Better-than-expected US non-farm payrolls and pending home sales data led to a jump in the base metal commodity, but gold and silver jumped on a worse-than-expected Chicago PMI data.
Today the data of ISM Manufacturing PMI will be presented by the US at 7.30 pm. A slight decline is expected this time. This may put pressure on the dollar and the base metal.
Today, unemployment claims data from the US will be presented at 6:00 pm. A slight decline is expected this time. Due to which the dollar strengthens and bullion may remain under pressure.
The focus will be on the OPEC meeting to be held today for crude oil. In the meeting, the production of crude and the demand in the coming time will be discussed.
Natural gas storage data is scheduled tonight at 8 p.m.
Gold and Silver Trend
Gold has support at 46700—46450 and resistance at 47000—47200.
Today in silver there is a support at 68600—68200 and a resistance at 69500—69900.
Long term traders place a stop loss of 70000 for short positions in silver and 67500 for long positions.
For today buying gold and silver from lower levels will be the good trading strategy.
Base metal Trend
Support in copper at 713—707 and resistance at 730.
Buy copper from lower levels near to support will be a good trading strategy. Stop-loss placed at 707. Keep the target of 724 to 727 and above. Copper is highly volatile today, trade safely
Support in Nickel is at 1360—1340 and the resistance is at 1390. Trade in a limited range.
Support in the Lead is at 177—174 and the resistance is at 182. Trade in a limited range.
Zinc has support at 236—233 and resistance at 243. Those who bought as per our recommendation should keep a stop loss at cost.
Support in Aluminum is at 197—193 and the resistance is at 203. Sell ​​aluminum around 202—203 for an upside target of 197—193. Put a stop loss of 206.
Crude and Natural Gas Trend
As expected, we saw limited range trade in crude oil. Intraday support in crude at 5380—5350 while resistance is at 5520—5550.
Due to the meeting of OPEC today, it would be appropriate to trade in a limited range. The next direction will be decided only after the OPEC meeting.
Support in natural gas is 260—255 and resistance is 282.
Buy Natural Gas around 262—260, place stop loss below 255. Target will be up to 272—276—282.