Gold
Trend looks choppy and has no clear direction, wait for
confirmation
Gold slipped from upper levels again after FED meeting
minutes. Gold traded negative bias on fear of Interest rate hike from the house
of US.
It made a low of 29623 and finally settled with a weekly
loss of 1.14% at 29691 along with it closed below 21DEMA but above 55DEMA which
is at 29766 and 29323 respectively.This week, Gold has support at 29600 and
resistance at 29900---30300. Break and close below 29600 will take to
29400---29250 mark.
More and more panic will see only weekly close below 29250
mark. Three consecutive closes + weekly close below 29250 will take to
28900---28600 mark in days to come else it could test its resistance level of
29900 and then to 30200---30300 again.More and more power will see only weekly
close above 30300.
On Comex division, Gold has support at $1240---$1225. Close
below $1248 will take to $1240 and then to $1233---$1225 again.More and more
downside panic will see only close below $1225 else it could test its
resistance level of $1260 and then to $1280---$1290+ mark in days to
come.
MACD and RSI still showing negativity on daily as well as
weekly charts but trade safely with levels only and wait for confirmation.
Recommendation
Traders can trade in a range with strict stop loss and wait
for confirmation
Silver
Looks weak but trade with levels only
Silver too crashed vertically and made a low of 39621. We clearly indicated to sell on rise and finally settled with a weekly loss of 2.78% at 39834 along with it closed below 21DEMA but above 55DEMA which is at 40381 and 39173 respectively.
This week, Silver has support at 39600 and resistance at
40300. Break and close below 39600 will take to 38800---38500 mark. More and
more panic will see only weekly close below 38500 mark. Three consecutive
closes + weekly close below 38500 will see free fall in Silver else it could
test its resistance level of 40300 and then to 40900---41500 again.
More and more downside panic will see only close
below $15.80 else it could test its resistance level of $16.70 and then to
$17.00---$17.30+ mark in days to come. MACD and RSI too indicates negativity on
daily as well as on weekly charts but 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
Rally continues and made a high of 3333 on late Friday and
finally settled with a weekly gain of 3.89% at 3281 along with it closed above
21DEMA and 55DDEMA which is at 2899 and 2763 respectively.
This week, Crude oil has support at 3250 and resistance at
3340---3370. Two consecutive closes below 3250 will take to 3150---3120 mark in
days to come else it could test its resistance level of 3330---3370 again.
Further upside rally will see only close above 3370 mark.
Two consecutive closes above 3370 will take to 3450---3530+ 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 3330 with stop loss above 3370 on closing basis for
the initial target of 3250 and then to 3150---3120 mark. Others can trade
safely and wait for confirmation
Recommendation
Traders can trade in a range with levels only and wait
for confirmation
Natural Gas
Looks choppy and has no clear direction… So trade safely
with levels only
From last few weeks, Natural gas is trading in a range of
133---148 and this week settled with a weekly loss of 1.91% at 138.80 along
with it closed above 21DEMA and 55DEMA which is at 135.80 and 137.40
respectively.
This week, Natural gas has support at 133 and resistance at
148. Close below 138 will take to 135---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 140 and then to
144---148 again.
More and more power will see only weekly close above 148 mark.
Three consecutive closes + weekly close above 148 will take to 158---161+ mark.
Diversion of MACD and RSI too indicates positive momentum in
Natural gas but trade with levels only and wait for confirmation
Recommendation
Traders can trade in a range with levels only and wait for
confirmation
Copper
Copper trend still looks weak but trade with levels only
After vertical crash we have seen consolidation phase in
Copper though traded with negative bias. It made a low of 306.05 and finally settled
with a weekly loss of 0.47% at 308.40 also closed below 21DEMA and 55DEMA which
is at 315.60 and 319.30 respectively.
Copper has support at 305.50 and resistance at 314. Two
consecutive closes below 305.50 will take to 294---289 and then to 276 mark in
days to come else it could test its resistance level of 310---314 again.
More and more power will see only close above 314. Two
consecutive closes above 314 will take to 319---324 mark. 324 act as major
resistance and further upside rally will see only weekly close above 324 mark
but chances are unlikely to breach its resistance level of 324.
MACD and RSI still showing negativity on daily as well on
weekly chart. Traders can sell Copper below 305.50 and add more lot on rise
above 310 with stop loss above 314 on closing basis for the initial target of
294---289 and then to 276 mark.
Recommendation
Traders can sell Copper below 305.50 and add more lot on
rise above 310 with stop loss above 314 on closing basis for the initial target
of 294---289 and then to 276 mark.
Nickel
Looks weak below 570 mark
Last week, Nickel traded with negative bias and made a low
of 571.20 and finally settled with a weekly loss of 1.51% at 572.10 also closed
below 21DEMA and 55DEMA which is at 602.20 and 591.50 respectively.
This week, Nickel has support at 570 and resistance at 590. Two
consecutive closes below 570 will take to 555---540 and then to 525 mark in
days to come else it could test its resistance level of 590 again. Close above
590 will take to 610---625 and then to 640 mark again.
More and more power will see only weekly close above 640
mark. 640 act as major resistance and further upside rally will see only weekly
close above 640 mark.
MACD and RSI still showing negativity on daily as well on
weekly chart. Traders can sell Nickel below 570 with stop loss above 590 on
closing basis for the initial target of 555---540 and then to 525 mark.
Recommendation
Sell Nickel below 570 with stop loss above 590 on closing
basis for the initial target of 555---540 and then to 525 mark.
Soyabean
Trade safely with levels only and wait for confirmation
We have seen highly range bound trading in Soyabean from
last few trading sessions though traded with negative bias. Recently it made a
low of 3800 and currently settled at 3976 but closed above 21DEMA and 55DEMA
which is at 3945 and 3936 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. More and more power will see only weekly close
above 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.
Weekly Pivot Levels
Symbol
|
Contract
|
Close
|
R1
|
R2
|
Pivot
|
S1
|
S2
|
GOLD
|
03-Jun-16
|
29691
|
30099
|
30507
|
29861
|
29453
|
29215
|
SILVER
|
05-Jul-16
|
39834
|
41012
|
42191
|
40317
|
39138
|
38443
|
CRUDEOIL
|
20-Jun-16
|
3281
|
3369
|
3458
|
3245
|
3156
|
3032
|
NATURALGAS
|
25-May-16
|
138.7
|
141.9
|
145.2
|
137.5
|
134.2
|
129.80
|
COPPER
|
30-Jun-16
|
308.4
|
312.9
|
317.4
|
309.5
|
305
|
301.50
|
NICKEL
|
31-May-16
|
572.10
|
584.00
|
595.90
|
577.60
|
565.70
|
559.30
|
LEAD
|
31-May-16
|
112.70
|
115.80
|
118.90
|
114.10
|
111.00
|
109.30
|
ZINC
|
31-May-16
|
125.50
|
127.00
|
128.40
|
125.60
|
124.20
|
122.80
|
ALUMINIUM
|
31-May-16
|
104.10
|
106.00
|
107.8
|
104.3
|
102.4
|
100.70
|
SOYBEAN
|
20-Jun-16
|
3976
|
4063.
|
4150
|
3977
|
3890
|
3804.
|
SOYAREF
|
20-Jun-16
|
638.6
|
651.80
|
665
|
642.7
|
629.5
|
620.30
|
News & Chart Source - Telequote & Investing.com
