Commodity Big Shot-Indian Market View, VOL-124

Yesterday, we have seen panic in bullion while little bit correction in base metals. Today it the weekly as well as monthly settlement. So have patience for the day and trade safely as per levels given in the market.

Today's data and Event

US Chicago PMI data at 8.15 PM

G20 Meetings- All day

Bullion

Gold has resistance at 46500 while support at 46200---45800.

Traders can trade within a range wait for confirmation.

On the other hand, Silver (May) has support at 70000 and resistance at 72000.

Fresh upside rally we will see on a close above the resistance level of 72000 only else it could test it's support level of 70000 again

Fresh downside panic we will expect on a close below 70000 levels only.

Mcxbulldex

Support at 14600 and resistance at 15100.

Traders can trade with in a range and wait for confirmation. Fresh selling we will do on a close below 14600 levels only.

Base Metal (March)

1) Copper has support at 718 and resistance at 737. (Trade safely with levels and wait for confirmation)

2) Nickel has support at 1370 and resistance at 1400---1445.

3) Zinc has support at 222 and resistance at 230

4) Lead has support at 170 and resistance at 175.

5) Aluminum has support at 172 and resistance at 177

Energy

Crude oil has resistance at 4650 and support at 4500. 

Above 4500... Target intact 4800+++ levels. Support and revise stop loss below 4500 on a closing basis.

Natural gas has support at 207---198 and resistance at 223. (Maintain strict stop loss below 198)

Top Pick

Sell Copper below 718. Stop loss above 728. Target 702.

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