Gold falls below $1,300; crude setup bearish

Gold prices in global markets fell after breaking above the $ 1,300 level as the US President Donald Trump called off a meeting with North Korea. However, base metals came under pressure after rallying in the past couple of sessions.

In oil market, crude fell below $ 78 level, as Opec and Russia considered easing supply curbs.

In the domestic market, gold has strong support at Rs 31,160-31,050 levels on MCX, while short-term resistance is at Rs 31,370-31510 levels.

“As long as gold trades above Rs 31,160, bias remains bullish and dip on buying is advised,” said Motilal Oswal Securities.

Crude oil on MCX witnessed a sharp fall. Intraday is possible, however, broader trend remains bearish. According to the brokerage immediate resistance is at Rs 4,735-4,765 levels while support is at Rs 4,635 level.