Today traders have a close watch on US Final GDP q/q data
at 7pm. Previous data stood at 2.1 and this time forecast is of 1.9. Forecast
figure seems to be positive for bullion and negative for base metal.
Along with it also have a close watch on Existing Home
Sales data at 8.30 pm. Previous data stood at 5.36M and this time forecast
is of 5.32M. Forecast figure seems to be slightly negative for base metals
Have a look on it!!
Gold
As expected... We have seen rally in Gold from 24965---25413
mark and now trading around 25350
Now what to expect???
Support at 25280 and Resistance at 25440
Break and sustain with volume + close above 25440 will see
further upside rally in Gold till 25600. Three consecutive closes + weekly
close above 25600 will see fire in Gold till ???
Else it could test its support level of 25280 again
Break and sustain below below 25280 will take Gold to
25180---25130 and then to 24960 mark again
Further panic seen only weekly close below 24960 mark
On Comex division, Above $1063 will see rally till $1089---$1110
Fresh selling can initiate only close below $1045
Trade with levels only
Silver
Support at 33800 and Resistance at 34500
Still looks positive and could test its resistance level of
34500 again. Two consecutive closes above 34500 will see further upside rally
till 34900---35300+ mark in days to come
Fresh selling can initiate only close below 33800 mark
Close below 33800 will see further panic till 33400---33000
mark
Traders can trade with levels only
Copper
Support at 310 and Resistance at 319---324
Two consecutive closes below 310 will take to 303---298 and
then to 289 mark in days to come else it could test its resistance level of
319---324 again
Three consecutive closes + weekly close above 324 will see
fire in Copper till ???
Traders can 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
Support at 2360 and resistance at 2405
Above 2405.... it could test 2450---2480 and then to 2540
mark
Maintain stop loss below 2360
Close below 2360 will see further panic till 2320---2270
mark
Traders can trade with levels only
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.
More will be update soon only on Android App.
