Bullion traded with positive bais despite better than expected US employment data and dollar volatility. Crude’s move has troubled everyone. There has been concern about the delay in OPEC’s decision to increase or decrease production. Today is the third day of the OPEC meeting. Oil companies estimate the price of oil is likely to reach $100 per barrel. Today, due to the holiday in the US market, there is a possibility of sluggish business.
Trendy Gold and Silver
There is a support of 47150 in gold. Levels of up to 47550—47680 can be seen above 47350 levels. Fresh downside panic could see below 47150 levels only.
Silver has support at 69900 and resistance of 70400. Buy silver above 70400, target will be up to 70800—71200.
Long-term investors can buy gold and silver at lower levels.
Trendy Base metal
Buy Copper above 724, keep stop loss below 720, target looks 730—734.
Buy Nickel above 1377, put stop loss below 1362. Target looks 1397—1410 levels.
Lead has support 177 and resistance 182. Trade within a limited range.
Zinc has support 236—233 and resistance 243. Trade within a limited range.
Support in aluminum is at 197 and the resistance is 203. Trade within a limited range.
Trendy Crude and Natural gas
As expected, we saw a limited trading range in crude oil prices. Due to the meeting of OPEC, it would be appropriate to do trading in a limited range. The next direction will be decided only after the meeting minutes of OPEC.
By taking risks, you can trade by selling crude below 5580. The downside target looks 5530—5480—5430 levels. Put a stop loss of 5650.
Support is at 268 and resistance at 284 in Natural gas.
Buy Natural gas around 268 with stop loss below 260 for the upside target of 284.