Better-than-expected US consumer confidence data led to a rise in the base metal and a fall in bullion.
According to the API, there has been a decline of -8.2 million barrels of stock in crude. Crude inventory is scheduled tonight at 8 PM. In which a decrease of -4.2 million barrels can be seen, which is less than -7.2 compared to the last time. Forecast figure seems bullish for crude oil.
Today the non-farm employment data from the US is at 5.45 pm. This time the expectation is 555000 which is less than 978000 in previous comparison. This data is not going to have much impact.
Today, the data of pending home sales will be presented by the US at 7.30 pm. A slight improvement is expected this time. This may give support to the dollar and the base metal.
Gold and Silver Trend Gold has support at 46530 and resistance at 46670. Today in silver there is support at 67100---66500 and resistance at 67400. Targets upto 46450---46320 can be seen below 46530 in Gold. Upside move in gold will be seen above 46670. But be careful around 46900---47000 levels. Below 67100, levels upto 66950---66700---66500 can be seen in Silver. Upside move in silver will be seen above 67400. Be careful around 68000. Long term traders place a stop loss of 68150 for short positions and 66500 for long positions.
Base metal Trend Support 713---707 and Resistance 724---727 in Copper Buy copper from lower levels. Stop loss below 707. Keep the target of 724---727. Support in nickel at 1340 and the resistance is at 1380. Buy Nickel around 1360. Target can be seen till 1380 and after that till 1420 too. Put a stop loss below 1340. Support in lead at 174---171 and the resistance is at 180. Buy from the lower levls will be good trading strategy. Zinc has support 236---233 and resistance 243. Buy from the lower levels, put a stop loss of 233 and set a target of 243 and above. Support in aluminum is at 197---193 and the resistance is at 202. Got good profit as expected. Trade in a limited range today.
Crude Oil and Natural Gas Trend We saw a great upside rally in crude oil. Hope you made good profits yesterday. Intraday support in crude is 5380---5350 and resistance is at 5520. Today it would be appropriate to trade in a limited range due to crude oil inventory data. Support in natural gas is at 260---257 and the resistance is at 280. Natural gas has achieved its target. Wait for the correction from the upper levels.
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