Trendy Bullion
Gold traded with positive bias in the last week. It made a high of 48290 and settled around 47910. On seeing the weekly chart, Gold has support at 47400—47250 and resistance at 48300—48900.
Chances are bright that Gold could test its resistance level of 48300—48900 levels.
More and more upside rally we expect on a weekly close above 48900 levels or else it could test its support level of 47400—47250 again.
Traders can try to accumulate Gold in panic around 47400—47250 with stop loss below 47000 for the upside target of 48300—48900.
We have seen both side movements in Silver too. Silver created panic in the week and settled around 69235.
Silver has support at 68400 and resistance at 71000.
Break and sustain above 69450 will take it to 69900—70300—71000 level.
More and more upside rally we expect on a close above 71000 levels only.
Fresh downside panic we expect on a close below 68400 levels only.
Break and close below 68400 will take it to 67700—67300 level in days to come.
In the next week, we expect again a range-bound trading. Jobbers will have the upper hand. So trade safely as per level given.
Trendy Base Metal
As of now, a very high volatile commodity is copper. Almost a move of 10—15 points on a daily basis is normal nowadays.
Copper has support at 716 and resistance at 745—760.
If copper unable to breach its support level of 716 then it could test 745 and then to 753—760 levels.
Our negative view of copper negates on a close above 760 levels only.
Decisive break and close below 716 will take it to 703—698 and then to unexpected levels in days to come.
Here, traders can try to trade safely as per the levels given above. More we will update during market hours.
Trendy Energy
Crude oil crashed vertically from the top but unable to sustain and bounced back. We clearly advised trading safely at lower levels.
Crude oil has support at 5280—5150 and resistance at 5680—5750.
Bulls have the upper hand in Crude oil. So buying on dips near to the support level will be the best trading strategy in it.
Fresh downside panic we expect on a close below 5150 levels only.
Three consecutive closes + weekly close below 5150 will take it to 4700—4450 levels in days to come.
Trade safety and don’t be a bias trader. Fresh upside breakout we will see on a close above 5750 levels.