Gold and silver showed bearish movement. Gold is more bearish as compared to silver. Gold broke the important support level in COMEX and MCX. In coming session more weakness can be seen in gold. Selling gold can be profitable strategy. If any correction will be seen in gold and silver buying silver will be profitable. Crude oil inventory was -4.2M. Crude can be bullish in coming session. Buying crude from new highs can be profitable strategy in crude. Base metals showed correction and made new highs of the day. In coming session base metals can be bullish.
1). Gold fell to a seven-week low on Wednesday after upbeat U.S. home sales data in the previous session boosted expectations that the Federal Reserve will press ahead with interest rate hikes in the near term.
2). Base metals are rallied over the past week due in part to relatively mild demand from the consumer industries.
Gold today continue on lower note and broke its important support of 29250 and found the support of 29000. Sustaining below 28850 again drag it upto the support level of 28500. On higher side if some correction happens then 29300 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.
MCX Crude opened on higher note and gave false breakout on higher side and drag towards the support level of 3285. 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 some correction on lower side on evening session. Now if it maintain above 316 then 320 will act as next resistance level. On other hand 311 will act as important support level.
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