Gold attract Traders Eyes on $1000oz, Crude Oil prices near $70 bbl

Commodities prices start the new Month with strengthen factors, Gold and Oil prices trading higher level a day. We remain bullish on Gold and crude oil prices in near term

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Gold prices almost up by 1% at $987, as supported by Gold and USD Negative relationship which work out further benchmark for the precious metals climbs to achieve $ 1000 oz Mark in few trading session, Technical level also giving indication of consolidation at $985 which could remain bullish factor for Gold in near term.

Silver prices is trading at $15.90 level, however last week we have seen better than expected economic Indicators, which showing Economy has capable to sustain these level and improving some extent. Confidence seen in Traders and investor by taking Net long position due to 10 month high price volatility increased. in silver futures contract.

Crude oil prices extends last week’s rally and breached $67 BBL benchmark on Monday morning .weakness in USD continue to maintain market sentiment at high level.Net speculative long positions remained on the rise. We remain bullish on crude prices with near term target of $70-72 BBL.

We have seen last week’s Major movement has been done in copper, Nickel, Lead.
Copper trading above $ 4925 ( 232INR )level which sees technical breakout, Moreover market sentiment pushing up the prices at higher level, speculative long position are bargain by short traders. Which sees good momentum rally on Monday Morning. We expect copper to trade on higher side for the day .Nickel prices could trade above last closed of Market.

Trading Views for the day !!
We expect precious metal trade on higher side, which will prove good momentum rally in few trading session. Gold prices breached $1000 Mark & 15k mark on Indian Markets , Silver prices would see Trading above $15.75 – 16.25 , As far as Crude oil prices it could be trading above $65 Mark seen speculative Traders push prices higher side on trading day.

A Trader can Take long position on Gold at these level with the SL of $965 at $985 with Target of $1015 and crude oil one can go long at $67 level with target of $70
In Basemetals side we suggest take long position of copper at 232 above with SL of 228 Target of 242 level .

Happy Trading !!