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BULLION

Gold

Trading Strategy:

Comex spot gold is expected to trade in the range of $2009 to $2033 with a moderate negative bias. A fall below the $2009 level will open a downside towards the $1997/$1988 levels. MCX Gold Feb Future has support at 61850/61600 and resistance at 62750/63080. Sell Gold February FUT at 62150 TGT 61850 Keep stop loss at 62380.

Silver

Trading Strategy: The silver price is likely to fall towards the 73500/72800 level once it breaks support of 74060. It has resistance at 74780 and 75320. The uptrend will resume only above the 75320 level. Until then, sell on rally should adopt. Sell Silver Mar Fut at 74400 TGT 73500 Keep stop loss at 74780.

Crude Oil

Trading Strategy: Crude oil registered a strong bounce in the previous sessions following supply concerns after a spike in vessel attacks along the key shipping conduit. The technical setup looks moderately bullish until the price holds above the 5840 level. It has static resistance at 6180/6250.

Natural Gas

Trading Strategy:

Natural gas settled with a modest gain on Monday after improved short-term fundamentals. Natural gas Dec Fut has resistance at 219/224.0 and support at 206/199. Buy Natural Gas Dec Fut at 209.0 TGT, 215/217.80 Keep stop loss at 204.0.

Copper

Trading Strategy:

Copper traded in an upward-trending channel. On the daily chart, an evening star candlestick pattern formed, which is a bearish reversal pattern. A fall below 720.0 will extend down the side towards 715/712.0. It has resistance at 724/729.

Zinc

Trading Strategy:

The zinc price is expected to trade in the range of 221.0 to 225.80 for the day. For the continuation of bullish momentum, the price needs to cross resistance at 225.80. Sell Zinc Dec Fut at 224.20 TGT 221.80 SL 226.0

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