Commodity Outlook:
Gold:-
Gold
prices wavered on Friday following the mixed U.S. payrolls report
today, in turn forcing the dollar to waver and leading the precious
metal to keep hovering near a three-month high. Gold's rise yesterday to
a three-month high triggered profit-taking operations today following
the mixed U.S. jobs report, leading to undecided trading with both
dollar and gold. From the level of 28850 there was a resistance which
leads to the yellow metal week high of the level 29070. It made the
resistance and we are expecting that if it sustains above 28850
resistances then it can breach to the next resistance level of 28900. We
are positive for this Gold prices and it seems like 29500 levels would
be tested soon.
Silver:-
Silver
prices kept falling on Friday for the second straight session after
hitting three-month highs yesterday, triggering profit-taking
operations, while wavering in the markets hurt prices further. Earlier
U.S. data showed higher new jobs in January while the unemployment rate
rose unexpectedly, as the dollar dithered, leading silver prices to
waver as well. Despite today's drop, prices are heading for the fifth
weekly profit in a row as demand climbs on safe havens and alternative
investments amid uncertainties in the markets due to U.S. president
Donald Trump's policies, which underpins the white metal.
Crude:-
Crude
prices edged up ahead of the weekend after hitting a four-week high
yesterday, as prices are bound in a tight range recently due to
conflicting factors. Crude prices drew support from recent developments
after America imposed new sanctions on Iran after experimenting with a
Ballistic missile, with U.S. president Donald Trump stating that all
options are available with the Iran situation. The negative impact on
crude prices on the other hand, which caused the current wavering, comes
as U.S. shale production rises as U.S. inventories increase alongside
oil rigs to several-month highs.
Copper:
The
Copper is in long- medium- short-medium- term bull phase .Currently
Copper is moving sideways The oscillator is on sell signal and Copper is
coming down from overbought level .In last 1 month volatility is very
less and fresh buy can be considered in the Copper if it close above 388
or buy with strict stop at 380. The oscillator is on sell signal and
Copper is coming down from overbought level for short term Copper is in
hold long position. Support for the Copper is 380.Resistance for the
Copper is 408
Zinc :
The
Zinc is in perfect uptrend .Currently Zinc is in strong uptrend and the
trend is supported with good volume the open interest is not increasing
with trend. Cautious point is buying at higher levels seems decreasing.
The Zinc is now trading in overbought level. The oscillator is showing
sell signal for short term Zinc is in hold long position. Support for
the Zinc is 177. Immediate resistance for Zinc is 196
Lead:-
The
Lead is in long- medium- short-medium- term bull phase .Currently Lead
is moving sideways the Lead is now trading in overbought level. The
oscillator is showing sell signal .In last 3 weeks Lead is trading in
low volatility and fresh buy can be considered in the Lead if it close
above156.45 or buy with strict stop at 149. The Lead is now trading in
overbought level. The oscillator is showing SELL signal for short term
Lead is in hold long position. Support for the Lead is151 .Resistance
for the Lead is 161.
Nickel:-
Overall
trend of the Nickel is bearish for medium-long term .Currently Nickel
is in strong downtrend with good momentum but volume is unsatisfactory
the open interest is not increasing with trend. Noting point is selling
at lower levels seems decreasing. The oscillator is showing buy signal
for short term Nickel is in sell position. Support for the Nickel is
683.Resistance for the Nickel is 702.
Aluminum:-
The
Copper is in long- medium- short-medium- term bull phase .Currently
Copper is moving sideways The oscillator is on sell signal and Copper is
coming down from overbought level .In last 1 month volatility is very
less and fresh buy can be considered in the Copper if it close above 388
or buy with strict stop at 380. The oscillator is on sell signal and
Copper is coming down from overbought level for short term Copper is in
hold long position. Support for the Copper is 380.Resistance for the
Copper is 408
Commodity Trends:
| R1 | S1 |
| GOLD | 29050 | 28100 |
| SILVER | 42180 | 40750 |
| CRUDE | 3710 | 3490 |
| COPPER | 408 | 380 |
| LEAD | 161 | 151 |
| NICKEL | 702 | 648 |
| ALUMINIUM | 128 | 122 |
| ZINC | 196 | 177 |
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