Commodity Big Shot-Indian Market View, VOL-121

As expected, bullion bounced back sharply from lower and achieved our upside target very well. Crude oil too spurts from lower levels while Natural gas traded lower.

Today's data and Event

Fed Chair Powell Testifies at 8.30 PM

CB Consumer Confidence data at 8.30 PM

Richmond Manufacturing data at 8.30 PM

Bullion

Gold traded positive and settled around 46900. Our buy call on Comes division too proven great in Gold. It's a dead cat bounce or something else???

Gold has resistance at 47200 while support at 46500.

Looks positive and could test it's resistance level of 47200. More and more upside rally we will see on a close above 47200 or else it could test it's support level of 46500 again.

Break and sustain below 46500 will take it to 46200----46050 level again.

On the other hand, Silver has support at 69600 and resistance at 70900.

Still looks positive and could test it's resistance. More and more upside rally we will see on a close above 70900 levels or else it could test it's support level of 69600 again

Fresh downside panic we will expect on a close below 69600 levels only.

Mcxbulldex (March)

Told you to buy above 14900... Yesterday made a high of 15065. Hold long for the upside target of 15150---15250. Revise stop loss at buying cost.

Base Metal (March)

1) Copper has support at 680 and resistance at 710.

2) Nickel has support at 1380 and resistance at 1460.

3) Zinc has support at 227 and resistance at 235.

4) Lead has support at 170 and resistance at 174.

5) Aluminum has support at 171 and resistance at 174

Try to avoid trading in base metals for the day as the trend looks choppy and expect volatile session. Anything major seems then surely we will update during market hours.

Energy (March)

Crude oil has resistance at 4500 and support at 4300. 

Forming a rectangle box pattern on the daily chart. Trade within a range and wait for confirmation.

Natural gas has support at 207---198 and resistance at 223. Buy around 207 will be the best trading strategy with stop loss below 198 for the upside target of 217---223.

Top Pick

Lead looks positive on the daily chart while other base metal trend looks choppy for the day. So any sharp panic will be buying opportunity in Lead for the upside target of 174. More and more upside rally we will see above 174 on a closing basis. Support and stop loss below 170 on a closing basis.

More we will update during market hours.

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