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Gold and silver
Today the commodity market is showing a red card form the starting of the day .In the morning session bullion is looking towards the positive side slightly higher to it last close. But after some good move bullion lost its position and drop again in another side. If we talking about gold it’s lost its position due to depreciation in the dollar price against Indian Rupees, dollar drop by 0.20 point. In the morning gold open at 30940 and its show a depreciation of 51 point at 2:25 pm. Similarly silver also showing a red flag from the morning, today silver open at 58350 silver lost its position by 120 point at 2:28 pm.
In the base metal all are looking tired today no one is ready to go in the positive side from the morning but there is movement is expected in the domestic market after the 3:00 pm. Today the movement Is expected in the nickel and aluminium where the lead and copper is trying to recover its position.
Cotton for January contract is moving on the red side, this year cotton is looking much volatile as compare to its previous year. Movement in the cotton is reduced due to the lower demand. Cotton is expected to trade low in the first quarter this year.
It is advice to trader to hold the position for future where as intraday trader sell their position from the current price.
Buy silver (5 march) above 58400 tgt 58500, 58600, ……..sl 58190
Buy copper (28 feb) above 449 tgt 449.50 , 450…………..sl 446.50
Buy crude oil (21 Jan) above 5120 tgt 5130, 5150…..sl 4990
Buy gold (5 Feb) above 30950 tgt 30980, 31050, 31100……sl 30810