Read our Weekly Commodity Samachar and make yourself informative about all 9 commodities.
The US non-farm employment figures presented were much better than the forecasted, but there was a slight decline compared to the last time. Due to this mixed trade was seen in the market on Friday.
Inflation and consumer confidence to be presented by the US next week as well as China’s GDP figures will also be monitored.
Elon Musk has announced that he will no longer buy Twitter. Tesla owner Elon Musk has raised questions on Twitter’s website. Due to the cancellation of this deal, Twitter now has to save its credibility. Twitter is looking to sue Tesla owner Elon Musk.
Gold and Silver Trends
Gold has the support of 50150—49500 and resistance is 50900—51400—52300.
The rupee is depreciating continuously, due to which gold prices have got support in the Indian market. Considering the movement of the rupee, the possibility of further decline in gold is less.
Traders should buy between 50150—49900 on a sharp decline in gold. Stop loss will be placed below 49500. We can see targets up to 50900—51400.
If silver opens above 57500 on Monday, then buy with a stop loss of 56000. The target can be seen up to 59700 above. The further upside rally will be seen only after a weekly close above 60000 levels.
Comex Gold has support at $1730—$1670 and resistance at $1760. Comex Silver has support at $18.90—$18.60 and resistance at $19.50.
There could be a bullish trend in gold and silver this week. Be careful at lower levels and don’t sell or trade this week.
Base metal Trends
Above 670 in copper, targets up to 686—711 can be seen. Support in copper is 645—630. Will not trade by selling at lower levels.
The support of Lead is 173—167 and the resistance is 180. Buy around 173 in Lead. Stop loss will be below 167. We can see targets up to 180.
Zinc has a support of 273—266 and a resistance of 283. Above 283, the target of 293—297 and then up to 310 levels can be seen. Be careful at the lower levels.
Positional buying in aluminum will be above 216. Stop loss will be below 204. We can see targets up to 250. Be careful with the lower levels.
Crude oil and Natural gas Trends
There has been huge volatility in crude oil. Buy crude oil around 8000. The stop loss will be placed on a closing basis below 7700. We can get to see the target up to 8400—8550.
The trading range of Crude Oil will be between 7500—8700 for a few weeks. Trade with caution.
The support of natural gas is 445—425—380 and the resistance is 525.
Be careful at lower levels in the natural gas. There is a bullish trend but will wait for some time as of now. This week buy around 445 and place a stop loss below 425. The target will be 485—525.
Alert: The correct way of trading is to read the levels carefully. and trade with levels. Do not trade without levels and give full respect to the stop loss.
🙏 Regards,
️Commodity Samachar
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