GOLD
We
will expect high volatility in this week, so trade safely with levels only
Last week, we have seen high volatility in Gold though traded with negative bias. It made a high of 29936 and a low if 28801 and finally settled with a weekly loss of 0.6% at 29337 along with it closed above 21 DEMA and 55 DEMA whish is at 28769 and 27573 respectively.
Gold
has support at 29240 and resistance at 29700. Close below 29240 will take to
28900---28650 and then to 28400+ mark in days to come else it could test its
resistance level of 29700 again. Further upside rally will see only weekly
close above 29700 mark. Three consecutive closes + weekly close above 29700
will see sharp upside move in Gold till 30400---30700+ mark in days to come.
Gold
is trading in a very wide range and has crucial support at 28000. Positional
sell will initiate only weekly close below 28000 mark rally remain continue in
Gold. MACD and RSI still showing strength on daily as well as on weekly chart.
A long bullish candle in previous week too shows strength in Gold and chances
are bright for upside move in it. On Comex division, Gold has support at $1173
and resistance at $1265. We will expect that it could test its resistance level
of $1265. Two consecutive closes above $1265 will see further upside rally till
$1290---$1305+ mark in days to come. Above $1156 our ultimate target intact
$1339. Fresh selling can initiate only weekly close below $1173. So any sharp
panic will be buying opportunity in Gold but trade with strict stop loss. For
this week, traders can try to buy Gold or Gold mini around 28800---28500 with
stop loss below 28000 on closing basis for the initial target of 29700
Recommendation
Traders
can buy Gold around 28800---28500 with stop loss 28000 for the initial target
of 29700.
SILVER
Overall trend looks weak but be cautious at upper
levels
We have seen high volatility in Silver too. It made a
high of 37988 and crashed vertically to 36117 mark and finally settled with a
weekly loss of 2.57% at 36250 along with it closed above 21DEMA but below
55DEMA which is at 36569 and 35691 respectively.
Silver has support at 36100---35700 and resistance at
38000. Close below 36100 will take to 35700. Three consecutive closes + weekly
close above 35700 will see free fall in Silver till 34000---33000 mark In days
to come else it could test its resistance level of 36900---37400 and then to
38000 mark. Further upside rally will see only above 38000 mark. Three
consecutive closes + weekly close above 38000 will see fire in Silver till
42000---43000+ mark but chances are unlikely to breach its resistance level of
38000 in near terms.
On Comex division, Silver has support at $14.60. Close
below $14.60 will see further downside move till $13.80---$13.30. Hurdle intact
at $15.30---$15.80. MACD and RSI shows negativity on charts and chances are
bright for downside move in it. Any sharp panic will be selling opportunity in
Silver but trade with strict stop loss.
Recommendations
Traders
can trade with levels only and wait for confirmation
CRUDE OIL
Volatility
remain continue, trade safely with levels only
As expected, we have seen high volatility in Crude oil
though traded with positive bias. It made a low of 2116 and a high of 2396 and
finally settled with a weekly gain of 14.14% at 2316 along with it closed below
21DEMA and 55DDEMA which is at 2174 and 2255 respectively.
This week, Crude oil has support at 2280 and
resistance at 2400---2530. Close below 2280 will take to 2210----2160 and then
to 2100 mark in days to come. More and more downside panic will see only weekly
close below 2100 mark else it could test its resistance level of
2400---2480---2530 again. More and more power will see only weekly close above
2530 mark. Now down side and upper side seems limited in Crude oil and we will
expect a long consolidation phase in Crude oil for next few weeks in the range
of 1800---2500.
MACD and RSI too not indicating clear direction on charts. Here
traders can try to trade safely with levels only. Nimble traders can try to get
an opportunity to trade with in and out strategy until and unless any major
clear direction seen in it or news comes out from developed economics.
Recommendation
Traders can trade in a range with levels only and wait
for confirmation
NATURAL GAS
Our
sell call proven great, book profit
Last week, we have seen range bound trading in Natural
gas though traded with negative bias. We strongly recommended selling in
natural gas on rise. It made a high of 127.00 and a low of 120.20 and finally
settled with a weekly loss of 1.78% at 121.60 along with it closed below 21DEMA
and 55DEMA which is at 130.90 and 138.70 respectively.
This week, Natural gas has support at 120 and
resistance at 125---129. Close below 120 will take to 116---113---110 mark. Further
downside move will see only weekly close below 110 mark. Two consecutive closes
below 110 will see further downside move till 103---96 mark in days to come
else it could test its resistance level of 125---129 again. Further upside
rally seen only weekly close above 129 mark. Overall trend looks weak but
traders remain cautious at lower levels as we will expect dead cat bounce in
Natural gas from lower levels. So traders holding short in Natural gas can book
full profit and trade with levels only. MACD and RSI too indicates diversion on
charts but we will wait for confirmation.
Recommendation
Traders
holding short as per our level can book profit trade with levels only.
COPPER
Double bottom pattern confirms above 324, buy on dips
will be good trading strategy
Last week, we have seen positive momentum in Copper.
It unable to close below 308 and bounced back sharply to 326.35 and finally
settled with a weekly gain of 1.79% at 321.70 also closed above 21DEMA and
55DEMA which is at 314 and 312.00 respectively.
Copper has support at 313 and resistance at 324. Looks
positive and could test its resistance level of 324. Three consecutive closes +
weekly close above 324 will see fire in Copper till 335---342 and then to 355+
mark in days to come else it could test its support level of 313 gain. Further
downside panic will see only close below 313 mark. Close below 313 will take to
308---300 and then to 290 mark. Copper is forming double pattern on weekly
chart and break above 324 will confirm the pattern along with it MACD and RSI
too showing strength on daily as well as weekly chart. Traders can trade with
levels only and wait for confirmation.
Recommendation
Traders can trade in a range with levels only and wait
for confirmation.
NICKEL
Looks positive and in panic will buy, trade with
levels only
Last week, Nickel traded in range though with negative
bias and finally settled with a weekly loss of 1.60% at 582.70 also closed
above 21DEMA and 55DEMA which is at 576.60 and 580.90 respectively.
This week, Nickel has support at 570---540 and resistance
at 610---625. Above 585 we will see rally till 610---625 mark. Three
consecutive closes + weekly close above 625 will see fire in Nickel will see
fire till 680---730+ mark in days to come. Nickel looks highly positive on
charts and any sharp panic will be buying opportunity in it. Cross over of
falling trend line indicates that Nickel will get retracement up to 23.8% to
38.2% or it may test 50% retracement level too in this rally. Traders can buy
and accumulate Nickel in panic around 570---560 with stop loss of 540 for the
initial target of 610---625.
Recommendation
Traders
can buy and accumulate Nickel in panic around 570---560 with stop loss of 540
for the initial target of 610---625
SOYABEAN
Range bound trading continues and this trend remains
continue in this week too….
Last week, we have seen negative bias momentum in
Soyabean. It made a low of 3666 and a high of 3795 and finally settled with a
weekly loss of 1.69% at 3717 but close below 21DEMA and 55DEMA which is at 3729
and 3729 respectively.
Soyabean is trading in a very tight range from last
few weeks. Soyabean is forming triangle pattern on daily chart. Either side
break or close with volume will decide further. Soyabean has support at
3660---3550 and resistance at 3860. Close below 3660 will see panic till
3600---3550 mark. More and more panic will see only weekly close below 3550
mark else it could test its resistance level of 3860 again. Three consecutive
closes + weekly close above 3860 will see nonstop rally in Soyabean. On seeing
fundamental and technical outlook, chances are bright for upside move in
Soyabean along with it MACD and RSI too shows strength on daily chart but trade
with levels only and wait for confirmation.
Recommendation
Traders can trade in a range with levels only and wait
for confirmation
More will be update soon!!
