Gold is respecting its 100 DAM beautifully, but 59800 60000 is an immediate and critical resistance zone - Swastika Investmart
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COMMODITY OUTLOOK:
DAILY COMMODITY MARKET UPDATES
NEWS IN HEADLINE:
* Oil prices dip as markets weigh China rate cut, weak economic outlook
* Oil prices mixed ahead of China lending benchmarks decision
* Gold trades sideways, copper dips as China cuts rates
CHART OF THE DAY
GOLD: GOLD is respecting its 100 DAM beautifully, but 59800–60000 is an immediate and critical resistance zone. Above this, we can expect a short-covering rally towards the 60400–60800 zone. On the downside, 58700 is an immediate support zone, while 58500 is the next support zone
OUTLOOK :
* Bullion: Day trend is indicating to sideways to upside in Gold &Silver.
* Energy: Day trend is indicating sideways to upside Crude oil & Natural gas.
* Base metals: Day trend is indicating uptrend in all base metals.
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