Gold is continuing its bearish momentum and there are no signal of recovery where 54700 is an immediate target level - Swastika Investmart
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COMMODITY OUTLOOK
DAILY COMMODITY MARKET UPDATES
NEWS IN HEADLINE
* Oil stabilises as surprise US crude draw offsets rate hike jitters
* Oil prices recover on signs of tighter supply, Fed fears limit gains
* Gold prices nurse sharp losses as Powell talks up rate hikes
CHART OF THE DAY
GOLD:
GOLD is continuing its bearish momentum and there are no signal of recovery where 54700 is an immediate target level. On the upside 55500 intraday and immediate resistance level. While below 54700 lead further weakness toward 54500-54300 levels. . Traders are advised to stay with the momentum with the “sell on rise” approach
OUTLOOK:
* Bullion: Day trend is indicating to Downtrend in Gold &Silver.
* Energy: Day trend is indicating Downtrend in Crude oil & Natural gas
* Base metals: Day trend is indicating Downtrend in all base metals.
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