GOLD
Looks
positive and in panic will buy
Last week, we have seen mind blowing rally in Gold. It from 29013 to 30375 mark in just five trading sessions and finally settled with a weekly gain of 4.29% at 30266 along with it closed above 21DEMA and 55DEMA which is at 29247 and 28907 respectively.
Gold has support at 30000---29700 and resistance at
30400. Trend still looks positive and could test 30400. Two consecutive closes
above 30400 will see further upside rally till 30800---31000+ mark in days to
come. Comex gold too flared and made a high of $1296.70. We clearly indicated
that close above $1262 will see mind blowing rally in it. Our upper side target
intact $1310---$1325. Three consecutive closes + weekly close above $1325 will
see more upside rally in it. Positional stop loss below $1260 INR 29700 on
closing basis. RSI and MACD indicates that this positive momentum remain
continue for next few weeks. A fresh breakout indicates positive momentum in
it. So traders can buy and accumulate Gold in panic with strict stop loss below
29700 on closing basis for the upper side target of 30800---31000+ mark in days
to come
Recommendation
Traders
can buy Gold in panic around 30200---30000 with stop loss below 29700 for the
initial target of 30800---31000
SILVER
Be cautious at upper levels, profit booking could
arise from upper levels
We have seen positive momentum in Silver too as made a
fresh 52 weeks high. It made a high of 41869 and finally settled with a weekly
gain of 3.95% at 41566 along with it closed above 21DEMA and 55DEMA which is at
39763 and 38190 respectively.
Silver (July) has support at 41700 and resistance at
42700---43200. Trend still looks positive and could test 42700---43200. Two
consecutive closes above 43200 will see further upside rally till
43900---44500+ mark in days to come else it could test its support level fo
41700 again. Two consecutive closes below 41700 will take to 41200---40700 and
then to 40000 mark. Comex Silver has hurdle at $18.50 and it could test its
resistance level of $18.50. Three consecutive closes + weekly close above
$18.50 will see more upside rally in it. RSI and MACD indicates that this
positive momentum remain continue for next week but be cautious at upper levels
as correction due in it. Traders can trade safely with levels only and wait for
confirmation.
Recommendation
Traders
can trade safely with levels only and wait for confirmation
CRUDE OIL
Be
cautious at upper levels, correction due in it
Too flared like anything and hit 52 weeks high of 3115
mark and finally settled with a weekly gain of 3.37% at 3035 along with it
closed above 21DEMA and 55DDEMA which is at 2899 and 2763 respectively.
This week, Crude oil has support at 3020 and
resistance at 3080---3140. Two consecutive closes below 3020 will take to
2925---2880 mark in days to come else it could test its resistance level of
3080---3140 again. Further upside rally will see only close above 3140 mark.
Close above 3140 will take to 3210---3250+ mark in days to come but chances are
unlikely to sustain at upper levels as correction due in it. Now upper side
seems limited in Crude oil and we will expect some correction in Crude oil.
MACD and RSI too indicating diversion on daily chart but trade safely with
levels only. Nimble traders can try to get an opportunity to sell Crude on rise
around 3080 with stop loss above 3140 on closing basis for the initial target
of 3020 and then to 2925---2880 mark. Others can trade safely and wait for
confirmation
Recommendation
Nimble
traders can sell Crude oil around 3080 with stop loss above 3140 for the
downside target of 3020---2925---2880.
NATURAL GAS
Trend
looks positive and in panic will buy
Last week, Natural gas traded in a range of 135---148
and finally settled with a weekly gain of 0.84% at 143.80 along with it closed
above 21DEMA and 55DEMA which is at 136.10 and 133.20 respectively.
This week, Natural gas has support at 138---133 and
resistance at 148. Close below 142 will take to 138---133. Further downside
move will see only below 133 mark. Three consecutive closes + weekly close
below 133 will see fall in Natural gas else it could test its resistance level
of 148 again. Two consecutive closes above 148 will take to 155---161+ mark. Further
upside rally will see only weekly close above 161. MACD and RSI too indicates
that this positive momentum remain continue and traders can buy and accumulate
Natural gas in panic with strict stop loss below 133 on closing basis for the
initial target of 148 and then to 155---161.
Recommendation
Traders
can buy Natural gas around 140---138 with stop loss below 133 for the upside
target of 148 and then to 155---161
COPPER
We will expect high volatility in Copper, trade safely
with levels only
We have seen high volatility in Copper though traded
in a range of 121---138 and finally settled with a weekly loss of 0.09% at
334.20 also closed above 21DEMA and 55DEMA which is at 326.20 and 323.50
respectively.
Copper has support at 330 and resistance at 339. Close
above 339 will take to 342---345. Two consecutive closes above 345 will see
further upside rally till 351---355+ mark in days to come else it could test
its support level of 330 and then to 326---321 mark again. Further downside
panic will see only weekly close below 321 mark. Overall trend looks positive
on charts but trade with levels only as we will expect high volatility in this
week. So traders can trade with in and out strategy. Positional traders can
wait for confirmation.
Recommendation
Traders can trade safely with levels only and wait for
confirmation
NICKEL
Trend looks positive on charts, break out point above
640
Last week, Nickel traded with positive bias and made a
high of 637.90. We recommended buying in panic with stop loss below 590 and finally
settled with a weekly gain of 5% at 631.70 also closed above 21DEMA and 55DEMA
which is at 602.20 and 591.50 respectively.
This week, Nickel has support at 590 and resistance at
640. It looks positive and could test its resistance level of 640. Nickel is
forming double bottom pattern on weekly chart and chances are bright for upside
move in it. Three consecutive closes + weekly close above 640 will see sharp
upside rally in it along with it, it turn in to positional buy call for a short
to medium term prospect. Traders can buy and accumulate Nickel in panic with
strict stop loss below 590 on closing basis.
Recommendation
Buy
Nickel around 620---615 with stop loss below 590 for the upside target of 640
Soyabean
Trade safely with levels only and wait for
confirmation
We have seen mind blowing rally in Soyabean from 3845---4325
and slipped drastically last week. We recommended fresh selling in Soyabean
below 4225 with stop loss above 4325. It crashed vertically and made a low of
3910 and finally settled with a weekly loss of 6.95% at 3927 also close below
21DEMA and 55DEMA which is at 4039 and 3954 respectively.
Soyabean has support at 3880 and resistance at 4000. Two
consecutive closes below 3880 will take to 3820---3750 mark in days to come
else it could take its resistance level of 4000 again. Further upside rally
will see only close above 4000 mark. Two consecutive closes above 4000 will see
further upside rally till 4080---4150 mark. Soyabean is now showing negative
trend but we have to wait for confirmation. For this week we will expect range
bound trading in Soyabean also traders remain cautious at lower levels. At this
stage traders can trade with in and out strategy and wait for confirmation. We
will expect further clear trend from next week onwards.
Recommendation
Traders can trade safely with levels only and wait for
confirmation
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