Gold and silver showed bearish movement and in coming session selling can be continued. Gold is very bearish and selling gold would be a profitable strategy.
Crude also showed bearish movement because of oversupply from Canada. In coming session selling crude can be profitable strategy in near term. Base metals showed positive movement and in near term buying would be profitable.
Gold slipped to its lowest in eight weeks on Friday, and was on track for its biggest weekly decline in nine, as expectations of a US interest rate hike in two months on positive economic data hurt investor appetite.
Base metals will lack ability to rise today. Value added at China’s large industrial’s is expected to grow in April as declines in profit at China’s SOEs narrowed further in April, but increase will slow compared with March. The figure due for release today should boost the market.
Gold today continue on lower note and broke its important support of 28700 and found the support of 28500. Sustaining below 28500 again drag it upto the support level of 28300. On higher side if some correction happens then 28900 will act as strong resistance level.
SILVER over all showed sideways to bearish movement all the day. Now bearishness may again drag it upto the support level of 38500. On the other hand 39700 will act as major resistance level above only some correction may be seen.
MCX Crude opened on lower note and showed sideways movement. Now bullishness may bounce it towards the resistance level of 3400. And on lower side 3270 will act as important support level.
Copper showed bullish movement in morning session and some correction on lower side on evening session. Now if it maintain above 316 then 320 will act as next resistance level. On other hand 312 will act as important support level.
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