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MCX gold June futures and Silver futures witnessed falls

MCX Gold June futures saw a sharp fall and retraced 78.6% Fibonacci level at Rs 44,660 of the recent rally. Significantly, key support for gold price is near Rs 44,320, while resistance is around Rs 45,280. Meanwhile, the strength index RSI was wavering below 50, implying weakness in strength. The price is anticipated to move in the band of Rs 44,320-45,280 with a sideways bias for the day.

Meanwhile, MCX Silver May futures saw a sharp drop towards the key support at Rs 63,500 as the price breached the increasing trend line support close to Rs 64,900. The negative cross-over of 5 (Rs 64,680) and 21 (Rs 66,240)-day EMA has further strengthened the bearish case in the silver price.

On the momentum front, RSI is trading below 50 (35), indicating weakness in strength. The price is likely to move in the range of Rs 63,500-64,900 with a sideways to downside bias. Therefore, a sustained move below Rs 63,500 would weaken further towards Rs 62,200, followed by Rs 61,200.

Bullion prices traded weak, crude oil prices traded higher

Bullion prices traded weak, with spot gold prices at COMEX trading close to $1,706 per ounce. Meanwhile, spot silver prices at COMEX were trading flat near $24.56 per ounce. Significantly, selling with gold dropping by 1%, pressured by stronger U.S. dollar and surge in U.S. treasury yields. The 10-year U.S. Treasury yields grew to 1.70%, while the U.S. dollar index neared the 93 mark.

Crude oil prices traded higher. Benchmark NYMEX WTI crude oil prices increased by 0.24% and traded at $61.71 per barrel. Crude oil prices traded higher, with traders and investors shifting focus to the upcoming OPEC meeting. The OPEC+ nations will discuss output levels as oil prices were comfortably trading over $60 per barrel.

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Significantly, the ease of supply worries from the Suez Canal and pandemic worries in Europe has kept upside limited in oil prices.

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