Gold & Silver overview:
Gold prices slipped lower Thursday as the Federal Reserve’s hawkish stance strengthened the dollar and pressured bullion, while rising geopolitical risks from potential U.S. involvement in the Israel-Iran conflict capped losses.
Silver prices remained down yesterday, heading for a second consecutive losing day, after the U.S. Federal Reserve held interest rates steady on Wednesday, for the fourth meeting in a row, and said it won’t rush into policy easing as the policymakers focus on the potential inflationary pressures from U.S. tariffs. This relatively hawkish stance helped the dollar higher yesterday.
Technical levels:
GOLD : Technically, gold prices are getting support of 9 DMA while prices are remaining range-bound. while, trading volumes are remaining low for past three session indicating a profit booking in today’s session. Gold has resistance at 101000 and support at 98000.
SILVER : Technically, silver prices have broken down the short-term uptrend yesterday. While, a negative divergence on momentum indicator on the daily chart indicating that profit booking may continue in today’s session. Silver has support at 105000 and resistance at 109000.
Crude oil & Natural gas overview:
Oil prices rose on Thursday after Israel and Iran continued to exchange missile attacks overnight and U.S. President Donald Trump’s stance on the conflict kept investors on edge. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day (bpd) of crude oil.
The natural gas market continues to move on the latest headlines coming out of Iran, as the war continues. There are a lot of concerns about a lack of Iranian gas production, and the potential for further demand on US gas coming from Europe.
Technical levels:
CRUDE OIL: Technically, crude oil prices remained up during a thin trading day yesterday. however, a strong buying momentum may further support the uptrend in crude oil today. Crude oil has resistance at 6600 and support at 6300.
NATURAL GAS: Technically, natural gas prices are trading above 100-DMA and remaining up for fifth consecutive day with strong buying momentum which may further support the uptrend in today’s session. Natural gas has support at 330 and resistance at 370.
Base metals overview:
Israel bombed Iranian nuclear targets on Thursday. After Iran attacked an Israeli hospital overnight, it launched missiles and drones at Israel. Currently, neither side shows signs of backing down. Moreover, Trump is expected to decide within the next two weeks whether the US will intervene in the Israel-Iran conflict, escalating geopolitical tensions and driving up the US dollar index, which is weighing on copper prices. On the supply side, a significant outflow of SHFE warrants was observed yesterday, with Russian copper being sold at low prices in the market. However, the market's absorption capacity is limited, and it is expected that the low-priced supply will still be difficult to fully digest today
Technical levels:
COPPER: Copper after a gap down opening filled the gap and made the small body candle hovering near the 885 resistance and support at 860
ZINC: Zinc after opening gap down again tested the 250 support and witness bounce from the support level and resistance at 260
ALUMINUM: Aluminum given a break out of the resistance of 245 level with strong bullish candle but the follow up is missing making indecisive candle 240 will be a strong support zone
Nirpendra Yadav
Digitally signed by Nirpendra Yadav Date: 2025.06.20
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