We have seen very tight range bound trading in bullion and
base metal as all eye on FOMC meet which is scheduled on late Wednesday. So
traders can trade safely with levels only as we will expect high volatility in
it.
Today traders also have a close watch on US consumer
confidence data at 7.30pm. Previous data stood at 103 and this time forecast is
of 102.50. Forecast figure seems to be positive for bullion while negative for
base metals
Trade safely with levels only
Gold
Support at 26700 and Resistance at 27000---27200
Either side break or close with volume will decide further.
So traders can trade in a range with strict stop loss and wait for confirmation
Anything seems will update.
Silver
Support at 36600 and Resistance at 37500---37800
Silver too trading in a range and has no clear direction. So
traders can trade in a range with strict stop loss and wait for confirmation
Anything seems will update.
Copper
Support at 339 and Resistance at 346.50
Two consecutive closes below 339 will take to 334---331 and
then to 326 mark in days to come else it could test its resistance level of
346.50 and then to 349---352 again
Further upside rally seen only close above 352 mark
Trade with levels only
Zinc
Support at 112 and Resistance at 115.50
Close below 112 will see further panic till 108.50--107 mark
in days to come else it could test its resistance level of 115.50 again
Further upside rally seen only close above 115.50 mark
Trade with levels only
Lead
Support at 112 and Resistance at 114.50---116
Two consecutive closes below 112 will take to 108---106.50
and then to 103 mark in days to come else it could test its resistance level of
114.50---116 mark again
Further upside rally seen only close above 116.00 mark
Trade with levels only
Aluminium
Now fresh selling can initiate only close below 93.80 mark
else it could test its resistance level of 97---99.50 again
Trade safely with levels only
Nickel
Support at 670 and Resistance at 700
Two consecutive closes below 670 will take to 640---625 and
then to 610 mark in days to come else it could test its resistance level of 700
again
Further upside rally seen only close above 700 mark
More will be update soon!!
