Gold – Comex & MCX

Comex

Recap: Gold prices closed higher this week as Fed leaves Interest rate unchanged. As per our previous reports, we advised buying around the supports of $1300 to $1310 levels and we saw the prices made a high of $1343.65 this week. Prices closed above its key levels of $1330

Forecast: The weekly medium term trend remains weak, however a hold above $1350 could turn the commodity in to bullish trend. We can expect prices could target $1370 to $1390 on a strong hold above $1350; otherwise prices could trade sideways around $1330 to $1350 levels.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Gold – Comex 1337.35 1328 1310 1350 1367.5 Sideways
             

 

MCX

 

Recap – Gold in MCX Futures continued its sideways moves around Rs.31000 to Rs.31500 over many weeks. Earlier this week prices opened positive and continue to trade bullish to sideways. We can see strong Resistance level at Rs.31500 levels. Important pivot seen at Rs.31200

 

Forecast – We expect Gold October Futures continue to trade sideways around Rs.31200 to Rs.31500 levels, either a break above or below the said levels could give us a clear view. A decisive break above Rs.31550 could give a clear breakout for target up to Rs.32000

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Gold – MCX 31281 31200 31010 31450 31600 Sideways
             

 

Disclaimer:Trading/investing in Commodity Derivatives involves considerable risk and may not be suitable for all types of investors and/or traders. The investor and/or trader may have the risk of losing part or all or even in excess of the initial investment. ProfitTrendz does not offer any product / service with assured / guaranteed returns.

 

Weekly Trendz

 

Commodities 25 Sep 2016

 

Silver – Comex & MCX

 

Comex

Recap – Silver prices closed sharply higher this week since July 2016. Prices rose after a breakout of $19 and made a new high of $20.04 on Thursday. We saw some profit taking happened on Friday as traders locked their profits.

Forecast – We expect prices to hold steady above $19.5, initially we may expect prices could test its support of $19.5 before making an up move in coming week. Buying could come around $19.5 for a target of $20 to $20.5, however sustain below $19.5 need to be watched for downside pressure.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Silver – Comex 19.66 19.5 19.3 19.9 20.4 Sideways
             

 

MCX

Recap – Silver had a positive week after prices rallied to Rs.47635 on Thursday. We see prices sustained above Rs.46500 levels and the overall trading range in Silver seen at Rs.45800 to Rs.47200 levels.

Forecast – We expect Silver prices could stay around the closing levels; prices could trade near its important supports at Rs.46500. We can expect fresh buying could come around Rs.46500 for a target of Rs.47000 to Rs.47500 in coming week. Resistance can be seen at Rs.47200

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Silver – MCX 46817 46500 46200 47150 47500 Sideways
             

 

Weekly Trendz

 

Commodities 25 Sep 2016

Copper – MCX

 

Recap- Copper continued its weekly gain as prices closed sharply higher for the consecutive fourth week. Earlier we saw a consolidation around Rs.310 to Rs.315, we mentioned above Rs.315 expect target up to Rs.330. This week prices made a high of Rs.328.4 near to our target level.

 

Forecast – We can expect Copper prices continue to trade bullish. Initially we expect prices to test its important Resistance at Rs.330 and a hold above these levels could take prices to the next level up to Rs.335 in near term. A correction towards Rs.325 can give us a fresh buying opportunity.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Copper 327.8 325.5 322 330 333.6 Buy on dips
             

Nickel – MCX

 

Recap – Nickel had a sharp weekly gain since June 2016. Prices with an open low of Rs.653 gained over 9% this week. Prices closed above its key resistance level of Rs.700 for the first time in recent weeks.

 

Forecast– Nickel could trade bullish for the coming week. We can fresh buying possible on a small dips to Rs.690 – Rs695 levels. We can expect a short term target of Rs.720 to Rs.740 levels. We advise traders can initiate fresh buys around the supports of Rs.690 – Rs.700 levels.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Nickel 706.3 690 663 720 738 Buy on dips
             

 

Weekly Trendz

Commodities 25 Sep 2016

Lead – MCX

 

Recap– Lead prices had a sharp correction this week after it made a high of 132.8 on Tuesday. Prices started downside from Wednesday to close weak at Rs.127.35. Prices formed some double top around the Resistance level of Rs.129 – Rs.130.

 

Forecast – Lead Prices could face selling pressure among base metals. Prices can test the initial support level of Rs.126 to Rs.125 levels. Prices could rebound from the supports of Rs.126 levels for a target of Rs.128 to Rs.130 levels.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Lead 127.35 126 124.9 129 131 Weak till Sup
             

 

 

Zinc – MCX

 

Recap – Zinc prices closed in a positive note after a two weeks downtrend from Rs.157.5 to this week low of Rs.147.55 levels. We saw a rebound from the supports and made a high of Rs.153.85. We saw sideways trading levels at Rs.153 levels during the end of the week.

 

Forecast – We expect prices to trade sideways around Rs.150 to Rs.153 for the coming week. Prices expected to face its key resistance level at Rs.153.5. We see the strong support level is at Rs.150 levels.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Zinc 151.45 149 147.5 153 155 Sideways
             

 

Aluminium – MCX

 

Recap – Aluminium prices rallied higher, biggest weekly gain since June 2016. Kindly refer our earlier report, mentioned prices consolidating in a range of Rs.104.5 to Rs.106 and a break above Rs.106 looks bullish till Rs.110. Prices made high of Rs.109.7.

 

Forecast – We expect Aluminium prices to trade bullish. Prices look for a target of Rs.111 to Rs.112 this week. Any small dips to Rs.107 levels looks as a buying opportunity for the said targets.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Aluminium 108.7 106.35 105 110 112 Bullish
             

Weekly Trendz

 

Commodities 25 Sep 2016

Crude Oil – NYMEX & MCX

 

Recap– Crude Oil prices rebounded from last week lows of $42.74. We mentioned a hold above $43 looks opportunity for a possible rebound. Prices traded in a last week’s range of $43 to $46.5. Prices facing its key resistance at $46.5 and selling pressure comes from highs. MCX Crude Oil Futures had a volatile week. Prices oscillated at Rs.2950 to Rs.3100 levels. Prices trading in a medium term weak trend from Rs.3350 to Rs.2900

 

Forecast – Crude oil prices expected to trade in a sideways moves to lower. We can expect the medium term downtrend to continue till $43, more weakness could come below $43 for a target of $40 in coming weeks. MCX Crude Oil Futures to face its important support at Rs.2900, a break and hold could take prices sharply lower to Rs.2800 to Rs.2700 levels.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Crude Nymex 44.62 43 41.1 46.5 48 Sell on Rise
             
Crude MCX 2978 2910 2820 3050 3110 Sell on Rise
             

Natural Gas – MCX

 

Recap – Natural Gas prices rallied sharply higher. Prices rallied after a break of Rs.200 to Rs.201 levels and made a high of Rs.207.6, however prices closed sharply lower erasing previous gains to close at Rs.196.2 due to Inventory Report.

 

Forecast – We expect prices to face its important Resistance at Rs.200, an intraday break and hold below Rs.195 could take prices to lower levels till Rs.190 for short term. A hold above Rs.200 again looks bullish for short term target of Rs.205 to Rs.210

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Natural Gas 196.2 193.5 191 200 203.5 Sideways