covered positions ahead of the weekend. As well, a stronger oil price and a softer dollar have also buoyed prices.
Gold today continue on lower note and found support of 29600. Sustaining below 29600 again drag it upto the support level of 29350. On higher side 29900 will act as strong resistance level.
SILVER over all showed sideways movement in morning session and continued the selling pressure till its closing. Now bearishness may again drag it upto the support level of 39000.
MCX Crude opened on higher note and drag towards the support level of 3250 and traded on sideways. Now bullishness may bounce it towards the resistance level of 3350.
Copper showed bullish movement in morning session and bearish movement in evening session. Now if it maintain above 312 then 315 will act as next resistance level. On other hand 308 will act as important support level.
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