Gold and silver showed bullish movement in the evening session. Precious metals trend was bearish but in last trading session it showed a correction. In coming session more bullishness can be seen in precious metals. Selling would be profitable strategy in precious metals from higher levels. Crude oil showed bullish movement from last week after the steep decline. Now correction can be over towards the higher side and bearishness can be seen again and selling would be profitable in crude oil.
Gold slipped on Tuesday and continued to hover near one-week lows hit in the previous session as the dollar firmed amid increasing possibilities of a rate hike by the US Federal Reserve this year.
Crude oil prices rebounded to a two-week high after OPEC President Mohammed Al Sada said the cartel will hold an informal meeting in Algiers next month. The comments fueled hopes for output-side relief after the WTI contract fell to a four-month low last week.
Gold showed sideways to bullish movement in today’s session and found resistance of 31300. Now if it will close below the important support level of 31000 then 30670 will act as next support level. On higher side 31500 will act as vital resistance level.
Silver showed consolidated movement. Now if it will break the support level of 45900 then 46500 will act as next support level. On the other hand 46750 will act as important resistance level.
Crude oil showed sideways movement. Now if it will maintain above 2915 then 3000 will be next resistance level. On the other hand 2800 will act as important support level.
Copper showed sideways movement and drag down towards the support level of 317.60. Now if it will break the support level of 317 then 315 will act as next support level. On the other hand 323.50 will act as a major resistance level.
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