Gold is continuing its bearish momentum below the 100 SMA, where 58000 is the intraday immediate target level - Swastika Investmart
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COMMODITY OUTLOOK
DAILY COMMODITY MARKET UPDATES
NEWS IN HEADLINE
* Oil steadies as U.S. inventories shrink, Powell speech awaited
* Oil ticks up as drop in US crude and gasoline stocks exceeds view
* Global initiative launched to rate corporate carbon offset claims
CHART OF THE DAY
GOLD: GOLD is continuing its bearish momentum below the 100 SMA, where 58000 is the intraday immediate target level. On the upside, 58500 is an immediate resistance level, while below 58000 we will see further weakness in the upcoming sessions, and it may head towards 57700-57500 levels; otherwise, above 58500 don’t hold any short upside; it will test 58800- 59200 levels again.
OUTLOOK:
* Bullion: Day trend is indicating to downtrend in Gold &Silver.
* Energy: Day trend is indicating sideways in Crude oil & uptrend in Natural gas
* Base metals: Day trend is indicating sideways to downside in all base metals.
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