Gold and silver showed bullish movement because expectation of interest rate hike can be delayed. In coming session if MCX gold will be closed above 30500 then new bullish movement can be seen and above it buying would be profitable. Crude oil showed bearish to sideways movement because U.S. drilling activity is increased. In coming session bull trend of crude can be continued. Buying crude on dips can be profitable strategy. Base metals showed strong bullish movement but its trend is bearish.
1). Gold prices rose to a four-week high on Monday, as uncertainty over whether the U.K. will leave the European Union next week troubled investors.
2). Oil prices fell to their lowest point in 11 days Monday, a second day of losses connected with another increase in U.S. drilling activity.
3). Copper prices rose on Monday, boosted by the dollar’s softer tone due to expectations the U.S. Fed will keep rates on hold this week.
Gold showed strong bullish movement and found the important resistance around 30500. Now if it broke 30500 resistance levels than 30700 will act as next resistance level. On the other hand 30250 will be major support level.
Silver showed sideways to bullish movement. Now if it broke the important resistance level of 41500 then 42000 act as next resistance level. On lower side 40700 will act as important support level.
Crude oil showed bearish movement in morning session but in evening session in bounce towards the resistance level of 3310. Now if it showed bearish movement and sustain below 3260 then 3200 will be next support level. On the higher side important resistance is 3310.
Copper showed correction on higher side and found resistance around 307. Sustain below 303 then next support level will be seen at 300. If some correction happens on higher side then it pull towards resistance level of 310.
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