Gold futures traded higher on MCX on light buying out of China, but trading was thin after the long Christmas weekend, even as a firm dollar capped the gains.
Crude oil futures edged higher on MCX as investors and speculators extended their positions in the energy commodity amid optimism as Organization of Petroleum Exporting Countries (Opec) and non-Opec members are set to start curbing output from new year to support oil prices. Starting January, most members of the Opec and 11 other non-cartel producers will start scaling back their production as part of a deal they made in the end of November. The reduction goal of roughly 1.8 million barrels will be carried out in phases.
Technical Level
Gold
Support at 27000---26850 and Resistance at 27450
Break and sustain above 27450 will take it to 27700—27900 and then to 28200 else could test is support level of 27000---26850 again
Fresh selling will do only close below 26850 mark
Silver
Support at 38900----38300 and resistance 39400
Close + weekly close above 39400 will take it to 39900—40300 and then to 40850 marks else could test its support level of 38900—38300 again
Further downside panic will see if close below 38300 mark.
Traders can buy and accumulate Silver in panic around 38900 with stop loss of 38300 for the upside target of 39900---40300 and then to 40850.
Crude oil
Support at 3590 and resistance at 3680
Looks positive and could test its resistance level of 3680. Break and close above 3680 will take it to 3730---3780+ marks in days to come.
Support intact at 3590.
Overall trend remain positive on weekly chart but trade with levels only. Don't jump to go for aggressive selling.
Natural Gas
Support at 251---246 and resistance at 255.
Two consecutive close above 255 will see rally till 270---280+++ mark in days to come
Support intact at 246.
Copper
Support at 367---363 and resistance at 376.00
For this week... Any sharp downside panic will be buying opportunity with strict stop loss below 363 mark.
Nickel
As expected.... We have seen sharp downside panic in it.
Now support at 676 and resistance at 702.
Close above 702 will take to 725---740+ mark else it could test it's support level of 676 again.
Further downside panic will see only close below 676 mark
Trade with levels only.
