The meeting of OPEC has not determined the direction to increase the production of crude and the meeting which has been going on for almost a week has created a controversy. Yesterday we saw a decline in crude oil prices as Russia agreed to increase production by 4 lakh barrels but the decision is still pending. Source; Investing
Base metals declined sharply from higher levels on lower-than-expected US Services PMI data. The FOMC minutes will be at 11:30 PM. However, traders should remain cautious in carryover trades.
Trendy Gold and Silver
There is a support of 47500 in gold. Go long in gold and place stop loss below 47500 on a closing basis. We will see a slight downtrend below 47500 levels only. Upsie resistance at 48050—48300.
Silver has support at 69200—68800 and resistance at 70500—70800.
Trade on both sides today. Positional traders can buy silver near 69000, stop loss will be below 67500 on a closing basis.
Traders should remain cautious because of upcoming FOMC meeting minutes.
Trendy Base metals
Copper has support at 716 and resistance at 732—736.
Buy Copper above 722.50 and place a stop loss below 716. Target will be 728—732—736 levels.
Support in nickel is at 1340 and the resistance is at 1362. We will see downside panic below 1340 levels only.
Lead has support at 177 and resistance at 182. Trade in a limited range.
Zinc has support at 236—233 and resistance at 243. Trade in a limited range.
The support in aluminum is 197 and the resistance is 203. Trade in a limited range.
Trendy Crude and Natural gas
Crude oil gave a good bearish signal but it is not possible to decide the trend because of uncertainty.
Crude oil could test 5280 levels in days to come. Resistance levels for the day are 5580—5650—5735.
Trade carefully…
Natural Gas has a support at 268 and a resistance at 276—284.
Sell ​​Natural Gas near 276 and place stop loss above 284. The downside target will be 268 and then 263—258 levels.
