COMMODITY OUTLOOK:
Gold:-
Gold
pared some of its gains as data showing the biggest pick-up in U.S.
consumer prices in 2-1/2 years lifted the dollar and U.S. Treasury
yields. Federal Reserve Chair Janet Yellen advocated lifting U.S.
interest rates gradually. The U.S. central bank should be able to raise
rates "in a gradual and patient manner," Dallas Fed President Robert
Kaplan said. We saw a good selling from the handle of 28000, which
further lead to 27200. A sharp downside was seen on charting, for the
coming days we are expecting the prices to approach 26500 levels where
profit booking will take place and below this handle some fresh selling
can take place for levels. Looking for upside 29000 will be immediate
resistance.
Silver:-
Silver
prices steadied as investors awaited a speech from Federal Reserve
Chair Janet Yellen for fresh clues about the timing of the next rate
hike U.S. Commerce Department said that consumer prices gained 0.3% in
December, in line with expectations. Fed’s latest Beige Book pointed to a
jump in manufacturing and tight labor markets showing U.S. economic
health. Silver price returns to rise after the temporary decline that
appeared yesterday, to approach from testing the correctional bearish
channel's resistance again, as the EMA50 managed to protect the price
from suffering more losses, motivating the price to continue the main
bearish trend, which 40300 targets levels initially.
Crude:-
Crude
oil dropped after the head of the International Energy Agency predicted
a "significant" boost to U.S. output Sentiment in oil markets has been
torn between expectations of a rebound in U.S. shale production and
hopes that oversupply may be curbed. The IEA (International Energy
Agency) said it expects higher oil prices to trigger a significant boost
in U.S. shale output. Crude oil price did not show any strong move
yesterday, to remain stable at the minor bullish channel's support
keeping its stability above it, which keeps the bullish trend scenario
valid until now, and the price needs for more positive momentum to
confirm resuming the bullish wave that its next target located at 3830.
Copper:
Copper
gained to hold 401 levels on uncertainty over Trump's policies which
sent the dollar to a 1-1/2 month low. China's Lunar New Year holiday,
starting Jan. 27, is expected to subdue metals demand as Chinese
factories close, for two to three weeks. The Copper is in perfect
uptrend. Currently Copper 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
oscillator is on sell signal and Copper is coming down from overbought
level for short term Copper is in hold long position. Positional Support
for the Copper is 380. Immediate resistance for Copper is 411.
Zinc :
Zinc
prices gained tracking LME prices closed up 0.8 percent at $2,790 a
tonne buoyed by dollar weakness. 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 Zinc is now trading in overbought level. The
oscillator is showing buy signal for short term Zinc is in hold long
position. Positional Support for the Zinc is 178. Immediate resistance
for Zinc is 193.
Lead:-
Currently
Lead is in Hold Long position. The Lead is not giving any clear signal.
So, buy only if close above 163.65 and sell below 151.50. The Lead is
now trading in highly overbought level. The oscillator is showing BUY
signal.
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 645.10 or sell with strict stop at 706. 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 630 immediate resistances for Nickel is 706.
Aluminum:-
The
Aluminum is in perfect uptrend. Currently Aluminum is in strong uptrend
and the trend is supported with good volume the open interest is not
increasing with trend. The oscillator is showing buy signal for short
term but the current position is bullish. Positional Support for the
Aluminum is 120. Immediate resistance for Aluminum is 129.
Commodity Trends:
| R1 | S1 |
| GOLD | 28860 | 27970 |
| SILVER | 41950 | 40340 |
| CRUDE | 3750 | 3420 |
| COPPER | 411 | 380 |
| LEAD | 164 | 151.10 |
| NICKEL | 706 | 630 |
| ALUMINIUM | 129 | 120 |
| ZINC | 193 | 178 |
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