28 May 2016

Weekly Commodity Report 30May 2016 to 3 June2016

Weekly Support & Resistance for GOLD

Resistance: 29460-29800

Pivot: 29,064.0

Support: 28400-28000 

Last week gold traded in negative as all the US economic data were positive which raised the hope of rake hike by Fed in this upcoming month of June. As a result dollar index rose above 95 which drag the prices of precious metal. Market participants currently see a 26-percent chance of a June rise, with 56 percent expecting it in July
In MCX trading range of Gold was 28600-29400.Next week may see some sideways price action in precious metal prices.

Silver : In MCX silver prices also fall and trade in the range of 38800-39700.Bounce can be expected in silver prices if hold level of 39300 further rise till 39700-39800 possible. Below 38700 levels of 38200-38000 expected.

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