Support for MCX GOLD JUNE. Delivery is seen at support 29870 and 29720 levels while resistance is seen 30170 and 30320 levels.
Support for MCX SILVER JULY. Delivery is seen at support 41000 and 40700 levels while resistance is seen 41650 and 42000 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 323 and 320 levels while resistance is seen 327 and 330 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 2860 and 2820 levels while resistance is seen 2940 and 2980 levels.
Daily Market Reflection
Gold and Silver boost on the weak ADP Non-Farm Employment and made the Intraday high but not able to sustain as non-manufacturing PMI was higher than expected and slip toward the new low of the day. Gold and silver trend is bullish to sideways in coming session any positive data for gold and silver can again trigger the upside movement. Crude oil was getting weak by oversupply as indicated in inventory also indicated by OPEC and other oil producers more weakness can be seen in upcoming sessions.
1). US non-manufacturing PMI was higher than expected. It created pressure on gold price.
2). Crude oil inventory was higher than expected forecast was 0.6M and actual was 2.8M.
3). Base metals weakened further at the non-ferrous market here today due to poor demand from investors and industrial users.
Gold and Silver Trend
Gold today showed over all choppy movement, in morning session it drag towards the support level of 30000 but after US data it pull towards the important resistance level of 1290. Below 29900 it may show some correction on lower side.
SILVER over all showed sideways movement and move in range of 41000 to 41500. Now if it sustain below 41000 then next support is seen around 40300.
Crude and Copper Trend
MCX Crude showed bullish movement in morning session and found resistance around 3000 and drags towards the support level of 2890, and found head.
Copper continues on weak movement as all base metals showed negative way it broke the support of trough of double top pattern and found the support of 325.if bearishness continues the 320 will act as support level.
Intraday Super Star
CALL: SELL ALUMINUM BELOW 108 TARGETS 107.40/106.80 SL 108.80.
CALL: SELL NICKEL BELOW 625 TARGETS 610/600 SL 642.
CALL: SELL CRUDE BELOW 2890 TARGETS 2810 SL 3010.
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