Gold showed highly bullish movement but silver was traded on negative way. Economic uncertainty is getting higher because of European Union and US chance of rate hike is getting lower and Investors are moving towards safe heaven. In coming session more bullishness can be seen. Base metals were showing correction on lower side as profit booking. And crude oil showed negative movement.
1). Gold gave up most of its gains on Tuesday after soaring to a near two-year peak in the previous session, as the market pulled back with the yellow metal failing to break a key resistance level.
2). Industrial metals declined, with copper extending a retreat from a two-month high, as falling stocks and commodities signaled investors are concerned about the strength of the global economy.
3). Oil fell below $50 a barrel on Tuesday on concerns that a potential slowdown in economic growth could sap demand and persistent signs of abundant supply despite another militant attack on Nigeria’s oil industry.
Gold showed bullish movement and gave breakout of pennant pattern. Now if it will break the important resistance level of 31925 then 32200 will act as next resistance level. On lower side 31700 will act as vital support level.
Silver showed bearish movement. Now if it will break the important resistance level of 48000 then 49000 will act as next resistance level. On lower side 46500 will act as vital support level.
Crude oil showed over all negative movement. Now if it showed bearish movement and sustain below 3120 then 3070 will be next support level. On the other hand 3200 will act as important resistance level.
Copper showed bearish movement in whole trading session and found support of 326. Now if it will break the resistance of 330 then 333 will act as next resistance level. On the other hand 325 will act as a important support level.
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