Gold and silver showed bearish movement as US job data and PPI was higher than expected. Economic data of US is continuously getting in stronger zone but with uncertain global economic conditions investor are not able to judge the trend of US Interest rate because of which market can be volatile. In coming session and avoiding long term position in precious metals would be profitable. Crude oil showed bullish movement in last trading session and was very bearish in yesterday session but till its holding above the level of $44 buying would be profitable strategy in crude oil.
1). Gold slipped on Thursday after rising nearly 1% in the previous session, as the dollar firmed and Asian stocks stayed near eightmonth highs on expectations of an interest rate hike by the Bank of England (BoE).
2). Crude oil prices regained some ground in early Asia trade Thursday after data showed U.S. crude supply dropped by 2.5 million barrels last week, but bearish sentiment prevails due to an unexpected rise in gasoline stocks.
Gold showed bearish movement and touched the level of 30750 and closed around 31000. Now if it will close below the important support level of 30900 then 30500 will act as next support level. On higher side 31500 will act as vital resistance level.
Silver showed sideways movement. Now if it will break the resistance level of 48200 then 48800 will act as next resistance level. On lower side 47000 will act as vital support level.
Crude oil showed sideways movement and closed around the important support of 3050. Now if it will maintain above 3150 then 3225 will be next resistance level. On the other hand 2850 will act as important support level.
Copper showed sideways movement in whole trading session and found support of 332. Now if it will break the resistance of 335 then 338 will act as next resistance level. On the other hand 327 will act as a major support level.
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