Outlook on Bullion, Metals and Energy Levels 9th Aug 2019

Gold traded sideways on Thursday after a gap up opening on the expectation that the US and China trade talks are not going to resolve any soon which create concern about the global economy due to which traders are moving towards Gold for the investment.

Crude oil traded higher on Friday on the expectation that OPEC members will cut more the output which is supporting the price of Crude but on the other hand trade the dispute between the US and China working as resistance in the growth the demand.

Technical Levels

GOLD

Support is at 37800 and resistance is at 38000. 

Break and sustain above 38000 will take it to 38200--38400 marks or else it could touch its support level of 37700 again

Fresh selling can be done on a close below 37800 levels               

 Trade with levels only

SILVER

Support is 42700 and Resistance is 43800 Break and sustain above 43800 will take it to 44300---44500 marks or else it could touch its support level of 42700 again

 Fresh selling can be done on a close below 42700 levels 

Trade with levels only

CRUDE OIL

Support at 3690 and Resistance at 3790. 

Break and sustain above 3790 will take it to 3850—3900 marks or else it could test the support level of 3690 again. 

Fresh buying will do on a close and sustain below 3690 marks.

Trade with levels only.

NATURAL GAS

Support at 147 and Resistance at 152. 

Break and sustain above152 will take it to 157—160 marks or else it could test the support level of 147 again. 

Fresh selling will do on a close and sustain below 147 marks.

 Trade with levels only.

COPPER

Support at 440 and Resistance at 444.

Close and sustain above 444 will take it 448—450 or else it could touch its support level of 440. Fresh selling will do on a close below 440.

Trade with the levels only.

NICKEL

Support at 1090 and resistance at 1140.

Trade within the range and wait for the confirmation. The major trend is positive.

ZINC AUG

Support at 183 and Resistance at 185.

Break and sustain above 186 will take it to 188—190 marks or else it could touch its support level of 183. Fresh selling can be done on a close and sustain below 183.

Trade with the levels only.

LEAD AUG

Support at 154 and Resistance at 156 

Break and sustain above 156 will take it to 158---160 marks or else it could touch its support level of 154 again 

Fresh selling will do on a close and sustain below 154 levels.

Trade with the levels only.