Gold futures extended last week’s strong gains in European trade
on Monday, hitting a fresh four-week high as investors looked ahead to the
Federal Reserve’s policy meeting later this week and amid mounting jitters over
the upcoming referendum on whether the U.K. would remain in the European Union.
The Fed is not expected to take action on interest rates at the conclusion
of its two day policy meeting on Wednesday. The central bank will also release
its latest forecast for economic growth and interest rates. Market players are
pricing in just a 2% chance for a rate hike this week. Meanwhile, growing
concerns over whether the U.K. would remain in the European Union when a
referendum on EU membership takes place on June 23 is also rattling markets and
boosting demand for safe-haven assets.
Gold
Support at 30050---29900 and Resistance at 30280
Close above 30280 will take to 30700---30800+ mark in days to
come else it could test its support level of 30050---29900 mark again. Further
downside panic will see only close below 29900 mark
Today's close is important for further direction... Don't jump
to buy Gold at this stage. We will wait for panic to buy or clear trend in the
market.
Silver
Support at 40600 and resistance at 41200
Break and sustain above 41200 will take to 41500----41800+ mark
in days to come else it could test its support level of 40600 again
Further downside panic will see only close below 40600 mark
Trade with levels only
Copper
Support at 298 and Resistance at 308
Looks weak and could test 298. Two consecutive closes below 298
will see more downside panic till 294---289 mark else it could test its
resistance level of 308 again
Two consecutive closes above 308 will see further upside rally
till 312---315 mark again
Upper side seems limited in Copper and we will not expect major
upside move in it. 318---319.50 act as major hurdle in Copper. So traders
remain cautious in Copper at upper levels.
Anything seems will update via App
Crude oil
Support at 3230 and Resistance at 3300
Two consecutive closes below 3230 will take to 3120---3080 and
then to 3025 mark in days to come else it could test its resistance level of
3300 again
Close above 3300 will see more upside rally till 3350---3380 and
then to 3450 mark
3380---3450 act as major resistance area. Traders can trade
safely with in and out strategy and wait for confirmation
Anything seems will update via App
We will expect high volatility in Metal and Energy segment for next
two trading sessions as all eye on FOMC meet which is scheduled on late
Wednesday. Till then traders can trade in less quantity with in and out
strategy. Do not trade aggressively in the market.
More will update soon...
