Gold and silver showed sideways movement and it showed bullish movement after the unemployment data of USA which higher than expected but precious metals didn’t hold on their highs and closed on lower side again. Overall movement of precious metal was sideways and in coming session it can show more sideways movement. Crude oil showed highly bullish movement and in coming session more bullishness can be seen because of higher demand and buying would be profitable strategy in crude oil.
1). Crude traded near the lowest closing price in a week as government data showed U.S. crude stockpiles unexpectedly expanded, keeping inventories at the highest seasonal level in more than three decades.
2). Zinc rallied to its highest in nearly 15 months as investors continued to fret over a shortage of mine supply, while other metals surged amid sharp falls in the dollar. The U.S. dollar fell broadly as U.S. Treasury yields fell and investors waited on a speech by Federal Reserve Chair Janet Yellen later this month.
Gold showed sideways to sideways movement. Now if it will close below the important support level of 31250 then 31000 will act as next support level. On higher side 31600 will act as vital resistance level.
Silver showed sideways movement in today’s session. Now if it will break the support level of 46700 then 46300 will act as next support level. On the other hand 47500 will act as important resistance level.
Crude oil showed bullish movement. Now if it will maintain above 2950 then 3000 will be next resistance level. On the other hand 2850 will act as important support level.
Copper showed bullish movement and bounce back towards the resistance level of 325. Now if it will break the support level of 320 then 317 will act as next support level. On the other hand 325 will act as a major resistance level.
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