Today, traders have a close watch on US unemployment data which is scheduled at 7pm. Previous data stood at 271k and this time forecast is of 270k. Data forecast is slightly negative for bullion while positive for base metals. Along with it Natural Gas storage at 9pm. Previous data stood at -34B and this time forecast is of -26B. Forecast figure seems to be negative for Natural gas but trade with levels only
Have a look on it!!
Gold
Not able to breach its resistance level of
25440 and slipped again to 25055. We recommended selling below 25280 mark
Now what to expect???
Support at 25050---24960
and Resistance at 25280
Close below 24960 will see
further panic till 24800---24650 mark. Further downside panic will see only
close below 24650 mark else it could test its resistance level of 25130---25180
and then to 25280 again
Gold has major hurdle at
25440---25600 and it is unlikely to breach its resistance level of 25600 in
near terms
On Comex division...
Support at $1068 and resistance at $1089
Close below $1068 will see
further panic till $1053---$1045 and then to $1024 mark in days to come.
Further upside rally seen only weekly close below 980 mark
Else it could test its resistance
level of $1081---$1089 and then to $1110. Chances are unlikely to breach its
resistance level of $1110 in near terms
So traders can trade with
levels only and be cautious at upper levels
Silver
Support at 33800 and
Resistance at 34500
Close below 33800 will take
to 33400---33000. Three consecutive closes+ weekly close below 33000 will see
free fall in Silver till ???
Else it could test its
resistance level of 34500 again
Close above 34500 will take
to 34900---35300. Further upside rally seen only weekly close above 35300 mark
Traders can trade with
levels only
Copper
Support at 312---306 and
Resistance at 319---324
Below 312 will see panic
till 309---306 mark. Further panic seen only weekly close below 306 mark else
it could test its resistance level of 316 and then to 319---324 again
Further upside rally seen
only weekly close above 324 mark
Trade with levels only
Nickel
Support at 570 and
Resistance at 590
Close above 590 will take
to 610---625+ mark in days to come else it could test its support level of 570
again
Weekly close below 570 will
take to 555---540 and then to 529 mark
529 act as major support in
Nickel
Trade with levels only
Crude oil
We recommended buying in
Crude oil above 2410. Flared and made a high of 2514
Now what to expect???
Hurdle at 2520---2550.
Looks positive and could test its resistance level of 2550. Three consecutive
closes + weekly close above 2550 will see fire in Crude oil till ???
Else it could test its
support level of 2420---2360 and then to 2300 mark in days to come
Traders holding long as per
our level can revise stop loss below 2420 in closing basis
Natural gas
Three consecutive closes +
weekly close above 125 will see sharp upside rally till 133---138+ mark
Support at 118---114
We will expect high
volatility in Natural gas in this week... So traders can trade safely in a
range with levels only and wait for confirmation
Anything seems will update
via App.
More will update soon!!
