Support for MCX GOLD JUNE. Delivery is seen at support 29750 and 29600 levels while resistance is seen 30100 and 30220 levels.
Support for MCX SILVER JULY. Delivery is seen at support 40500 and 40150 levels while resistance is seen 41100 and 41500 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 305 and 302 levels while resistance is seen 312 and 315 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 3050 and 3000 levels while resistance is seen 3140 and 3180 levels.
Base Metals were showing positive movement in morning but not able to hold and in the evening session base metals broke the important support levels and closed below it. In coming session weakness in base metals can be seen because of low demand from the china. Gold and silver showed some positive movement on weak data of unemployment but not able to hold because dollar was getting strong. In the coming session if the dollar will move into new highs it will create pressure on gold and silver. Crude oil was trading on the highest level since November 2015.
1). Unemployment claims was 294k forecast was 277K. It was higher than expected which created pressure on dollar and helped gold and silver to move higher.
2). International Energy Agency (EAI) data showing tightening supply supported crude oil price and because of less supply crude oil price was trading higher and touch the level of $47.
Gold today showed downward movement in morning session and in evening session pull towards the resistance level of 30075 and again drag down. Sustaining below 29800 again drag it up to the support level of 29600.
SILVER over all showed sideways movement in morning session bulls breach it to the resistance level of 41500 and in evening session it drag down towards the support level of 40500. Bearishness may again drag it up to the support level of 39750.
MCX Crude after giving false breakout of its previous high traded of bearish note in evening session. Now maintain above 3140 will bounce back it to resistance level of 3200.
Copper showed downward movement all the day as all base metals showed same way and found support of 307. Now below 307 bearishness continues towards the support level of 305.
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