Support for MCX GOLD JUNE. Delivery is seen at support 29750 and 29580 levels while resistance is seen 30100 and 30270 levels.
Support for MCX SILVER JULY. Delivery is seen at support 40850 and 40500 levels while resistance is seen 41600 and 42000 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 315 and 312 levels while resistance is seen 322 and 325 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 2920 and 2880 levels while resistance is seen 2990 and 3030 levels.
Daily Market Reflection:
Gold moved higher after soft US labor market data but the move not lasted even after bullish news and moved down again showing the weakness of gold. In the coming session weakness can continue in gold. Crude oil was trading on high levels in the morning session because of the supply worries but was not able to hold and in the evening session went down and made new lows further decline can be seen due to volatile global conditions. Base metals were weak due to lack of demand and it seems weakness can be continued.
1). Us labor data was weak forecast was 261K but the actual 274K little bit higher than expected.
2). Huge wildfire is disrupting production of crude oil in Canada and after long time import from US was surged showing demand.
3). Base metals were showing weakness due to weak Chinese statistics.
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:
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