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Tuesday, October 27, 2015

Update on Gold, Silver and Basemetals 27 Oct 2015





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!!