Support for MCX GOLD JUNE. Delivery is seen at support 29870 and 29750 levels while resistance is seen 30100 and 30270 levels.
Support for MCX SILVER JULY. Delivery is seen at support 40740 and 40450 levels while resistance is seen 41220 and 41500 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 309 and 306 levels while resistance is seen 314 and 317 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 3150 and 3110 levels while resistance is seen 3220 and 3260 levels.
Gold and silver showed a positive movement but not able to hold it and dropped again in the evening session. Market is sideways and not able to move in a trend in coming sessions. Sideways movement can continue Federal Reserve interest rate decision can set a trend in gold and silver. Crude oil is bullish and made new highs on MCX and COMEX and can continue the movement in next sessions. High demand and supply shortage both are helping crude to made new highs above. Fifty dollar is a psychological resistance for crude if crude closed above it and will sustain it can move towards $60.
1). Crude received a boost as Canadian oil production has been disrupted as a massive wildfire in northern Alberta forced the evacuation of 90,000 people and disrupted shut down some oil facilities.
2). The US manufacturing industry continues to struggle, as underscored by an important manufacturing indicator on Monday.
Gold today showed upward movement in morning session and in evening session drag down towards the support level of 30000. Sustaining below 29800 again drag it upto the support level of 29600.
SILVER over all showed sideways movement in morning session bulls breach it to the resistance level of 41500 and in evening session it drag down towards the support level of 41000. Bearishness may again drag it upto the support level of 40250.
MCX Crude opened on higher note and maintaining above its resistance level of 3140. And found resistance around 3200 which is also a recent new high. Bullishness may bounce it towards the resistance level of 3300.
Copper showed sideways to bullish movement all the day as all base metals showed same way and found support of 313.60. Now if it sustain below 309 then bearishness may continue towards the support level of 305.
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