Gold showed bullish movement because US job data was very weak as compared to expectations. Interest hike can be delayed after weak data. Gold could be very volatile in coming session. It’s better to avoid long term position in gold. Crude oil showed sideways movement. Base metals showed strong correction but its trend is bearish. In coming session correction can be seen. Aluminum was not as strong as other base metals and continuously showing bearish movement.
Gold surged more than 2 percent and was on track for its biggest one-day jump in seven weeks on Friday after U.S. payrolls data fell well short of forecasts, boosting expectations that the Federal Reserve will stand pat on interest rates. The U.S. economy created the fewest jobs in more than five years in May, a Labor Department report showed.
At the OPEC meeting last December, the group had decided to raise the ceiling of daily production from the prior level of 30 million barrels to 31.5 million barrels.
Gold showed sideways movement in morning session but in the evening session it showed highly bullish movement because of weak US non form employment data. Gold broke the important resistance level of 29150 and closed above it. Now the next resistance is 29600.
Silver showed sideways movement in morning session but in the evening session it showed highly bullish movement because of weak US non form employment data. Silver broke the important resistance level of 38800 and closed above it. Now the next resistance is 39600.
Crude oil showed sideways movement from last two week. In morning session it was range bound and in evening session, it showed bearish movement and close around its important support level of 3240. On the upper side important resistance is 3325.
Copper showed bullish movement in last trading session and broke the important resistance level of 311, it made a high of 317.45 and closed around 313. Now if it will close above 318 then next resistance will be seen at 323.
(Click to submit your details) Just one step to get best trading tips and Recommendation.