Gold:-
Gold
eased after strong U.S. economic data and comments by U.S. Fed’s Janet
Yellen further bolstered the case of hiking rates next month. The
Federal Reserve could raise U.S. interest rates "relatively soon" if
economic data keeps pointing to an improving labor market and rising
inflation. Gold performed well for the course of week and gave good
return to sellers. We saw a good selling from the handle of 29450, which
further lead to 28400. A sharp downside was seen on charting, for the
coming days we are expecting the prices to approach 28000 levels where
profit booking will take place and above this handle some fresh selling
can take place for levels. Looking for upside 29800 will be immediate
resistance.
Silver:-
Moreover
the cleaner the chart the simpler the challenge to identify patterns.
With that we turn to a weekly chart on 5 years. This chart shows a
downtrend in a clear channel In July of 2016, silver broke out of this
downtrend a very bullish event. However soon after silver moved back
towards that channel. If silver continues to fall we can say the
breakout was false. If the shining metal breaks 41400 handle a bigger
dent will appear which will give a good profit booking for short selling
positions. On upper end 41800 will be first resistance and 39900 will
be the initial support for the shining metal.
Crude:-
We
had seen on Wednesday and Thursday, sellers ended up jumping into the
market and pushing price back down. We ultimately formed a shooting star
yet again, and the fact that we are doing this for 3 days in a row. It
suggests that we are going to go lower. I think that it’s going to be
choppy. I have no interest in buying, I believe that anytime we rally
you have to believe that selling is the only thing that you can do on
signs of exhaustion. I think that the strengthening US dollar and of
course the lack of demand will continue to push the price of oil lower.
Copper:
Copper
rising daily in daily chart was seen from past three weeks, if it
sustains above 333 level, on the positive side it would be good for the
buyers to book profit around 397 resistances. This Chinese metal if
sustains above 397, can shoot up to 400 in the coming weeks, giving a
major breakout of 397 resistance level, maximum level for buyers to
square of their position.
Zinc :
Zinc
prices are following trend line from a long time and we can see that
the price can pull back up to major suppo0rt 168. Sustaining on
overbought zone, pullbacks can be we are expected in Zinc. From last
week we can see that there were some corrections taking place. This can
lead to 179 handle. Analysts said the weakness in zinc at futures trade
was mostly attributed to trimming of positions by speculators amid a
weak trend at the domestic spot markets but firm overseas trend capped
the losses
Lead:-
Lead
performing well on the buyer side and gave a good profit booking to
buyers from last three days. Analyzing the daily chart we feel a cool up
in the prices of lead as it closed near the opening of the week. Since
the commodity closed with dominant sellers, so a rising up can be seen
in coming week where support falls at 142 and resistance at 149.
Nickel:-
The
Nickel is in perfect uptrend .Currently Nickel is moving sideways The
oscillator is on SELL signal and Nickel is coming down from overbought
level .In last 1 month volatility is very less and fresh Buy can be
considered in the Nickel if it close above 771 or buy with strict stop
at 701. The oscillator is on SELL signal and Nickel is coming down from
overbought level For short term The current position is buy
.Positionally Support for the Nickel is 701 Immediate resistance for
Nickel is 771
Aluminum:-
Aluminum
gave a long upside side from last two weeks and prices closed at 115.50
for coming days prices can rise till level 117, if the pullbacks seen
on upper side. As major resistance comes at 119 handle, the correction
can be up to 115.50 after testing 114 resistances, else 119 levels can
be seen in coming days.
Commodity Trends:
| R1 | S1 |
| GOLD | 29800 | 28430 |
| SILVER | 41800 | 39900 |
| CRUDE | 3160 | 3065 |
| COPPER | 397 | 305 |
| LEAD | 149 | 142 |
| NICKEL | 771 | 701 |
| ALUMINIUM | 119 | 114 |
| ZINC | 179 | 168 |
