Crude oil retreated from the day`s high in the previous session - HDFC Securities
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BULLION
Gold
Trading Strategy:
Gold prices have traded in a narrow range so far this week, and we anticipate the same trend will continue before the outcome of US macro data. Buy Gold Apr above 62425 TGT 62650/62800 SL 62300.
Silver
Trading Strategy
Silver May Fut has static support at 70500, until it trades above this support recovery is likely to be seen towards 71200/71500. Buy Silver May Fut at 70550–70650 TGT, 71200/71500 SL, 70080.
MCX Crude Oil
Trading Strategy:
Crude oil retreated from the day’s high in the previous session. We believe the crude oil price is likely to trade in the range of 6420 to 6600 for the day. Sell Crude Oil Mar Fut at 6530-6540 TGT 6425/6380 SL 6600.
Natural Gas
Trading Strategy:
Natural gas Mar fut hit a fresh swing high on Wednesday, and we anticipate the price will continue to trade in the upper end range of 150 to 159 before the weekly storage report data.
Copper
Trading Strategy:
Copper Mar future rebounded from the support area around 722–724, and we anticipate recovery will continue in copper until price trades above this support zone. Buy Copper Mar Fut at 724-725 TGT, 729/732 SL, 722.
Zinc
Trading Strategy:
Zinc Mar Fut consolidated in a broader range of 211 to 217, and the same trend will continue for the day. Either side breaking out will open a new range for the counter.
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
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