Gold
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Gold October contract has support at
24600---24450 and resistance at 25000---25200 mark.
Close below 24850 will see
panic till 24600---24450 mark. Three consecutive closes + weekly close below
24450 will see free fall in Gold else it could test its resistance level of
25000---25200 again. Further upside rally seen only weekly close above 25250
mark. On Comex division, Gold has support at $1073 and resistance at $1110. Two
consecutive closes below $1073 will take to $1045---$1030 mark in days to come
else it could test its resistance level of $1110 again. Close above $1110 will
take to $1125---$1140. Further upside rally seen only weekly close above $1140
mark but chances are unlikely to move upside in near terms and will expect
panic to remain continue. On MCX
division, USDINR too play key role in volatility. USDINR has support at
63.90--63.50 and resistance at 64.70. Close below 63.90 will take to 63.50.
Weekly close below 63.50 will see free fall in USDINR else it could test its
resistance level of 64.70 and then to 65.20---65.50 mark in days to come. Cross
over of MACD and RSI is below ‘0’ line and ‘30’ respectively indicate
consolidation phase in near terms. Till then traders can trade with levels only
and wait for confirmation. Nimble traders can sell Gold on rise around
25000---25050 with stop loss above 25200 on closing basis for the initial
target of 24850---24600---24450.
Silver
Silver has support at 33700---33300 and
resistance at 34500 mark. Close below 34000 will take to 33700---33300.
Two
consecutive closes below 33300 will see further panic till 32800---32300 and
then to 31800 mark in days to come else it could test its resistance level of
34500 again. Further upside rally seen only close above 34500 mark. Three
consecutive closes + weekly close above 34500 will take to 35300---35800 mark.
On Comex division, Silver has support at $14.40 and resistance at $15.30. Close
below $14.30 will take to $13.60---$13.20 and then to $12.50 else it could test
its resistance level of $15.30 mark in days to come. Further upside rally seen
only close above $15.30 mark. Here, we will expect that choppy session remain
continue in Silver as there is no clear direction along with it USDINR also
play key role in volatility. MACD and RSI is below ‘0’ line and ‘30’
respectively. Again we will expect range bound trading in Silver till healthy
breakout. So traders can trade with levels only and wait for confirmation
Crude oil
Crude oil has support at 2780 and
resistance at 2940---3000.
Still looks weak and could test its support level of
2780 mark. Two consecutive closes below 2780 will see further panic in Crude
oil till 2680---2630 and then to 2550 mark in days to come else it could test
its resistance level of 2880---2940 and then to 3000 mark again. Further upside
rally will see only weekly close above 3000 level. On Nymex division, Crude oil
has support at $43.50 and resistance at $47. Close below $43.50 will see
further panic till $41.00---$38. Further panic seen only close below $38.00
level. MACD and RSI still in negative zone but be cautious at lower levels as
we will expect dead cat bounce at lower levels. Traders holding short in Crude
oil can book part profit and trade with levels only
Natural Gas
Natural gas has support at 172 and
resistance at 185---189.
Natural gas is forming triangle pattern on daily
charts. It looks positive and could test its resistance level of 185---189.
Further upside rally seen only weekly close above 189 level. Three consecutive
closes + weekly close above 189 will see nonstop rally in Natural gas else it
could test its support level of 172 again. Two consecutive close below 172 will
take to 167---163 and then to 155 mark in days to come. At this stage trend
looks choppy and has no clear direction. Natural gas is now in consolidation
phase from last few weeks and we will expect this range bound trading to remain
continue in this week too. So traders can trade in a range with strict stop
loss and wait for confirmation.
Copper
Copper has support at 327 and resistance at
333---337.
Copper still looks weak and could test its support level of 327.
Negative return remain continue in Copper on global concern. Close below 327
will take to 321---318 and then to 310 mark in days to come. Further panic seen
only weekly close below 310 else it could test its resistance level of
333---337 mark again. Three consecutive closes + weekly close above 337 will
see sharp upside rally in Copper. Nimble traders can sell Copper around 333 or
below 327 with stop loss of 337 on closing basis for the initial target of 327.
Other can trade in a range with strict stop loss and wait for confirmation
Nickel
Nickel has support at 685---660 and
resistance at 710.
Close below 685 will take to 670---660. Further panic seen
only weekly close below 660 mark. Three consecutive closes + weekly close below
660 will see free fall in Nickel till 640---625 else it could test its
resistance level of 710 and then to 725---740 again. Two consecutive closes +
weekly close above 740 will take to 790---820+ mark. In this week, we again
expect high volatility in Nickel and last week’s high and low is very crucial
and unlikely to breach in near terms until and unless any major negative news
comes from China or Europe. Traders can trade in a range with strict stop loss
and wait for confirmation.
