📌There is huge volatility in the global market. On the one hand, Russia is trying to rein in crude oil and gas, on the other hand, the global market is troubled by inflation and there is a challenge to reduce it.
📌 US is ready to go to any extent to reduce inflation. The decision on the interest rate will be seen in the next week i.e. on 21st September 2022
📌US inflation data on Tuesday will affect the Fed’s decision. If there is an increase in interest rates, then we will once again see the panic in the prices of gold and silver.
📌This week the focus of traders is going to be on gold. Keep in mind that the significant support in gold is 50000—49700 and the resistance is 51150.
📌The bearishness in gold will be seen only when it closes below 49700 or else we can see the level up to 50825—51150 again.
📌If gold settles above 51150, we will see levels up to 52250—52700 directly. Be careful in gold at lower levels. Selling we will do only if it closes below 49700.
📌Silver has seen a good move in the week. As we warned you, buy silver on an average of 252 days. We have given buy advice around 53000 levels.
📌If there is a sharp decline in silver, then buy between 53800—53500. Stop loss will be on a closing basis below 52000.
📌If silver settles above 55300 then we can see the target of 56700—57500. Do not go short in Silver at lower levels.
📌Talking about the ratio of gold and silver, the hold in silver is stronger than in gold. The Gold-Silver Ratio is expected to reach 88. It’s around 91 now. (www.investing.com)
📌Due to the strike in Chile, there is a price to see a jump in copper. The major support in copper has been formed in 630.
📌Bearish signals will be available only when it closes below 630. If Copper closes above 666 then we will get 682 and then 713—745.
📌The support of the lead is 174 and the resistance is 180. Trade in a limited range.
📌Zinc has formed a Doji pattern this week which is a sign of directionless trading. The support in the Zinc is 276 and the resistance is 295. A 30-point move will be seen if the support or resistance is broken.
📌Traders in Zinc can take risks and buy around 283—280. Place the stop loss below 276 on a closing basis. Target can be seen up to 292—295.
📌The aluminum support is 197 and the resistance is 207. If aluminum closes below 197, we will see straight up to 188 and then up to 173—167. A bullish trend will be formed only on weekly closes above 207 levels.
📌In crude oil, we had given a target of 6950. Crude oil’s support is 6500 and resistance is 7120—7300.
📌Sell crude oil at 7120. Place stop loss above 7300 on a closing basis. We can see targets up to 6800—6500. The positional bullish trend in crude oil will be seen only when it closes above 7300 levels.
📌Natural gas has a support of 610—550 and a resistance of 665—700—730.
📌The trend in natural gas is bearish once the support is expected to bounce back. Trade cautiously with intraday levels.
📌If the weekly closing of natural gas comes below 598, then there will be a big fall expected. Don’t go by buying positional in it.
(Data Source- www.forexfactory.com)