Crude oil rallied again after the OPEC meeting was postponed. However, the next date of the OPEC meeting will be decided later on. The postponement of the meeting has been interpreted as not agreeing with the increase in production among OPEC+ countries.
The data of Euro ZEW economic sentiment data will be present at 2:30 PM. Moreover, the forecast figure is expected to be 79 which is less than 81.3 as compared to last time. Consequently, forecast figures may create some pressure on the euro.
Today the data of Services PMI will be presented by the US at 7:30 pm. This time 63.4 is expected which is slightly less than 64.0 as compared to the last time. The forecast figure could stabilize the dollar.
Trendy Gold and Silver
Gold has support at 47150. Break and sustain above 47150 will take it to 47750—47900 levels in days to come or else it could test its support level of 47150 again.
Moreover, we will see a slight decline below 47150 levels only.
Silver has support at 69900 and resistance at 70100.
Above 70100, we will see targets up to 70300—70550 levels in Silver.
Below 69900, levels up to 69650—69400 can be seen.
Consequently, positional traders can try to get an opportunity to buy silver around 69000, stop loss will be below 67500 on a closing basis.
Trendy Base metal
Fresh buying in Copper above 734 levels only with stop loss below 729 on a closing basis. Target up to 739—744 levels.
We recommended buying in Copper above 724 levels.
We already recommended buying in nickel above 1377 levels, place stop loss below 1362. Therefore, target looks 1397—1410 levels in days ahead.
Lead has support is at 177 and resistance is at 182. Trade in a limited range.
Zinc has support is at 236—233 and resistance is at 243. Hence, trade in a limited range.
Support in aluminum is at 197 and the resistance is at 203. Hence, trade in a limited range.
Trendy Crude oil and Natural Gas
Crude gave a good bounce with the support levels of 5580. Moreover, crude oil has support at 5580 and resistance at 5700.
Above 5700, we can see targets up to 5760—-5820 levels.
Fresh downside panic we will see on a close below 5580 levels only.
Natural gas looks positive above 284 for the upside target of 294—299.
Maintain stop loss stop loss below 275 on a closing basis.
