Commodity Intraday Tips Today (Monday: 29th May)

commodity intraday tipsRecent Market Updates: Currently, Gold has lost 10 points at 28878 while Silver is 65 points up at 40156. Crude Oil has hiked 7 points at 3220. Aluminium and Copper with minor losser are trading at 125 ans 366 points respectively.

Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply. Trading activity will be subdued on Monday due to public holidays in China, United States and Britain.

Precious Metals Update: Precious metal prices are higher on Friday, shrugging off a rise in the dollar to a four-day high, following an upward revision to U.S. economic growth and expectations the Federal Reserve would hike its benchmark rate in June.

Energy Update: Crude oil prices higher on Friday after sell off post the OPEC meet as decline was clearly overdone. A nine month extension of deal had been largely factored in the run up to meeting and hence we saw a round of liquidation post announcement.

Intraday Call: BUY: SILVER JUL ABOVE 40200 TARGETS 40500/40800 STOP LOSS 39900

Gold (Jun)
RESISTANCE2: 29300 RESISTANCE1:29100
SUPPORT1:28650 SUPPORT2:28450

SILVER (JUL)
RESISTANCE2:40800 RESISTANCE1:40500
SUPPORT1:39700 SUPPORT2:39400

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