Daily Commodity News Letter: Gold,Silver,Crude Outlook

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