Support for MCX GOLD JUNE. Delivery is seen at support 29900 and 29750 levels while resistance is seen 30150 and 30270 levels.
Support for MCX SILVER JULY. Delivery is seen at support 40940 and 40630 levels while resistance is seen 41370 and 41700 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 308 and 305 levels while resistance is seen 314 and 317 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 3160 and 3120 levels while resistance is seen 3240 and 3280 levels.
Gold and silver is in sideways trend. No trending movement has been seen in either of the precious metals. In coming session sideways movement can continue. Market is waiting for the economic data of USA from which interest rate decision can be made till the time market could be volatile as well as sideways. Crude oil was trading on the higher level and movement can be continued in near future. Base metals are trading in bearish to sideways trend.
1). Gold, silver struggle to gain as dollar improves.
2). Oil futures rose for a second straight session on Tuesday, with U.S. crude hitting a seven-month high, as the market focused on supply disruptions.
3). Traders said sentiment turned bearish after a weak trend in most industrial metals at the London Metal Exchange (LME) on demand concerns after China’s retail sales, industrial production and fixed-asset investment data released on Saturday missed economist estimates.
Gold today showed downward movement in morning session and in evening session bounce back towards the resistance level of 30150. Sustaining below 29850 again drag it upto the support level of 29600.
SILVER over all showed sideways movement in morning session bulls breach it to the resistance level of 41500 and in evening session it drag down towards the support level of 41000. Bearishness may again drag it upto the support level of 40250.
MCX Crude opened on higher note and maintaining above its resistance level of 3200. And found resistance around 3235 which is also a recent new high. Bullishness may bounce it towards the resistance level of 3300.
Copper showed sideways to bearish movement all the day as all base metals showed same way and found support of 308.50. Now if it sustain below 309 then bearishness may continue towards the support level of 305.
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