GOLD
Looks
positive and in panic will buy
After vertical fall we have seen a sharp bounce back
in Gold on late Friday due to weak employment report. It spurts to 29420 and
settled with a weekly gain of 2.74% at 30387 along with it closed above 21DEMA
and 55DEMA which is at 29286 and 29202 respectively.
Gold has support at 29150---28800 and resistance at 29420.
Above 29420 will see further upside rally till 29550---29580 mark. Three
consecutive closes + weekly close above 29580 will see further upside rally
till 29800---30000+ mark in days to come. Any sharp panic will be buying
opportunity in Gold with stop loss below 28800 on closing basis. After weak Job
report we will expect Gold to remain upside as appeal for a safe haven against currency
also there is FOMC meet which is scheduled on 15th June 2016. Gold
formed double bottom pattern on daily chart and MACD and RSI too indicate
positivity in Gold. Traders can buy and accumulate Gold in panic around 29200
with stop loss of 28800 for the initial target of 29550---29580 and then to
29800---30000 mark. Fresh selling can initiate only close below 28800 mark.
Trade with levels only and wait for confirmation.
Technical Outlook
Recommendation
Traders can buy Gold in panic around 29200 with stop
loss below 28800 for the initial target of
29550---29580 and then to 29800---30000 mark
SILVER
Trade safely with levels only
Silver too made a low of 38270 but unable to breach
38250 and bounce back sharply to 39290 mark and finally settled with a weekly
gain of 0.55% at 39079 along with it closed above 21DEMA and 55DEMA which is at
39425 and 39083 respectively.
Silver has support at 38600---38000 and resistance at
39300. Silver looks positive on charts and could test its resistance level of
39300. Two consecutive closes above 39300 will take to 40500---40800 and then
to 41500+ mark in days to come. Fresh selling can initiate only weekly close
below 38000 mark. Three consecutive closes + weekly close below 38000 will see
sharp downside panic in it but chances are unlikely to breach its support level
of 38000 in near terms but trade with levels only. Along with it MACD and RSI
too indicates positive diversion on daily chart. Traders can buy and accumulate
Silver in panic around 39000---38600 with stop loss below 38000 on closing
basis for the upside target of 40500---40800 and then to 41500+ mark in days to
come.
Technical Outlook
Recommendation
Buy
Silver around 39000---38600. Stop loss 38000. Target 40500---40800---41500
CRUDE OIL
In
panic will buy, trend still looks positive
After sharp upside rally, we have seen consolidation
phase in Crude oil last week in the range of 3200---3450 and finally settled
with a weekly loss of 1.72% at 3253 but still it closed above 21DEMA and
55DDEMA which is at 3218 and 2988 respectively.
This week, Crude oil has support at 3100---3060 and
resistance at 3380---3450. Closes below 3230 will take to 3150---3120 mark.
3120---3060 act as major support in Crude oil. Further downside panic will see
only weekly close below 3060 mark. Three consecutive closes + weekly close
below 3060 will see positional sell off in Crude oil else it could test its
resistance level of 3380---3450 again. Further upside rally will see only close
above 3450 mark. Three consecutive closes + weekly close above 3450 will see
further upside rally in Crude oil till 3700---3850 mark in coming weeks.
Overall trend still looks positive and chances are unlikely to breach its
support level of 3060 in near terms but trade with levels only. Nimble traders
can buy Crude oil in panic around 3150---3120 with stop loss below 3060 on
closing basis for the upside target of 3380---3450 mark. Others can trade with
levels only and wait for confirmation.
Technical Outlook
Recommendation
Nimble
traders can buy Crude oil around 3150---3120 with stop loss below 3060 for the
downside target of 3380---3450.
NATURAL GAS
Trend
looks positive and in panic will buy
As expected Natural gas flared like anything hit
165.50 mark. It unable to breach its support level of 133 and bounced back
sharply. We recommended buying above 148 mark and finally settled with a weekly
gain of 10.20% at 162.00 along with it closed above 21DEMA and 55DEMA which is
at 147.70 and 140.80 respectively.
This week, Natural gas has support at 153---145 and
resistance at 166. Two consecutive close above 166 will take to 174---178+ mark
in days to come else it could test its support level of 159---153 again.
153---145 act as major support in Natural gas. Fresh selling can initiate only
weekly close below 145 mark but chances are unlikely to breach its support
level of 145 in near terms. Natural gas turn positive on weekly basis and any
sharp panic will be buying opportunity in it but trade with levels only. We
will concentrate on buying in Natural gas on long term prospective for the
upside target of 200+ mark in coming weeks. MACD and RSI along with 21DEMA and
55DEMA also indicate positivity in Natural Gas. Traders can buy and accumulate
Natural gas in panic around 159---153 with stop loss below 145 on closing basis.
Technical Outlook
Recommendation
Traders
can buy Natural gas around 159---153 with stop loss below 145.
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 309---305.50 and resistance at
318. Copper is forming double bottom pattern on weekly chart having crucial
support at 305.50. Fresh selling can initiate only close below 305.50. 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 318 again. Above 318 it
confirms the double bottom pattern and then we will see nonstop rally in Copper
till 332---338+ mark in days to come. At this stage, trend looks choppy and has
no clear direction. MACD and RSI indicating positive diversion but trade safely
with levels only. Risky traders can buy and accumulate Copper in panic around
310—309 with stop loss below 305.50 on closing basis for the initial target of
318. Others can wait for confirmation.
Technical Outlook
Recommendation
Risky traders can buy Copper in panic around 310---309
with stop loss below 305.50 on closing basis for the initial target of 318
NICKEL
Traders can trade with levels, Trading range 555---585
Last week, Nickel traded choppy though traded with
negative bias and finally settled with a weekly gain of 1.78% at 572.10 also
closed below 21DEMA and 55DEMA which is at 583.00 and 596.20 respectively.
This week, Nickel has support at 550 and resistance at
585. Copper has weekly support at 555. Fresh selling can initiate only close
below 555. Two consecutive closes below 555 will take to 540---525 and then to
480 mark in days to come else it could test its resistance level of 585 again.
Two consecutive close above 585 will see rally in Nickel till 600---610 and
then to 640 mark in days to come. Three consecutive closes + weekly close above
640 will see positional buying in Nickel. At this stage, trend looks choppy and
has no clear direction. MACD and RSI indicating positive diversion but trade
safely with levels only. Risky traders can buy and accumulate Copper in panic
around 570 with stop loss below 555 on closing basis for the initial target of
585. Others can wait for confirmation.
Technical Outlook
Recommendation
Risky
traders can buy Nickel around 570 with stop loss below 555 for the upside
target of 585
SOYABEAN
Trade safely with levels only and wait for
confirmation
We have seen range bound trading in Soyabean though
traded with negative bias and finally settled with a weekly loss of 1.45% at
3883 also close below 21DEMA and 55DEMA which is at 3902 and 3917 respectively.
Soyabean has support at 3800 and resistance at 3920. Two
consecutive closes below 3800 will take to 3720---3650 mark in days to come
else it could take its resistance level of 3920 again. Further upside rally
will see only close above 3920 mark. Two consecutive closes above 3920 will see
further upside rally till 3980---4050 mark. Three consecutive closes + weekly
close above 4050 will see positional buying in it. 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.
Technical Outlook
Recommendation
Traders can trade safely with levels only and wait for
confirmation
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