Yesterday, we clearly indicated that the market looks choppy and has no clear direction in it and fulfill our expectations very well. Gold neither breached its support nor its resistance and trading around 46800. On the other hand, base metals are trading within a range but are very volatile nowadays.
TODAY’S DATA AND EVENT
*Fed chair Powell testifies
*GBP Monetary policy report hearing
*New Home Sales data
*Crude oil inventory.
Bullion and other major commodities technical levels
Gold has its support at 46550 and resistance at 47000.
Break and sustain above 47000 will take it to 47400—47550. More and more upside rally we will expect on a close above 47550 levels or else it could test its support level of 46550 again.
Fresh selling in bullion gold we will do on a close below 46550 levels only.
Silver has its support at 68800 and resistance at 69700.
Break and sustain above 69700 will take it to 70200—70500 and then to 70900. More and more upside rally we will see on a close above 70900 levels or else it could test its support level of 68800 again.
Break and sustain below 68800 will take it to 68200—67500 levels.
Trade safely with levels and wait for confirmation.
Crude Oil (March)
Crude Oil has support at 4430 and resistance at 4550
Break and sustain above 4530 will take it to 4630—4650. More and more upside rally we will see on a close above 4650 or else it could test its support level of 4430 again.
Break and sustain below 4430ill take it to 4330—4300 levels.
Natural Gas (March)
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 has its support at 692 and resistance at 712.
Break and sustain below 692 will take it to 678—669 levels or else it could test its resistance again.
Fresh buying we will do on a close above 712 levels only.
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