Crude Oil futures faced heavy declines in the session gone by. The prices have seen correction in the last week as well as new week from breakout stage. The commodity is expected to move higher if it manages to breach Rs 3000 per barrel. Having said that, price has shown a tendency to correct from those levels. On the lower side supports for Crude Oil is at Rs 2800 and 2750 per barrel. Last night prices closed at Rs 2913 per barrel down 2.2%. Supports so far are intact at Rs 2800 that will again be an opportunity to buy metal. The prices tested a high of Rs 3046 per barrel and a low of Rs 2902 per barrel.
Monday, 9 May 2016
Supplies has been noted in the Gold futures June contract after a bull run that has taken prices above Rs 30000. The prices closed at Rs 29805 per 10 grams on 9 May 2016, down 1.9%. Gold is forming an evening star pattern that is bearish reversal and means that the prices can see further downside. The prices moved further away from important levels of Rs 29950 per 10 grams. Gold closure below Rs 30000 has made the bears grow strong. The gains are expected to get limited towards Rs 29950 and 30000 per 10 grams can happen in Gold prices in coming week that will again be oppurtunity to sell. However a correction below Rs 29700 can prove decimating for Gold. On the lower side Rs 29500 per 10 grams is acting as a medium term support zone. The prices tested a low of Rs 30215 and a high of Rs 29765 per 10 grams.