Precious Metals
Gold made a high of 1607 in the previous session. We went long in Gold around 1550 and Silver around 17.65. We’ve booked 50% profit in Gold at 1605 and Silver at 18.20 yesterday. Today, it may decline slightly. Wait for lower level or closing hour of today’s session to accumulate long position in precious metals. Trend shall remain favorable for Thursday-Friday as well as next week.
Gold has resistance at 1613 and support at 1580 while Silver has resistance at 18.35 and support at 17.80.
Crude Oil
We went long in crude oil April contract at 49.45. Till 15th March, trend is favorable for oil. In this week, it may move up to 54.
Natural Gas
NG made a high of 1.97 in the previous session. We went long in NG around 1.80. In coming days, our target is 2.20. It has resistance at 2.00 (if crossed, a breakout would be observed).