Gold and silver showed sideways movement but its trend is bullish. In coming session it can continue its sideways movement but buying on dips would be profitable strategy in coming session. Crude showed sideways movement but its short term trend is bearish. In coming session bearishness can be seen in crude. Natural gas showed highly bearish movement and in coming session more bearishness can be seen and selling would be profitable. Base metals showed bearish movement but in coming session bullish movement can be seen again and buying on dips can be profitable in coming session.
1). US dollar rising as currencies across the globe decline, the US Federal Reserve, which had signaled four interest-rate hikes for 2016 following its 25 basis-point hike in December, the first in nearly 10 years is unable to do so now. Brexit raised investors’ perception that the Fed will not raise rates throughout this year.
2). Oil prices retreated for a second time Monday with reignited concerns about oversupply outweighing dollar-related gyrations that briefly sent oil higher.
Gold showed bearish movement. Now if it will break the important resistance level of 31900 then 32250 will act as next resistance level. On lower side 31300 will act as vital support level.
Silver showed bearish movement. Now if it will break the resistance level of 48300 then 49000 will act as next resistance level. On lower side 47000 will act as vital support level.
Crude oil showed bearish movement. Now if it showed bearish movement and sustain below 3000 then 2950 will be next support level. On the other hand 3100 will act as important resistance level.
Copper showed bearish movement in whole trading session and found support of 321. Now if it will break the resistance of 324 then 327 will act as next resistance level. On the other hand 319 will act as a major support level.
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