Gold showed bearish moment and break the important support level and closed below it. Gold is weak fundamentally and more weakness can be seen. Gold is much bearish as compare to silver. In coming session more bearishness can be seen and selling would be a profitable strategy in gold.
Crude oil is sideways but crude trend is bullish. In coming session it can break the upper level so buying could be profitable strategy in crude. Base metals are weak and bearishness can be seen. In coming session selling from high would be profitable.
1). Gold and silver Sentiment remained largely lackluster, in tune with a sluggish global trend, as investors weighed prospects of a US interest rate rise, which strengthened outlook for the dollar and dented the metal’s appeal.
2). Base Metals consolidate within short term downward correction trends.
Gold today continue on lower note and broke its important support of 29570 and found the support of 29283. Sustaining below 29250 again drag it upto the support level of 29000. On higher side if some correction happens then 29610 will act as strong resistance level.
SILVER over all showed sideways to bearish movement all the day. Now bearishness may again drag it upto the support level of 39000. On the other hand 39800 will act as major resistance level above only some correction may be seen.
CRUDE OIL TREND
MCX Crude opened on lower note and showed bullishness as day trend support it. Now bullishness may bounce it towards the resistance level of 3375. And on lower side 3270 will act as important support level.
Copper showed bullish movement in morning session and bearish movement in evening session. Now if it maintain above 314 then 318 will act as next resistance level. On other hand 310 will act as important support level.
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