Crude Oil NyMex :
Today crude oil futures prices have jumped more than 1.5 percent in international market opening and currently trading above $97.5/bbl in electronic platform. Threat of production disturbances have arisen in Gulf region due to presence of tropical storm Isaac which has supported oil prices to trade above three month’s high.
As per National Hurricane Centre, tropical storm Isaac is getting strength near hurricane and expected to move eastern Gulf of Mexico early Monday. As Gulf of Mexico is accounts for more than 23 percent of US oil production, thus disturbances in this region will drive oil prices high. We suggest to remaining onbuying side for the day.
Gold Aug MCX:
Prices are trading up by 0.39% at 31070 levels. Major resistance is seen around 30150-180 levels. Before going breach resistance levels it might correct up to support levels to get strengthen, hourly prices chart also indication the same (Treading in over brought zone 0.890). Intraday supports are seen at 30950 then 30800 levels. Weekly supports are seen at 30750
Silver Sep COMEX:
prices are witnessing intraday major support around $30.75-3070 levels. On sustainable breach below the same might turn into bearish on daily basis and expected targets seem to be around $30.10-30.20. Incase if its fail to breach same then we May seen continuation of higher side momentum up to $31.20-31.60 levels.
Strategy: Buy in the range of $30.90-30.95 TP $31.20/31.60 with stop loss below $30.70 If stop loss triggers then sell below same targeting $30.20 with stop loss above $31.20…