Better-than-expected US unemployment data and a marginal decline in manufacturing data created volatility in the commodity market.
Today, the data of non-farm employment change will be present by the US at 6:00 pm. The forecast figure is expected to come to 725000 which is more than the previous one of (557000). The dollar may strengthen and bullion may remain under pressure.
Crude’s move has troubled everyone. There has been concern about the delay in OPEC’s decision to increase or decrease production. Oil companies estimate the price of oil is likely to reach $100 per barrel.
Gold and Silver Trend
Gold has support at 46700—46450 and resistance at 47200—47450.
Today in silver there is a support at 68600—68200 and resistance at 69500—70300.
Long term traders place a stop loss of 70300 for short positions in silver and 67500 for long positions.
Buying at lower levels around 46700 in Gold and 68600 in Silver will be a good trading strategy.
Base Metal Trend
Support in copper at 707—700 and resistance at 730.
Buying copper from lower levels could be a good trading strategy. Place stop loss below 700 for the upside target of 724—730. There is high volatility in Copper. So traders can trade in small quantities.
Support in Nickel is at 1345—1330 and Resistance is at 1375. Trade in a limited range.
Support in the lead is at 175—172 and the resistance is at 182. Traders can do buying in Lead around 175 levels.
Zinc has support at 236—233 and resistance at 243. Trade in a limited range.
Support in aluminum is at 195—192 and the resistor is at 202. Trade in a limited range.
Crude and Natural Gas Trend
As expected, we saw a good upside rally in crude oil. Intraday support in crude is at 5520—5570 and resistance is at 5700.
Due to the meeting of OPEC today, it would be appropriate to do trades in a limited range. The next direction will be decided only after the meeting minutes of OPEC decision.
Support in natural gas is 260—255 and resistor is 282.
Buy Natural Gas around 262—260, place stop loss below 255. Target will be up to 272—276—282.