Daily Commodity News Letter

COMMODITY OUTLOOK:

Gold:-

Gold performed well for the course of week and gave good return to buyers. We saw a good buying from the handle of 31100, which further lead to 31380. A sharp upside side was seen on charting, for the coming days we are expecting the prices to approach 31600levels where profit booking will take place and above this handle some fresh buying can take place for levels. Looking for downside 30600 will be immediate support.   

     

Silver:-

Silver making new highs for the day on day basis finally closed at 46817. We saw a sharp buying in the prices rising from 45800. If it breaks the level of 47700 it would be fill the big gap from 47700 to 48600. If the shining metal breaks 47700 handle a bigger dent will appear which will give a good profit booking for long buying positions. On lower end 43500will be first support and 48600will be the initial resistance for the shining metal.

Crude:-

Crude being the best in commodity segment for thesellers, from last two week there was mixed move moments seen in crude oil. From the level of 2900 there was a resistance which leads to the energy oil week high of the level 3114. It made the resistance and we are expecting that if it sustains above 3100 resistance then it can breach to the next resistance level of 3200. We are positive for this energy oil prices and it seems like 3200level would be tested soon. If oil sustains above 3200 a fresh buying will take place for the bracket of 3300.

Copper:

Copper rising daily in daily chart was seen from past three weeks, if it sustains above 333level, on the positive side it would be good for the buyers to book profit around 340 resistances. This Chinese metal if sustains above 340, can shoot up to 360 in the coming weeks, giving a major breakout of 340 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 143. 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 143 handle.

Lead:-

Lead performing well on the sellers side and gave a good profit booking to sellers from last three days. Analysing the daily chart we feel a cool down in the prices of lead as it closed near the opening of the week. Since the commodity closed with dominant sellers, so a deep fall can be seen in coming week where support falls at 122 and resistance at 133..

Nickel:-

Nickel took some correction for the course of week and gave the positive closing for the last day prices closed @ 706.30. In last trading session bullish hammer candle stick pattern seen, this indicates the bullish trend in daily chart. If it breaks the resistance of 735 then it can further breach up to 790 on higher side for the coming week or else can fall till 624.735 will be the first resistance for the rising price of nickel.

Aluminum:-

Aluminium gave a long upside side from last two days and prices closed at 108.70for coming days prices can rise till level 112, if the pullbackis seen on upper side. As major resistance comes at 114 handle, the correction can be up to 108 after testing114 resistance, else 120 levels can be seen in coming days.

Commodity  Trends:

	R1	S1
GOLD	31600	30600
SILVER	48600	48600
CRUDE	3200	2750
COPPER	340	305
LEAD	133	122
NICKEL	735	640
ALUMINIUM	114	101
ZINC	158	143