We have seen choppy trading in metal and energy as all eye on FOMC meet which is scheduled on late Wednesday. Today traders keep an eye on Consumer core durable goods order m/m from the house of US at 6pm along with it US CB consumer confidence data at 7.30 pm.
Technical Outlook
Gold
Gold dropped in Asia today as equities eased and traders continued to book profits after recent surge in the yellow metal. Markets are cautious ahead of the Federal Reserve's monetary policy announcement on Wednesday. The Fed is widely expected to leave interest rates unchanged, but traders are likely to keep a close eye on the accompanying statement for clues about the outlook for the next meeting in June.
COMEX Gold is quoting at $1236 per ounce right now, down 0.34% on the day. MCX Gold futures are trading at Rs 29113 per 10 grams, down 0.51% on the day.
Support at 29000 and Resistance at 29240
Decisive break and close below 29000 will take to 28700---28550 mark else it could test its resistance level of 29240 again
Close above 29240 will take to 29400---29550 and then to 29800+ mark in days to come
Trade safely with levels only
Silver
Support at 39700---39450 and Resistance at 40600
Either side break or close with volume will decide further... Till then traders can trade in a range with strict stop loss and wait for confirmation.
Anything seems will update via App
Copper
Told to sell around 330. It made a low of 326.55 and now trading around 327.50
Now what to expect???
Support at 324 and Resistance at 330
Three consecutive closes + weekly close below 324 will see free fall in Copper else it could test its resistance level of 330 ad then to 334---337 again
Trade with levels only
Crude Oil
Support at 2850 and Resistance at 2940
Decisive break and sustain + close below 2850 will take to 2780---2730 and then to 2650 mark in days to come else it could test its resistance level of 2940 again
Close above 2940 will take to 2990---3020 and then to 3080+ mark
Trade with levels only
More will be update soon!!
