Gold bounced back from lower levels amid weakening INR against USD. Our sell recommendation in Nickel and Copper too proven great. Less than expected US Prelim GDP data and the US- Syria news gave a negative impact on the emerging market currency as well as for base metals.
Today’s Data and Event
US Chicago PMI at 8.15 PM.
Keep an eye on G-20 meeting minutes
Gold & Other Major Commodities Technical Levels
Gold (April)
Support at 46200—45800 and resistance at 46700.
Break and sustain above 46700 will take it to 47000—47400. More and more upside rally we will expect on a close above 47400 levels or else it could test its support level of 46200—45800 again.
Fresh selling we will do on a close below 45800 levels only.
Silver (March)
Silver has its support at 68200 and resistance at 69700.
Either side break or close with volume will decide further. Till then traders can trade with in a range and wait for confirmation.
Crude Oil
As expected, crude oil spurts and hits our target very well. Today, Crude oil has support at 4580 and resistance at 4650
Break and sustain above 4650 will take it to 4720—4750. More and more upside rally we will see on a close above 4750 or else it could test its support level of 4580 again.
Keep profit booking and revise stop loss below 4580 on closing basis.
Natural Gas
Natural gas has its support at 198 and resistance at 208
Break and sustain above 208 will take it to 212—216. More and more upside rally we will see on a close above 216 or else it could test its support level of 198.
Fresh selling will do on a close below 198 levels only.
Copper (March)
Below 723… our target was 708—697. Just made a low of 708.20 and trading around 714 levels.
Enjoy profits.
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