Bullions remained volatile in previous session as well. However, Medium term outlook remains bullish as silver prices have taken support near 61.8% retrenchment level of its previous up move from 40900 – 42700 levels. Similarly gold prices have also moved higher giving close above its intermediate high of 29,460 levels. We now expect prices to remain bullish with dips to be considered as buying opportunity.
As expected, prices moved lower in line with our bearish view. We saw prices have broken its support level of 3,370 and drifted lower post the US crude oil inventory. In today’s trade we expect prices to give pull back till 3,310 levels. However outlook remains bearish. Natural gas prices have given downtrend line breakout at 205 levels on hourly charts which indicate bullishness in prices. We now expect prices could head higher towards 211 levels.
We saw base metals remained silent in previous session. Outlook remains bearish for medium term however we still expect prices to give pull back. Zinc, lead and Aluminium could head higher for today’s trade while nickel and copper could remain under pressure.