9 May 2016

BULLIONS BASE METALS & ENERGY LEVELS FOR 9 MAY 2016

Bullions: Last week gold gains on weak US NON FARM payroll data. Also us dollar index was slightly lower which also support the prices of precious metal. Buy on dips Strategy can be used to trade gold with major support of Rs 29800.
Outlook:           "BUY GOLD ABOVE 30100 TGT 30270-30500 SL 30000"
                              "  SELL GOLD BELOW 30000 TGT 29800-29650 SL 30150"

                               
COMMODITY
S2
S1
R1
R2
TREND
RANGE
Gold
30000
30150
30500
30650
SIDEWAYS
29800 - 30500
Silver
41000
41400
41050
42500
SIDEWAYS
41000 -41900


Energy: Crude oil prices to find support in the range of 2930 – 2950 levels. Trading below 2910 levels would lead towards the strong support at 2850 levels and then finally towards the major support at 2780 levels. Resistance is now observed in the range of 3100 – 3120 levels.


COMMODITY
S2
S1
R1
R2
TREND
RANGE

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