Gold & Silver fell in morning session and was flat later. We expect gold prices to trade lower as the recent strength in the US economy might lead the US Federal Reserve to do the rate hike. Copper prices fell due to subdued demand and a big jump in LME inventories today. Copper prices will likely trade lower as Fed Vice Chairman Stanley Fischer on Sunday added to hawkish comments on the US economy. Oil prices are lower as the dollar strengthened and as U.S. oil rigs increased for an eight straight week. Oil prices are likely to trade lower as the global supply glut continues to bother investor’s sentiments.
1). Gold fell on Monday to its lowest in nearly two weeks as the dollar strengthened after comments from US Federal Reserve officials increased bets on a US rate hike this year.
2). Crude oil prices fell Monday because of traders and money managers cashing in while the market was still in bull mode and fading hope for any unilateral agreement on production cuts from major producers.
Gold showed sideways to bullish movement. Now if it will close below the important support level of 31250 then 31000 will act as next support level. On higher side 31600 will act as vital resistance level.
Silver showed bearish movement in today’s session. Now if it will sustain below its support level of 44400 then 44000 will act as next support level. On the other hand 45300 will act as important resistance level.
Crude oil showed bearish movement. Now if it will maintain above 3280 then 3330 will be next resistance level. On the other hand 3150 will act as important support level.
Copper showed sideways to bearish movement and drag towards the support level of 316.50. Now if it will break the support level of 316 then 312 will act as next support level. On the other hand 323.50 will act as a major resistance level.
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