Base metals are trading with a positive bias while we have seen a zig-zag move in bullion. Traders have an eye on US Unemployment claim data for further clear direction in the market. Today, we suggest our subscriber’s trade within and out strategy in the metal segment.
Today’s data and event
US unemployment claims, Natural Gas Storage
USD 7:00 PM US unemployment claim data [{Previous (779K)} {Expected (755K)]. The forecast figure is positive for Base metals while negative for Bullions.
USD 9:00 PM Natural Gas Inventories [ previous (-192B) Expected ( -180B) . Forecast figure is postive.
Technical Levels of Base Metals and other Major MCX Commodities
Gold
Gold has its support at 47700—47400 and resistance at 48400.
Break and sustain above 48050 will take it to 48250—-48400++ levels or else it could test its support again.
Fresh selling we will do below 47400 levels only.
Silver (March)
Silver has its support at 68000 and resistance at 69500
Break and sustain above 69500 will take it to 70600—71500 or else it could test its support again.
Break and sustain below 68000 will take it to 67400—66900 levels.
Trade safely with levels only and wait for confirmation.
Crude Oil (Feb)
Crude oil has its support at 4240—4160 and resistance at 4400.
Break and sustain above 4270 will take it to 4340—4400+ levels or else it could test its support level of 4240—4160 again.,
More and more downside panic will see on a close below 4160 levels.
Trade with the levels only.
Natural Gas (Feb)
Natural gas has its support at 207 and resistance at 222
Above 218.80… Target looks 222—223. More and more upside rally we will see on a close above 224 mark.
Fresh downside panic will see on a close below 207 levels only.
Copper (Feb)
Copper has its support at 631 and resistance at 641.
Break and sustain below 631 will take it to 625—621 levels or else it could test its resistance level of 641.
More and more upside rally will see on a close above 641 mark
Trade with the levels only.
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