Support for MCX GOLD JUNE. Delivery is seen at support 30230 and 30040 levels while resistance is seen 30500 and 30700 levels.
Support for MCX SILVER JULY. Delivery is seen at support 41450 and 41140 levels while resistance is seen 42000 and 42300 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 318 and 315 levels while resistance is seen 323 and 326 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 2930 and 2890 levels while resistance is seen 3020 and 3060 levels.
Gold and silver closed in positive zone after a weak non-farm employment data. Investors were expecting the employment would be 203K but the actual was only 160K on the negative news Gold and Silver made new highs. In the coming session bullishness can be seen in gold due to weak economic data. Wildfire in Canada affected the production of Canadian crude and the supply of crude was weak due to which crude oil ended higher. Crude can resume its downtrend as soon as Canadian wildfire will come to an end and when supply can be resumed.
1). Gold was enjoying a substantial jump on Friday, after a disappointing jobs report made traders more skeptical about the prospect of the Federal Reserve raising rates in the near future.
2). Plunge in steel and iron ore prices this week sped a pull back across the metals sector on worries over China’s economy and a stronger dollar.
Gold and Silver Trend
Gold today showed sideways movement in morning session but after US data it showed bullish movement and gave breakout of channel pattern on hourly chart. Now bull trend continue then 30550 will act as immediate resistance.
SILVER over all showed sideways to bullish movement and pull back from lower level of trend line and found resistance around 41850. Now if it maintains above 42000 then next resistance is seen around 42750.
Crude and Copper Trend:
MCX Crude opened below its support level of 2960 and found the support of neckline of head and shoulder pattern, and pull back towards the resistance level of 3020. Now 3050 will act as major resistance level.
Copper showed choppy movement all the day as all base metals showed same way and found support of 318 and resistance around 322. Now below 318 bearishness continues towards the support level of 315.
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