Gold and silver showed negative movement because of the positive economic data of core retail sales and retail sales. Good economic data increases the chance of higher interest rate in upcoming federal meeting. In coming session weak can be seen on strong data if the chances of interest rate hike were higher gold and silver can be moved into bearish phase. Crude oil showed sideways movement but in the upcoming session it can show some positive movement as demand from China and India is about to increase according to major economic conditions.
1). The dollar pushed higher against the other major currencies on Friday, after the release of upbeat U.S. retail sales data boosted optimism over the strength of the economy.
2). OPEC said the global oil market remains oversupplied and pointed to a larger supply surplus on the market this year, as its own surging output makes up for losses in outside producers hurt by the collapse in prices.
Gold today showed downward movement in morning session and in evening session pull towards the resistance level of 30000. Sustaining below 29800 again drag it upto the support level of 29600.
SILVER over all showed sideways movement in morning session bulls breach it to the resistance level of 41000 and in evening session it drag down towards the support level of 40500. Bearishness may again drag it upto the support level of 39750.
MCX Crude after giving false breakout of its previous high traded in sideways trend. Now maintain above 3140 will bounce back it to resistance level of 3200.
Copper showed sideways to bullish movement all the day as all base metals showed same way and found support of 311. Now below 307 bearishness may continue towards the support level of 305.
(Click to submit your details) Just one step to get best trading tips and Recommendation.