Base metals showed bullish movement and closed around its short term highs. Trend of base metals are strong and backed by strong economic fundamentals from China. Manufacturing and Production is increasing with slow speed but it’s enough to support base metals bullish trend. Investors are buying in the hope of more economic positivity from China. In coming session buying strategy would be profitable in base metals. Precious metals showed bearish movement and trading in a range. Crude oil shoed bearish movement and if it will break the support more weakness can be seen.
1). Gold edged higher on Tuesday, as European shares hit a on week low after data that showed Britain’s vote on European Union membership dented German business confidence.
2). Crude oil prices hovered around two months low early Tuesday on continued worries that inventories of crude and fuels could remain elevated.
Gold showed sideways movement and touched the level of 30850 and closed around 31000. Now if it will close below the important support level of 30700 then 30500 will act as next support level. On higher side 31200 will act as vital resistance level.
Silver showed sideways to bearish movement. Now if it will break the resistance level of 47800 then 48800 will act as next resistance level. On lower side 46500 will act as vital support level.
Crude oil showed correction on lower side and found resistance of 2997. Now if it will sustain below 2995 then 2950 will be next support level. On the other hand 3065 will act as important resistance level.
Copper showed strength on higher side and pull towards the resistance level of 337. Now if it will break the support level of 335 then 332 will act as next support level. On the other hand 340 will act as a major resistance level.
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