Base metals showed bearish movement and closed below its important support levels. Base metals can go into the intermediate downtrend from short term correction if more bearishness would be seen. Selling strategy would be profitable for base metals. Crude oil is weak and continuously showing bearish movement. In coming session more bearishness can be seen in crude and selling would be profitable. Precious metals showed sideways movement even when US data of CB Consumer Confidence was highly positive it was 97.3 when expectation was 95.6. Lower activity can be seen in gold.
1). Physical demand for gold hit a seven-year low in the second quarter, but exchange-traded funds bought up enough of the metal to balance out the loss.
2). Investors moved to the sidelines before the start of the Federal Reserve’s two-day monetary policy meeting later in the day. While the Fed is not expected to take action on interest rates at the conclusion of its meeting on Wednesday, market players will scrutinize its policy statement for fresh hints on the timing of interest rate hikes over the next several months.
Gold showed sideways movement in today’s session. Now if it will close below the important support level of 30800 then 30600 will act as next support level. On higher side 31150 will act as vital resistance level.
Silver showed sideways and consolidated in the range of 46250-46700. Now if it will break the support level of 46150 then 45500 will act as next support level. On higher side 46800 will act as important resistance level.
Crude oil showed bearish movement and also closed below its important support level of 2920. Now if it will sustain below 2900 then 2850 will be next support level. On the other hand 3070 will act as important resistance
Copper showed bullish movement and pull towards the resistance level of 329. Now if it will break the support level of 329 then 326 will act as next support level. On the other hand 335 will act as a major resistance level.
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