Gold:-
It
seems like gold will be taking some positive moves for the coming week
and we can see a good buying above 31200 handle only if the yellow metal
sustain above 31200. On weekly frame we got Doji candle on chart which
can give a hope to buyers, to make some long position. Since price of
this precious metal is taking rebound from 30700 again and again, Making
30700 a major support. We expect that this handle should not be broken.
Else we could see prices approaching 30300 and 30000 level in coming
days. Above 31200 we can head for 31600 and 31900 on positive node
Silver:-
Silver
being the most volatile in the family, becomes the sellers choice for
the week and fell to 45598 and gave closing at 36321. Even it closed
higher from the low end but gave a red candle on chart which on weekly
chart gives a very serious support of 45500 and if this support gets
break we would see a huge fall on chart for the handle of 44600 &
43600 one can take a short sell if the shining metal breaks 45600.
Taking for the up side buying doesn’t seems good until 47000 doesn’t
break
Crude:-
After
a long time crude oil broke the 2995 level and as told previously the
doors for the lower levels had opened now. We could see prices falling
for 2900 and 2800. Now 3030 is acting as a strong resistance. Still its
hard to go above 3100.
So to go with selling wave would be
preferred. This selling pressure could felt on chart where we can see
down trend on both daily and weekly chart. This down trend is also
supported a good volume too.
Copper:
Copper
still seems to be stuck down in a tight range. Where the difficulty is
it’s not breaking high from 338 and low from 333 for a thought if
Chinese metal break 333 we could see 322 on lower side and sustain
above 338 handle we could see 343 & 349 so the range for upper side
is less and more profit can be seen on selling positions.
Natural Gas:-
Natural
Gas performed very well yesterday and gave good profit to buyers it
opened at 179.70 and marked high at 187.90 a good was seen yesterday
which brought back the potential of buyers for the Natural Gas. If the
same trend continue we could see 193 and 198 price back in coming
trading session. Since the prices have rebound from the major support of
175.50 so can believe in this up side move. Hence to be on buying side
would be preferred in Natural Gas.
Lead:-
Lead
trend positive for the week and we expect the price to give a positive
boost in coming trading sessions. For the day of Friday lead closed down
but looking on the weekly chart we can notice the potential of metal
to head up to the level of 132 and 140 for the time being 121 should be
taken as a serious support, which if broken, prices can fall till 115
Nickel:-
Nickel
closed well for the week by breaking the resistance of 676 and heading
up to 761. Now we can approach for the prices of 788 and 841 on weekly
frame. Where on the day frame we find a little down side approaching for
677 level if the commodity prices break 670 handle we can look ahead
for 655 brick too.
Aluminum:-
Aluminum
seems positive on chart we can see a good and steady up trend on chart,
but talking for a weekly basis we found a Doji candle which can give a
break to the trend and we can see in a reversal price move. Where prices
can move 110 and 108. Talking for the upcoming move in Aluminum we
should sit on buy side from lower levels as where 112.50 is a major
resistance for the price to breakthrough.
Commodity Trends:
| R1 | R2 | S1 | S2 |
| GOLD | 30986 | 31006 | 30936 | 30906 |
| SILVER | 46632 | 46716 | 46483 | 46418 |
| CRUDE | 3028 | 3030 | 3021 | 3016 |
| COPPER | 336 | 338 | 335 | 332 |
| NATURAL GAS | 179.70 | 180.00 | 179.00 | 178.00 |
| LEAD | 124.30 | 120.60 | 124.00 | 123.50 |
| NICKEL | 683.06 | 695.03 | 650.26 | 629.43 |
| ALUMINIUM | 715 | 718 | 714 | 712 |
