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.

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