Gold and silver showed bullish movement after the weak economic data of ISM manufacturing PMI and last Friday GDP of US was also below the expectations. In coming session if the economic data of US will be weak more bullishness can be seen and buying would be profitable. Crude and Natural gas showed bearish movement. In crude higher supply and lower demand again hit the market and it is going lower. In coming session selling would be profitable in energy.
1). India’s gold imports fell for a sixth straight month in July as sluggish demand and record high discounts prompted banks and refineries to reduce overseas purchases of bullion.
2). Demand and supply trends in the oil market are still lopsided, and prices are likely to move sideways in the coming days in the absence of strong push or pull factors.
3). The Fed will likely abstain from doing anything in September or October as that will be too early to make a move.
Gold showed bullish movement in evening session and found resistance of 31600. Now if it will close above the important resistance level of 31600 then 31900 will act as next resistance level. On lower side 31400 will act as vital support level.
Silver showed sideways movement .Now if it will break the resistance level of 48200 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 2650. Now if it will sustain below 2650 then 2600 will be next support level. On the other hand 2730 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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