Technical Levels of Gold and other Major Commodities
Yesterday, Gold and Silver are unable to breach its resistance level of 47000/ 70900 and crashed vertically. On the other hand, base metal spurts sharply and short-sellers trapper again.
Today’s Data and Event
US Unemployment claims data at 7 PM
Natural Gas Storage data at 9 PM.
Gold has its support at 46200 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 again.
Fresh selling we will do on a close below 46200 levels only.
Silver has its support at 69000 and resistance at 71000.
Either side break or close with volume will decide further. Till then traders can trade within a range and wait for confirmation.
As expected, crude oil spurts and hits our target very well. Today, Crude oil has support at 4530 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 4530 again.
Keep profit booking and revise stop loss at cost.
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 723 and resistance at 737.
Break and sustain below 723 will take it to 708—697 levels or else it could test its resistance again.
Fresh buying we will do on a close above 737 levels only.
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