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Gold sees highest close since April
after weak jobs report Gold futures on Friday saw their highest close since April, with prices up a fourth week in a row, after a reading on U.S. job growth fell short of forecasts for a strong payrolls jump in May and cast some doubt on the pace of goldnegative U.S. interest-rate hikes this year.
Base metals trade sideways amid
China concerns Prices of all industrial metals are under pressure after downgrading rating of China by international rating agency Moody’s last week. Moody’s downgraded rating of China from Aa3 to A1.
Oil drops on fears of more US
drilling after climate deal withdrawal Oil prices fell more than 1 percent on Friday, posting a second straight week of losses, on worries that U.S. President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut..
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TECHNICAL ANALYSIS GOLD
OUTLOOK :
GOLD(AUG)
SUPPORT:-
28880-28670
RESISTANCE:-
29216-29400
TREND:-
BULLISH
STRATEGY :-
BUY ON DIPS
TECHNICAL OUTLOOK Technically trend in the Gold AUG contract looks bullish and is likely to continue with the trend for near term. Support is seen at 28880 while resistance is seen at level 29200. Traders may buy on dips at 29000 with the stop loss of 28750 for the target of 29350. In Comex, gold has strong resistance at $1300 .This week gold closed at $1277.16.Major support now at $1250- $1230 and strong resistance at $1300-1320.
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SILVER
OUTLOOK :
SILVER(JULY)
SUPPORT:-
39600-38800
RESISTANCE:-
40700-41500
TREND:-
BULLISH
STRATEGY :-
BUY ON DIPS
TECHNICAL OUTLOOK Technically trend in the Silver JULY. contract looks short term bullish and is likely to continue with trend for near term. Support is seen at 39600 while resistance is seen at 40700 level. Traders may buy on dips at 40000 with the stop loss of 39300 for the target of 41200,MCX Silver july Contract, showed some more bullish movement and will again touch higher level in short term. In Comex silver has a resistance of $18.00 and strong support at $16.80 In COMEX Silver closed 17.51.
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COPPER
OUTLOOK :
COPPER(JUN)
SUPPORT:-
361-355
RESISTANCE:-
371-380
TREND:-
BULLISH
STRATEGY :-
BUY ON DIPS
TECHNICAL OUTLOOK The trend in mcx Copper JUN. contract looks short term bullish after that we will see some profit booking and again rise from lower side, upside is expected for near term. Support is seen at 361.00 while resistance is seen at 371.00 level. Traders may buy on dips at 365 with the stop loss of 358 for the target of 374.
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CRUDE OIL
OUTLOOK :
CRUDEOIL(JUN)
SUPPORT:-
2970-2850
RESISTANCE:-
3230-3370
TREND:-
BULLISH
STRATEGY :-
BUY ON DIPS
TECHNICAL OUTLOOK The trend in mcx Crude Oil Jun. Contract looks short term bullish and further upside is expected for near term but we will see some correction from higher side buy on dips strategy. Support is seen at 2970 while resistance is seen at 3230 level. Traders may buy around 3050. With the stop loss of 2900 for the target of 3210. In Nymex Crude Oil has a resistance of $50.00 and strong support at $44.00. In NYMEX Crude Oil closed $47.71.
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INTERNATIONAL MARKET UPDATE GOLD 1277.16
USDINR
SILVER 17.51
EURUSD 1.1274
COPPER 2.565
USDJPY 110.47
CRUDEOIL 47.71
GBPUSD 1.2880
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301, 3rd Floor, Mangal City, Vijay Nagar, Indore
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301, 3rd Floor, Mangal City, Vijay Nagar, Indore
Toll Free : 18003157801