Commodity Big Shot-Indian Market View, VOL-118

As expected, panic continues in Gold while Silver is trading in a range. Gold drops heavily because of strengthen of INR against USD. Comex Gold is trading around $1780 and has crucial support at $1750. On the other hand, we have seen zig-zag move in metal and energy segment too.

Today's data and Event

US Philly Fed Manufacturing data at 7 PM.

Unemployment claim data at 7 PM

Natural Gas storage at 9 PM

Crude oil inventory at 9.30 PM

Bullion

Gold has support at 46150 and resistance at 46710. 

Break and sustain below 46150 will take it to 45800---45500 and then to 44900 levels in days to come else it could test it's resistance level of 46710 again.

Break and sustain above 46710 will take it to 46980---47050 and then to 47350 levels.

There is no major reversal signal on the daily chart. Don't jump to buy for positional, anything seems then surely we will update during market hour.

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

Sell Silver below 68000... Target looks 65800. If break... Then maintain stop loss of 69000.

MCXBULLDEX

Support at 14700 and resistance at 15000

Break and sustain below 14700 will take it to 14400---14200 levels. Hurdle and stop loss above 15000 on a closing basis.

Base Metal

1) Copper has support at 639 and resistance at 646---651.

2) Nickel has support at 1340 and resistance at 1370. (Looks positive on the daily chart)

3) Zinc has support at 224 and resistance at 229.

4) Lead has support at 170 and resistance at 174

5) Aluminum has support at 169 and resistance at 173.

Energy

Crude oil has resistance at 4460 and support at 4325. 

Above 4460... Catch it with stop loss below 4325. Target 4650+++

Natural gas... Above 238, target looks 244---249. Any sharp downside panic will be buying opportunity in it. Support and stop loss below 219.

Top Pick

Buy Zinc around 227. Stop loss below 224. Target 233.

Read disclaimer before investing. For queries, contact your RM