Gold and silver showed bullish movement but were not able to hold closed below the day’s highs. Precious metals were looking sideways from last two three trading sessions. In coming session it can move towards any direction and buying above the recent highs and selling below the recent lows would be profitable strategy in gold and silver. Crude showed weak movement after the inventories. Inventories were expected to be negative but actual inventories were positive which dragged crude towards lower side.
1). Gold rose early on Wednesday, holding gains from the previous session as the doar fell, with investors evaluating the likelihood of a Federal Reserve rate hike after a weak US productivity report.
2). Crude prices traded lower Wednesday, as traders and investors were discouraged by the upward revision in the outlook for U.S. crude production. Also weighing on sentiment were concerns that the upcoming meeting among major oil producers may not yield any action to reduce the global glut.
Gold showed sideways to bearish movement after gap up openinig. Now if it will close below the important support level of 31250 then 31000 will act as next support level. On higher side 31600 will act as vital resistance level.
Silver showed bullish movement and correct in evening session. Now if it will break the support level of 46800 then 46300 will act as next support level. On the other hand 48000 will act as important resistance level.
Crude oil showed downward movement after its inventory data. Now if it will maintain above 2875 then 2950 will be next resistance level. On the other hand 2775 will act as important support level.
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