Gold and silver showed positive movement and continued their bullish movement. Global economic uncertainty and weak US data pushed precious metals on the upper side and made new highs. In coming session more bullishness can be seen in precious metals and buying strategy would be profitable. Crude oil showed bearish movement and broke the support of $40 on COMEX. In coming session below it more selling can expected.
1). Gold rose on Tuesday as European shares fell 1 percent and the dollar hit its lowest in over a month versus the euro, after last week’s soft U.S. growth data dented expectations for a near-term interest rate hike.
2). Oil prices rebounded sharply on Tuesday after a slide below $40 a barrel triggered some bargain hunting, although analysts said worries about a global glut in the oil market could take prices to as low as $35 in the near term.
Gold showed bullish movement in today’s session and found resistance of 31850. Now if it will close above the important resistance level of 31850 then 32250 will act as next resistance level. On lower side 31650 will act as vital support level.
Silver showed sideways movement .Now if it will break the resistance level of 48500 then 49000 will act as next resistance level. On lower side 47500 will act as important support level.
Crude oil showed bearish movement and slip towards the support level of 2635. Now if it will sustain below 2635 then 2550 will be next support level. On the other hand 2750 will act as important resistance level.
Copper showed bearish movement and drag down towards the support level of 325. Now if it will break the support level of 325 then 320 will act as next support level. On the other hand 330 will act as a major resistance level.
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