GOLD
We
will expect sharp downside move in Gold, be cautious at upper levels
Last week, we have seen high volatility in Gold though
traded with negative bias. It made a high of 30161 but unable to sustain and
slipped again to 29065 and finally settled with a weekly loss of 0.89% at 29500
along with it closed above 21DEMA and 55DEMA which is at 29047 and 28357
respectively.
Gold has support at 29450 and resistance at 29900---30200.
Close below 29450 will take to 29200---29050 and then to 28700+ mark in days to
come else it could test its resistance level of 29900---30200 again. Further
upside rally will see only weekly close above 30200 mark. Three consecutive
closes + weekly close above 30200 will see sharp upside move in Gold till
30700---31000+ mark in days to come but chances are unlikely to breach its
resistance level of 30200 in near terms. MACD and RSI are showing negative
diversion on daily as well as on weekly chart. On Comex division, Gold has
support at $1245 and resistance at $1285. Two consecutive closes below $1245
will see panic till $1220---$1205 and then to $1190 in days to come Further
downside panic will see only weekly close below $1190 else it could test its
resistance level of $1285 again. Further upside rally seen only weekly close
above $1285. Traders can trade in a range with levels only and wait for confirmation.
Recommendation
Traders
can trade in a range with levels only and wait for confirmation
SILVER
Overall trend looks weak and be cautious at upper
levels
We have seen high volatility in Silver too. It made a
high of 38180 and slipped again to 36655 mark and finally settled with a weekly
loss of 0.51% at 37610 along with it closed above 21DEMA and 55DEMA which is at
37083 and 36219 respectively.
Silver has support at 37400 and resistance at 38000---38300.
Close below 37400 will take to 37000---36600 and then to 35700 mark. 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
38000---38300 again. Further upside rally will see only above 38300 mark. Three
consecutive closes + weekly close above 38300 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 $15.15. Close
below $15.15 will see downside panic till $14.85---$14.60. Further downside
panic will see only weekly close below $14.60 mark. Hurdle intact at $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.
Recommendation
Traders
can trade with levels only and wait for confirmation
CRUDE OIL
We
have seen mind blowing rally in Crude oil, any sharp panic will be buying
opportunity
We have seen mind blowing rally in Crude oil. It
unable to breach its support level of 2280 and bounced back sharply to 2619
mark and finally settled with a weekly gain of 7.90% at 2595 along with it
closed above 21DEMA and 55DDEMA which is at 2368 and 2323 respectively.
This week, Crude oil has support at 2500 and
resistance at 2630. Close above 2630 will take to 2680----2710 and then to
2800+ mark in days to come. More and more power will see only weekly close
above 2800 mark else it could test its support level of 2540---2500 again. More
and more panic will see only weekly close below 2500 mark. Two consecutive
closes below 2500 will see sharp downside panic till 2300---2200 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---2800.
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
Buy
on dips will be good trading opportunity, we will expect dead cat bounce in it
Last week, Natural gas bounced back from lower levels
and made a high of 124.40 and finally settled with a weekly loss of 10.10% at
123.30 along with it closed below 21DEMA and 55DEMA which is at 123.90 and
131.90 respectively.
This week, Natural gas has support at 109 and
resistance at 125. Close above 125 will take to 133---138+ mark. Further upside
move will see only weekly close above 138 mark else it could test its support
level of 115---109 again. Further downside panic will see only weekly close below
109 mark. MACD and RSI too indicate diversion on daily charts. Last time we
clearly indicated that we will expect dead cat bounce in Natural gas from lower
levels and our expectation proven great. Natural gas formed bullish engulfing
patter on weekly chart which shows that positive momentum will remain continue
in Natural gas for short term. Traders can buy and accumulate Natural gas in
panic around 121---118 with stop loss below 109 for the upside target of
133---138.
Recommendation
Traders
can buy Natural Gas around 121---118 with stop loss below 109 for the initial
target of 133---138
COPPER
We will expect high volatility in Copper, trade safely
with levels only
After mind blowing rally we have seen range bound
trading in Copper though traded with negative bias and finally settled with a
weekly loss of 1.38% at 334.50 also closed above 21DEMA and 55DEMA which is at
326.40 and 318.90 respectively.
Copper has support at 330 and resistance at 337---343.
Close below 330 will take to 324---321 mark. More and more panic will see only
weekly close below 321 mark else it could test its resistance level of
337---343 again. Further upside rally will see only weekly close above 343
level. Three consecutive closes + weekly close above 343 will see sharp upside
rally till 355---361+ mark. We will expect copper to trade in a range with high
volatility. So traders can try to trade in a range with in and out strategy
until and unless any major news comes from developed economics along with it
MACD and RSI too not indicating clear direction from current levels. So traders
can trade safely with levels only and wait for confirmation.
Recommendation
Traders can trade in a range with levels only and wait
for confirmation.
NICKEL
Trend looks choppy again, trade with in and out
strategy
Nickel made a high of 638.50 but unable to sustain and
crashed vertically to 580 mark. Above 600 our target was 625---640 almost
proven great and finally settled with a weekly loss of 6.06% at 588.70 also
closed below 21DEMA but above 55DEMA which is at 589.60 and 586.40
respectively.
This week, Nickel has support at 580 and resistance at
600. Above 600 we will see rally again 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 else it could test its support level of 580
again. Weekly close below 580 will take to 555---540 mark. More and more
downside panic till see only weekly close below 530 mark. Traders can trade
safely with levels only and wait for confirmation.
Recommendation
Traders
can trade in a range with levels only and wait for confirmation
Soyabean
Range bound trading continues and this trend remains
continue in this week too….
Last week, we have seen positive bias momentum in
Soyabean. Soyabean April contract made a low of 3671 and a high of 3801 and finally
settled with a weekly gain of 2.70% at 3770 but close above 21DEMA but below
55DEMA which is at 3756 and 3837 respectively.
Soyabean April contract 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 3700---3640 and resistance at 3845. Close below 3730 will see panic
till 3680---3640 mark. More and more panic will see only weekly close below
3640 mark else it could test its resistance level of 3800---3845 again. Three
consecutive closes + weekly close above 3845 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 throughout week. Keep visiting this space!!
