The MCX Silver December future has immediate support at 66400 and resistance at 67950 - HDFC Securities Ltd
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Gold
Trading Strategy: Comex gold found good support at the $1815 level and saw some recovery. We anticipate Comex gold is likely to move towards the $1833/$1840 level until the price holds above $1815. MCX Gold December future has resistance at 57150 and supports at 56700/56550.
Silver
Trading Strategy: The MCX Silver December future has immediate support at 66400 and resistance at 67950. The price is expected to trade in the range of 66,400 to 67,950 with a positive bias. If price crosses the 67950 level, it will rally towards the 68300 level. Buy Silver December Future at 67100 for a target of 67950 and keep stoploss at 66650.0.
Crude Oil
Trading Strategy: Crude oil price tumbled more than 5.0% on Wednesday. The drop came after official US data showed the weakest seasonal demand for gasoline in 25 years. Technically, NYMEX WTI Crude Oil has resistance at $87.50 and support at $81.45. The MCX crude oil October contract is likely to trade in the range of 6980 to 7200.
Natural Gas
Trading Strategy: The natural gas price broke the previous range, and the price rallied towards the 255 level. We believe gas prices should consolidate in the range of 244 to 255 before the weekly storage report; post-report volatility is likely to expand. We recommend sell natural gas October future at 251.50 for a target of 245.0. keep stoploss at 255.0
Copper
Trading Strategy: The price of copper fell to its lowest in more than four months on Wednesday as a firm dollar and rising inventories in exchange warehouses weighed. We believe the copper price is likely to trade in a broader range of 697 to 709; either side breaking out will open a new range for the counter. Buy copper October futures at 701.0 for a target of 707 and keep stop loss at 697.0.
Zinc
Trading Strategy: The MCX Zinc price corrected for the second straight day on Wednesday. MCX Zinc October future has strong support at 220.80 until the price trades above this level. A recovery will likely be seen towards 225/227 levels. A fall below the 220.80 level will open further down to 217.0.
