COMMODITY OUTLOOK:
Gold:-
Gold
prices rallied as U.S. dollar stepped further away from a 14-year peak
following the release of commentary from the Federal Reserve. Minutes
from the Fed's December policy meeting showed most officials thought the
U.S. economy could grow more quickly because of tax cuts and
infrastructure spending. Gold being the best in commodity segment for
the buyers. From the level of 28130 there was a resistance which leads
to the yellow metal week high of the level 27010. It made the resistance
and we are expecting that if it sustains above 28130 resistances then
it can breach to the next resistance level of 28800. We are positive for
this Gold prices and it seems like 29000 levels would be tested soon.
Silver:-
Silver
prices gained as the dollar slipped with traders waiting for U.S. jobs
data for clues on the pace of possible U.S. interest rate hikes in
2017. Fed policymakers "emphasized their considerable uncertainty"
about future economic policy changes. The number of Americans filing
for unemployment benefits fell near a 43-year-low last week, suggesting
the economy ended 2016 with strong momentum. On its one-year chart we
can see that silver's corrective action from early jun has brought it
all the way back to its steadily rising 200-day moving average, a
classic buy spot where a potential intermediate base has formed.
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 in daily chart was seen from past two weeks, if it sustains
above 386 levels, on the positive side it would be good for the buyers
to book profit around 394 resistances. This Chinese metal if sustains
above 386, can shoot up to 400 in the coming weeks, giving a major
breakout of 386 resistance level.
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 166. 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 178 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 134 and resistance at 141.
Nickel:-
In
last week, nickel makes new high and finally closed at 701.10. We saw a
sharp side way movement was seen on charting .From last two week there
was mixed movement seen in the nickel. For the coming days we are
expecting the prices to approach 707 levels where profit booking will
take place and above this handle some fresh side way market can take
place for levels. Looking for side way 679 will be immediate support
Aluminum:-
Aluminum
took some correction for the course of week and gave the positive
closing for the last day prices closed @ 116.95. This indicates the
bullish trend in daily chart. If it breaks the resistance of 118 then it
can further breach up to 121 on higher side for the coming week or else
can fall till 118 will be the first resistance for the rising price of
aluminum
Commodity Trends:
| R1 | S1 |
| GOLD | 28130 | 27010 |
| SILVER | 41200 | 38545 |
| CRUDE | 3780 | 3550 |
| COPPER | 386 | 370 |
| LEAD | 141 | 134 |
| NICKEL | 707 | 679 |
| ALUMINIUM | 118 | 114 |
| ZINC | 180 | 166 |
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