Oil resumes slide on demand worries after UK rate hike -Swastika Investmart
COMMODITY OUTLOOK
DAILY COMMODITY MARKET UPDATES
NEWS IN HEADLINE :
* Oil resumes slide on demand worries after UK rate hike
* Gold set for steep weekly losses, copper falls amid rate hike fears
* Oil sees little support after rate hike shock erases weekly gains.
CHART OF THE DAY
GOLD: GOLD is continuing its bearish momentum below the 100 SMA, where 57500 is the intraday immediate target level. On the upside, 58450 is an immediate resistance level, while below 57500 we will see further weakness in the upcoming sessions, and it may head towards 57300–57200 levels.
OUTLOOK
* Bullion: Day trend is indicating to downtrend in Gold &Silver.
* Energy: Day trend is indicating sideways in Crude oil & Natural gas
* Base metals: Day trend is indicating sideways to downside in all base metals
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