Gold and silver was bearish and broke the important support level. Federal Reserve on their last meeting signaled the US central bank could raise Interest rates because the economic data are positive. In coming session gold and silver could move downward and sell on high and sell on new lows could be the better strategy. Crude oil was showing bearish movement but it can continue its upward movement in coming session. Buying on dips can be profitable in current scenario.
Support for MCX GOLD JUNE. Delivery is seen at support 29650 and 29480 levels while resistance is seen 29920 and 30080 levels.
Support for MCX SILVER JULY. Delivery is seen at support 39620 and 39200 levels while resistance is seen 40200 and 40600 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 307 and 304 levels while resistance is seen 314 and 317 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 3160 and 3120 levels while resistance is seen 3260 and 3300 levels.
1). Gold was trading near a three-week low on Thursday after minutes from a Federal Reserve policy meeting signaled the US central bank could raise rates as soon as next month, boosting the dollar.
2). Crude oil prices slipped on Thursday on a stronger dollar and an unexpected increase in U.S. crude inventories further decline is possible but the trend is bullish.
Gold today opened on lower note as FOMC meeting last night and continue on lower note and found support of 29600. Sustaining below 29600 again drag it upto the support level of 29350. On higher side 29900 will act as strong resistance level.
SILVER over all showed sideways movement in morning session and continued the selling pressure till its closing and also gave breakout of head and shoulder pattern. Now bearishness may again drag it upto the support level of 38800.
MCX Crude opened on lower note all the day but showe its bullishness after inventory data and found resistance of 3225. Now bullishness may bounce it towards the resistance level of 3275.
Copper showed bearish movement in morning session and bullish movement in evening session. Now if it maintain above 312 then 315 will act as next resistance level. On other hand 308 will act as important support level.
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