Buy gold with stop loss at Rs 29,470: Nirmal Bang
Check out the trading strategies and important technical levels for various commodities.
Gold prices as expected to test the support at Rs 29,550–29,500, for intraday one can look for buying opportunity with a stop loss below Rs 29,470. Prices are expected to bounce till Rs 29,800-29,850.
Silver prices are likely to hold the support at Rs 51,200, one can remain caution in short position. A close below Rs 51,200 should further add short position in the counter. Oscillators indicating flat to down move.
Copper prices are expected to trade within a range from Rs 420 to 428. One can trade within the range with a positive bias.
Nickel prices are expected to trade in a range from Rs 930 to 950 one can buy with a stop loss below Rs 925.
Lead prices are expected to bounce one can buy with the stop loss below the recent low at Rs 101.40.
Crude prices have broken the important support at Rs 4,500 and closed below that, we expect further selling to continue till Rs 4,400. One can sell around Rs 4,520-4,510 with a stop loss above Rs 4,570.
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