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Russia reported that it sold 1 ton of gold from its reserves and on the other hand, Ukraine’s forex reserves are in the same condition as they were before the war. This news will not have any major impact on the movement of gold and silver in recent days.
The focus of traders will be on the meeting minutes of the Fed at 11:30 pm on Wednesday. Will keep in mind the coordination between Russia-USA-Ukraine-Europe-China in the market.
Gold and Silver trends- Commodity Samachar
The support of gold is 51400—50500 and the resistance is 52300—53000.
Gold can see levels up to 50800—50500 below 51400. Will not do trade by selling gold between 50500—49000.
Levels up to 52700—53000 can be seen above 52300 in gold. The new bullish will come only after the weekly close above 53000. Till then do trade in limited scope.
Silver can see levels up to 65200—64500 below 66500. Will not do trade by selling silver between 64500—62500.
Will rise in silver from lower levels. The resistance in silver is 68000—70500.
Comex will not trade by selling between $1880—$1830 in Gold and $23.60—$22.60 in Silver.
Base metal trend- Commodity Samachar
Support in copper is 807—797 and resistance is 830. The new bullish trend in copper will be done when it closes above 830. Be careful at the lower levels.
The LED has a resistance of 188 and support of 180. If the lead closes above 188, levels up to 194—199 can be seen.
A slight bearishness in the lead will be seen only when it closes below 180. Shopping around 184 in Led will be safe.
There was once again a strong uptrend in zinc and the trend is still bullish. Above 360, 368—376, and then up to 390 levels can be seen.
Positional purchases can be made in Zinc between 345—342. Stop loss will be below 320. Will do bearish in Zinc only when it closes below 320.
The support of aluminum is 276—270 and the resistance is 293. Do trade in a limited range.
The volume in nickel is completely exhausted. There is no trend at these levels. Keep away from nickel.
Crude oil and natural gas trend- Commodity Samachar
Do not do trade by selling crude oil… between 7300—6500.
Start shopping between 7300—7200. Stop loss will be placed below 6500. In the above, we can see back to 8600—9400 and then up to 10800 levels.
The first support in crude oil is at 7000. After buying, if the closing comes below 7000, then it will definitely give us a chance to bounce back. In crude oil, again we will forget the bullish momentum for some time to come and trade in a limited range on both sides.
There is little hope of breaking the level of 6500 directly in crude oil, but if there is any news that can make crude oil very negative, then only then there will be a possibility of breaking the level of 6500 directly. ️ The expectation is very less but the market is the market.
Understand the levels first and then do trade by assessing the risk.
There is a bullish trend in natural gas. We have given positional buying levels to everyone.
Will book profit once in crude oil around 460. We are estimating a target of up to $7 in natural gas but some people estimate $10. Do not trade by selling position in Natural Gas as the trend is bullish.