Gold traded sideways on Thursday after a sharp fall in the previous day session after comment from the US President Donald Trump that they are about to the trade war deal soon which weighed on the price of Gold. On the other hand, Crude oil traded sideways as OPEC meeting is going on and investors are waiting for the outcome of the meeting.
Today, traders should concentrate on the Unemployment Claims along with Factory Orders m/m and Natural Gas Storage from the house of US which will impact on metal and Bullions segment. If the forecast figure match with the actual data then the possible impact are as follows
Technical Level
Gold (Feb)
Support at 38000 and Resistance at 38300.
Gold looks weak belo 38000 till 37800-37700.
Fresh buying will do on a close above 38300 levels.
Trade with the levels only.
Silver (March)
Support is at 44250 and resistance is at 44700.
Break and sustain below 44250 will take it to 43900-43800 or else it could test its resistance again.
Fresh buying will do on a close above 44700.
Trade with the levels only.
Crude Oil (Dec)
Support at 4130 and Resistance at 4200--4230.
Trade within the range and wait for the confirmation.
Natural Gas (Dec)
Support at 170 and resistance at 175.
Break and sustain above 175 will take it to 180-182 or else it could test its support again.
Fresh selling will do on a close below 170.
Trade with the levels only.
Nickol (Dec)
Support at 965 and Resistance at 980.
Break and close below 965 will take it to
965-950 pr else it could test its resistance again.
Fresh buying will do on a close above 980.
Trade with the levels only.
Copper (Dec)
Support at 430 and Resistance at 433,
Break and close above 433 will take it to 436 438 or else it could test its support again.
Fresh selling will close on a close below 430.
Trade with the levels only.
