MARKET OUTLOOK OF COMMODITY TODAY

YESTERDAY BUY CRUDE  HIT FIRST TGT 2499 MADE HIGH OF 2500!!!!!!!!!!!!!!!!!

“SELL GOLD BELOW 25120 TGT 25010/24920”

 Gold: Gold continues to consolidate in a narrow range between 25200— 25100 levels. The intraday outlook for the counter will remain negative until prices stay below 25280. Prices will move lower towards 25050 levels in that case. A near term reversal in the counter will be seen once prices breakout above 25420 levels. A re-test of 24926/24740 levels is likely once prices start to trade below 25000 levels.

Silver: Silver will slide lower towards 33170/33030 levels if prices sustain below 33400 levels. The counter needs to break above 33620 to bounce towards 33800 levels. Any meaningful pullback rally will be seen only if prices close above 33800. The broader technical set-up for the counter remains negative.

Crude Oil (Rs/Bbl): Failure to sustain above 2540 will see crude oil prices drift lower towards 2442/2426 levels. A daily close below 2426 will see prices correct towards 2373/2350 levels again. A decisive breakout above 2540 will trigger a pullback rally towards 2585/2616 levels.

Lead: Lead prices have rallied into its resistance zones between 118.50—119 levels. Failure to sustain at higher levels will result into a sharp corrective move towards 116. The counter needs to sustain above 119-119.50 for few sessions for the rally to advance further. Intraday view for the counter will stay positive until prices stay above 117.90 levels.