Gold edged lower as pressure continues after hawkish comments by Federal Reserve officials, we expect gold prices to trade lower. Base metals are mixed as equities remain under and market awaits preliminary data from U.S., copper prices will likely trade lower as Fed members’ hawkish comments continue to bother investors. Also, rising exports from China is a matter of concern. Oil fell as supply weighed on prices and as U.S drillers added 10 oil rigs last week bringing the total rig count to 406, highest since February. Oil prices are likely to trade lower as the global supply glut continues to bother investor’s sentiments.
1). German Flash Manufacturing PMI fell to 53.6 in July.
2). LME Copper stocks surged by 4.7 percent on Monday. Zinc is flattish as global zinc market deficit narrowed to 18,000 tonnes in June from an upwardly revised 105,000 tonnes in May.
3). Oil may further decline as Nigerian militant group indicated it was ready for a ceasefire and can talk with the government.
Gold showed 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 bearish movement in today’s session. Now if it will sustain below its support level of 44400 then 44000 will act as next support level. On the other hand 45300 will act as important resistance level.
Crude oil showed bullish movement. Now if it will maintain above 3280 then 3330 will be next resistance level. On the other hand 3150 will act as important support level.
Copper showed bearish movement and drag towards the support level of 313. Now if it will break the support level of 313 then 310 will act as next support level. On the other hand 318 will act as a major resistance level.
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