Daily Commodity News Letter

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