COMMODITY OUTLOOK:
Gold:-
Gold
prices ended with small losses as pressure continues amid expectations
that the U.S. Federal Reserve will opt for more interest rate hikes in
2017. U.S. data published on Friday helped strengthen the case for
the Fed to raise rates. The dollar remained less than 1 percent below
the 14-year high hit after the Fed raised U.S. interest rates last week
for the first time in a year. Gold performed well for the course of week
and gave good return to sellers. We saw a good selling from the handle
of 26850, which further lead to 26500. A sharp downside was seen on
charting, for the coming days we are expecting the prices to approach
26850 levels where profit booking will take place and above this handle
some fresh selling can take place for levels. Looking for upside 27700
will be immediate resistance.
Silver:-
Silver
prices eased as the dollar advanced in choppy trade and on expectations
that the U.S. Federal Reserve will further raise interest rates. Gross
domestic product increased at a 3.5 per recent annual rate instead of
the previously reported 3.2 percent pace, the Commerce Department said.
If silver continues to fall we can say the breakout was false. If the
shining metal breaks 38200 handle a bigger dent will appear which will
give a good profit booking for short selling positions. On upper end
39750 will be first resistance and 38200 will be the initial support for
the shining metal.
Crude:-
Crude
oil gained supported by strong U.S. economic data and optimism that
crude producers would abide by an agreement to limit output. Libya's
NOC confirmed that pipelines leading from Sahara and El Feel fields had
reopened, and hoped to add 2.7 Moped productions over next three
months. Oil markets are expected to remain well-supplied despite the
planned OPEC and non-OPEC reductions.
Copper:
Copper
rising daily in daily chart was seen from past three weeks, if it
sustains above 380 level, on the positive side it would be good for the
buyers to book profit around 383 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 support 169. 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 180 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 138 and resistance at 143.
Nickel:-
The
Nickel is in perfect downtrend. The oscillator is on SELL signal and
Nickel is coming down from overbought level .In last 1 month volatility
is very less and fresh sell can be considered in the Nickel if it close
above 685.80 or sell with strict stop at 708. The oscillator is on
SELL signal and Nickel is coming down from overbought level for short
term the current position is sell
.Position ally Support for the Nickel is 704 immediate resistances for Nickel is 681.
Aluminum:-
Aluminum
gave a long upside from last two weeks and prices closed at 115.10 for
coming days prices can rise till level 118, if the pullbacks seen on
upper side. As major resistance comes at 119 handle, the correction can
be up to 119 resistances, else 121 levels can be seen in coming days.
Commodity Trends:
| R1 | S1 |
| GOLD | 27650 | 26910 |
| SILVER | 39750 | 38200 |
| CRUDE | 3710 | 3580 |
| COPPER | 383 | 364 |
| LEAD | 138 | 143 |
| NICKEL | 704 | 681 |
| ALUMINIUM | 119 | 114 |
| ZINC | 178 | 169 |
