Commodity Big Shot-Indian Market View, VOL-116

We have seen a sluggish move in Gold while Silver rallied nicely. Other base metals dropped on profit booking. Crude oil hit our upper level target very well.

Today's data and Event

US Empire state manufacturing index at 7PM.

Bullion

Gold has support at 47100 and resistance at 47600. 

Looks weak below 47100 and could test 46900---46600 levels else it could test it's resistance level of 47600 again. More and more upside rally we will see on a close above 47600 levels.

Above 69500, target looks 70300---70900. More and more upside rally will see on a close above 70900 levels only.

Fresh selling we will do on a close below 69300 levels.

MCXBULLDEX

Support at 14900 and resistance at 15120. 

Buy above 15120 with stop loss below 14900 for the upside target of 15400---15500.

Base Metal

1) Copper has support at 641 and resistance at 651.

2) Nickel has support at 1325 and resistance at 1365. Stuck in a range

3) Zinc has support at 224 and resistance at 227.

4) Lead has support at 170 and resistance at 172

5) Aluminum has support at 166 and resistance at 169.

Energy

Crude oil has support at 4320 and resistance at 4425. 

Gap down opening below 4350 will take it to 4280---4250 levels. Hurdle and stop loss above 4425.

Top Pick

Momentum... Buy Silver mini as per Silver above 70300. Stop loss below 69700. Target 70900.

Be cautious in base metals for the day.

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