Gold and silver showed bearish movement after strong economic data from USA on Friday. Rate hike from Federal Reserve could be seen in upcoming months if the data would be more positive and with fear of rate hike investors are selling precious metals. In coming session selling would be profitable with the positive economic result. In crude oil bullish movement had been seen from last trading session and buying crude would be profitable.
1). Gold hovered near one-week lows on Monday, after falling about 2 per cent in the previous session, as a stronger-than expected US jobs report likely increased the possibility of a rate hike this year by the Federal Reserve.
2). China’s crude imports fell to the lowest level in six months as demand from independent refineries eased. Net fuel exports surged to a record. The country’s total imports in July dropped 12.5 percent in U.S. dollars, raising concern that domestic conditions may be weakening anew, while exports remained sluggish, falling 4.4 percent in dollar terms.
Gold showed sideways movement in today’s session and found support of 31000. 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 46000 then 46500 will act as next support level. On the other hand 46750 will act as important resistance level.
Crude oil showed bullish movement. Now if it will maintain above 2900 then 3000 will be next resistance level. On the other hand 28000 will act as important support level.
Copper showed sideways movement and drag down towards the support level of 320. Now if it will break the support level of 319 then 317 will act as next support level. On the other hand 323.50 will act as a major resistance level.
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