Commodity Big Shot-Indian Market View, VOL-113

Yesterday, bullion traded within a range while base metals traded with positive bias. Hope you all enjoyed our top pick in Nickel.

Today's data and Event

US Unemployment Claim data at 7 PM

Natural Gas storage data at 9 PM

Bullion

Gold has support at 47600---47400 and resistance at 48400. 

Traders can trade within a range and wait for confirmation

On the other hand, Silver has support at 68000 and resistance at 70000

Expect sharp downside panic below 68000 for the downside target of 65500. Yesterday's high is crucial. Don't jump to buy... Anything major seems then surely we will update during market hours.

MCXBULLDEX

Support at 14900---14600 and resistance at 15300. 

Traders can trade within a range and wait for confirmation. 

Base Metal

1) Copper has support at 631 and resistance at 641. Keep profit booking at higher levels.

2) Nickel has support at 1335 and resistance at 1370.

3) Zinc has support at 214 and resistance at 218.

4) Lead has support at 165 and resistance at 168

5) Aluminum has support at 164.50 and resistance at 168.50.

Energy

Crude oil has support at 4130--4160 and resistance at 4300. 

Above 4280... Target looks 4380---4450+++ levels. Support and revise stop loss below 4160 on a closing basis. 

Top Pick

No top pick for the day.

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