Commodity Big Shot-Indian Market View, VOL-125

Our sell call of Copper and Silver proven great. On Friday, we had seen a panic selling in metal segment while energy segment traded within a range.

Today's data and Event

US ISM Manufacturing PMI at 8 PM. Data will give impact Dollar index, Base metal and bullion.

Bullion

Gold has support at 45600 while resistance at 46200.

Break and sustain above 46200 will take it to 46800---47200 levels else it could test its support 45600 again.

Further downside panic we will see on a close below 45600 levels only.

On the other hand, Silver (May) has support at 68500 and resistance at 70300---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 68500 again

Fresh downside panic we will expect on a close below 68500 levels only.

Mcxbulldex

Support at 14500 and resistance at 14800.

Traders can trade with in a range and wait for confirmation. Fresh selling we will do on a close below 14500 levels only.

Base Metal

1) Copper has support at 700 and resistance at 713---720.

2) Nickel has support at 1360 and resistance at 1400.

3) Zinc has support at 217 and resistance at 227

4) Lead has support at 169 and resistance at 172---175.

5) Aluminum has support at 172 and resistance at 176

Energy

Crude oil has resistance at 4675 and support at 4580. 

Above 4675... Target looks 4750---4820+++ levels. Support and revise stop loss below 4580 on a closing basis.

Natural gas has support at 198 and resistance at 208. Above 208, target looks 217---223.(Maintain strict stop loss below 198 on a closing basis)

Top Pick

Buy Natural Gas above 208. Stop loss below 198. Target 217---233

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