Gold and silver showed bearish movement after strong ADP Non Form Employment change. It was expected to be 171K but actual was little bit higher and it’s 179K whereas Last week it was 176K. In coming session more bullish can be seen in gold and silver and buying strategy would be profitable. Crude showed strong bullish movement. US Crude inventory was far more positive where as an expectation was negative it supported crude prices.
1). Gold and other metals futures retreated Wednesday following a stronger-than-expected round of economic data and a stronger dollar.
2). Natural gas prices rose Wednesday as weather reports got slightly hotter, traders expected a potentially historically low weekly surplus and others tried to capitalize on a recent fall.
Gold showed bearish movement in today’s session and found support of 31650. Now if it will close above the important support level of 31500 then 31200 will act as next support level. On higher side 32000 will act as vital resistance level.
Silver showed weak movement .Now if it will break the support level of 47500 then 47000 will act as next support level. On the other hand 48000 will act as important resistance level.
Crude oil showed bullish movement after inventory data. Now if it will maintain above 2750 then 2850 will be next resistance level. On the other hand 2700 will act as important support level.
Copper showed bearish movement and drag down towards the support level of 322. Now if it will break the support level of 322 then 318 will act as next support level. On the other hand 328 will act as a major resistance level.
(Click to submit your details) Just one step to get best trading tips and Recommendation.