Gold and silver was volatile and sideways. In coming session gold and silver could be sideways and sell on high and buy on dips could be the better strategy. Crude oil was very bullish and making new highs. Supply crunch is affecting crude oil prices and Industrial demand is also improving. In coming session bullish trend of crude oil can be continue and buying on dips can be profitable strategy in crude oil. Base metals were moving high but downtrend can be continued.
Support for MCX GOLD JUNE. Delivery is seen at support 29900 and 29750 levels while resistance is seen 30150 and 30270 levels.
Support for MCX SILVER JULY. Delivery is seen at support 40750 and 40480 levels while resistance is seen 41250 and 41500 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 308 and 305 levels while resistance is seen 314 and 317 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 3220 and 3180 levels while resistance is seen 3310 and 3350 levels.
1). Gold dropped on Wednesday after strong US economic data and comments from the central bank officials bolstered expectations that the Federal Reserve could soon hike interest rates.
2). Crude oil inventory was 1.3M and forecast was -3.1M and last week inventory was -3.4M.
3). Most of the base metals declined today due to investor selling amid lower demand from industrial users.
Gold today showed downward movement in morning session and in evening session bounce back towards the resistance level of 30100. Sustaining below 29850 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 41100 and in evening session it drag down towards the support level of 40600. Bearishness may again drag it upto the support level of 40250.
MCX Crude opened on higher note and maintaining above its resistance level of 3220. And found resistance around 3280 which is also a recent new high. Bullishness may bounce it towards the resistance level of 3300.
Copper showed bearish movement in morning session and bullish movement in evening session. Now if it maintain above 312 then 315 will act as next resistance level. On other hand 308 will act as important support level.
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