Bullions View
In the previous session, bullions remained volatile. Prices dragged down during the second half. Further, gold and silver both closed below their support levels.
We expect prices to remain under pressure as long as they are trading below their support levels of 29,800 and 38,150, respectively. For gold and silver. RSI on the hourly charts also fell below the 40 mark adding bearishness to prices.
Energy View
Crude oil prices traded in line with our bearish outlook, dipping 2% in the previous session. In the first half, prices broke its support of 4,700 levels and remained lower throughout the session. Immediate support lies near 4,600 levels; if taken out, a further 100 points downward movement will be seen going forward.
Conversely, if it holds at 4,600 levels and moves above 4,650 levels, prices could bounce back till 4,700 levels, followed by 4,750 levels in the upcoming sessions.
Base Metals View
Metal prices remained weak in the previous session. They were down over 1.5%, while nickel lost over 5%, compared with the preceding session. For copper, immediate support lies near 410 levels. On the other hand, zinc, nickel, and lead closed near the support levels of 174.90, 917 and 145.50, respectively.
Aluminum closed near a 78.6% retracement level of its prior upward movement of 138.10-145.30. Hence, we could expect some short covering in base metals as all were trading near their respective support levels.
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