More selling in gold likely on some bounce near 30,300 where traders can short

Ashwani Kumar Harit

Gold prices witnessed a volatile session on last Friday as the yellow metal opened in negative territory, though the counter gained during intraday but ended in the red after breaching strong support of 30,250. Prices on the daily charts are forming a symmetric triangle which is a neutral pattern for medium term and could generate either side breakout.

For intraday we can expect more selling on some bounce near 30,300 where traders can short for the session.

Silver

Prices have breached its strong support of 38500 on Friday and even closed below the levels that leaves more room for short term selling. Any rise for intraday could generate opportunity to go short at higher levels.

Copper

Copper prices closed with some negative bias on Friday last week and managed to Close at one week’s lower levels. Prices are likely to face some more downside in the coming session till lower levels near 444. On the flip side, 455 will remain a strong resistance on the higher side where only a close above the levels could turn the metal positive for medium term.

Zinc

Unlike all other base metals, Zinc gained momentum on Friday last week and closed with some positive bias. 211-213 will be the intraday range for Monday’s session and a breach on either side could bring short term movement thereafter.

Crude Oil

Crude oil prices crossed above an immediate resistance trend line and managed to closed above the levels. As stated earlier also, prices crossed above the falling wedge formation which is visible on the daily charts and is a bullish pattern for over short to medium term.

Natural Gas

After closing for three consecutive sessions, prices traded firm in a sideways range and closed with slightly positive momentum. For the next trading session we can expect some positive momentum to remain intact and any decline would generate buying signal.