Gold showed sideways movement but siver showed some strength on higher side. In coming session bullishness can be seen in precious metals. Crude oil was showed bearishness. Bullishness may seen in next trading session, buy on dips would be profitable strategy in crude oil. Base metals were strong and bullish trend seems to be continued.
1). Gold steadied on Thursday as wider markets showed signs of stabilizing, but the metal remained on track for its biggest monthly rise since February in the wake of last week’s vote on Britain’s membership of the European Union.
2). Oil prices retreated slightly on Thursday, but maintained levels above $49 a barrel as a tighter supply outlook encouraged investors.
3). Select base metals prices declined today on sluggish demand from consuming industries.
Gold showed sideways movement and found support of 31130. Now if it will break 31130 level than 31000 will act as next support level. On the other hand 31400 will be act as major resistance level.
Silver showed bullish movement. Now if it will break the important resistance level of 43500 then 44000 will act as next resistance level. On lower side 42800 will act as vital support level.
Crude oil showed bearish movement. Now if it showed bearish movement and sustain below 3280 then 3250 will be next support level. On the other hand 3330 will act as important resistance level.
Copper showed sideways movement and found the resistance of 332.20. Maintain above 333 then next resistance level will be seen at 338. If some correction happens on lower side then it drags towards support level of 326.
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