GOLD yesterday witnessing selling pressure from resistance of 53000 level - Swastika Investmart
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Daily Commodity Market Updates
News in headlines:
* Oil slips, WTI below $80 amid China COVID crisis, recession fears
* Oil dips near 2-month lows as supply concerns ease
* Gold hovers around $1,750, copper muted as hawkish Fed fears persist
CHART OF THE DAY
GOLD:
GOLD yesterday witnessing selling pressure from resistance of 53000 level, on the upside it has an immediate resistance of 52800, on the downside below 52500 it may head toward 52300-52000 levels. Traders are advised to stay with the momentum with the “Sell on rise” approach.
Technical View:
* Bullion: Day trend is indicating to sideways to downtrend in Gold & Silver.
* Energy: Day trend is indicating sideways to downtrend in Crude oil & Natural gas.
* Base metals: Day trend is indicating sideways to downtrend in all base metals.
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