General Update
📌The production of crude oil will be discussed in the meeting of OPEC members on Monday. If we decide to cut the production of crude oil, then there may be a jump, otherwise, the pressure on crude oil prices will continue.
📌Monday will be a Labor Day holiday in the US. Due to this holiday, the Indian market will also remain stable in the evening. The Rupee movement may affect the Indian commodity market.
📌The focus will be on the ECB’s press briefing on Thursday next week. The European Central Bank can take a decision on inflation and interest rates, due to which there will be good volatility in the market.
📌There is a continuous decline in metals. Looking at the US employment figures, the possibility of increasing interest rates has increased. Due to this, the pressure on the metals can continue.
Commodity Levels Update
📌The support in gold is 50000 and the resistance is 50600—50850. If gold closes below 50000, targets up to 49500—49200 can be seen. A bullish trend will be formed only when it closes above 50850.
📌Silver support is 52500—51800 and resistance are 53700—54500. Silver is expected to trade in a bearish range this week. Traders can trade by selling at the upper levels. It will not sell at lower levels.
📌The support of copper is 630 and the resistance is 655—670. On a sharp rise in copper, sell near 655. Stop loss will be above 670. If copper closes below 630, targets up to 605—590 can be seen.
📌The support of lead is 172 and the resistance is 178—182. Hence, traders can trade in a limited range. Be careful on the upper levels.
📌There has been a significant decline in zinc. Zinc has support at 276—260 and resistance at 300. If you can take the risk then buy around 276. Stop loss will be below 260. Hence, traders with low risk should stay away from Zinc recommendations.
📌Sell ​​aluminum below 202. The stop loss will be 208. We can see the target of 192—185 and then up to 170.
📌The focus is bearish on the base metal. Be careful on the upper levels. We will wait a little longer for the positional buying.
📌Crude oil’s support is at 6900 and resistance is at 7300. If crude oil breaks the level of 6900, we can see the levels up to 6500—6400 in the coming time. Therefore, a bullish trend will be seen only after the weekly close above 7300.
📌Sell ​​natural gas between 710—718. Stop loss will be above 750 on a closing basis. We can see the target up to 640—610.
data source- forex factory