Precious metals showed positive moment and silver was more bullish as compared to gold. In the morning session both precious metals were weak but after the US data of Core Durable Goods Orders both showed bullish movement. Investors are waiting for today’s Federal Funds Rate meeting. If they will hike the rate bearishness can be seen as interest rate yield would be higher and gold would not be a safe heaven. Crude showed bearish movement and continue to made new lows. Selling would be profitable strategy in Crude.
1). Gold steadied near $1,325 an ounce on Wednesday as traders awaited the outcome of a two-day Federal Reserve policy meeting later, which will be closely watched for any clues on the scale and pace of interest rate hikes this year.
2). Base metal weakened at the non-ferrous metal market today largely in tune with subdued global trend amid slackened demand at the domestic spot markets
Gold showed sideways movement in morning session but after US data it bounce towards the resistance level of 31000. Now if it will close below the important support level of 30800 then 30600 will act as next support level. On higher side 31150 will act as vital resistance level.
Silver showed bullish movement and gave breakout of triangle pattern on higher side. Now if it will break the resistance level of 47500 then 48000 will act as next resistance level. On lower side 46500 will act as important support level.
Crude oil showed bearish movement and also closed below its important support level of 2850. Now if it will sustain below 2800 then 2750 will be next support level. On the other hand 2925 will act as important resistance
Copper showed bearish movement and drag towards the support level of 327. Now if it will break the support level of 326 then 322 will act as next support level. On the other hand 331 will act as a major resistance level.
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