Gold prices traded volatile in the Tuesday’s session and failed to even touch 20 DMA throughout the session. Prices are likely to trade with some more downside bias and we might expect selling pressure with volatility as the FED policy meet is going on and at the end of the session today we can get the result on interest rates. Traders should be cautious in Wednesday’s session whereas any rise could generate opportunity for going short at higher levels.
Prices slipped to a two week’s lower levels in Tuesday’s session but ended with some short covering which hints towards more selling pressure at higher levels in the next session.
Prices witnessed persistent selling pressure for the fourth consecutive session as the counter closed below its immediate support of 444. For the coming session we might expect some more selling pressure until the levels of 438 or even lower and any rise for the day could provide fresh selling opportunity at higher levels.
Prices traded absolutely sideways in Tuesday’s session between 134-136, unless this range breaches either side with high volumes one should not take any medium term positions.
Crude oil prices gained more strength in Tuesday’s session after crossing above a falling wedge formation depicted on the daily charts. Prices are well maintained above 20 DMA which is a positive sign for short term and buy on dips should be the strategy today for traders.
Prices saw some recovery from the lower levels but failed to cross above its immediate resistance of 177 where a cross above with high volumes could be a signal of more upside in the coming session. On the lower side, 173 will remain the strong support where only a close below could be the only reason the counter will attract more selling pressure.
Source By : www.jupiterr.co