Gold expected to trade higher: Nirmal Bang
Find out the trading strategies and technical levels for various commodities.
Gold prices are expected to trade higher to the tune of 29550 – 29600 as it has managed to close above the channel breakout above 29300.Buying on dips is recommended.
Silver prices are trading within a very narrow range, prices are likely to hold 52500 on closing basis, we can expect a bounce till 53400. One should buy around 52500 with a stop loss below 52000.
Copper prices made a recovery after breaking the support at 417 and managed to close above that, which suggest that we may see a bounce back till 423 – 425, whereby one should remain caution.
Nickel prices almost tested 865 on lower end and recovered. We can expect prices to test 890 -895 on higher end. Prices are expected to trade within 895 to 865.
Lead prices are expected to trade within the range from 103.30 to 105.30. one can trade within the range.
Crude prices are expected to trade higher to the tune of 5125. One can buy around 5000 with a stop loss below 4950.