Gold – Comex & MCX

Comex

Recap: Gold prices seen a tight range of trading around $1330 to $1310 for the whole week. There is no much trading

opportunity seen for intraday players. Prices closed at $1309.85 of earlier week’s support.

Forecast – Gold to trade under pressure below $1310, we expect prices could see support level at $1300 – $1310

levels. The Narrow Bollinger Band shows lower volatility. MACD is slightly below the zero line indicating the prices to

trade in a consolidated level; however we can see a sharp rise in prices if the said support level not broken. We may

expect prices could head towards $1330 to $1350.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend

Gold – Comex 1309.85 1299 1286.5 1321 1333 Buy at Sup 1

 

 

MCX

Recap – Gold prices traded in a range of Rs.30800 to Rs.31200 levels. Prices came down this week after US Dollar

Index ended up with positive note in expectation of Fed policy meet next week. We saw a high volatile sideways

move around Rs.30800 to Rs.31000 levels.

Forecast – We expect prices to trade mild weak below Rs.30750 levels to target Rs.30650 – 30600 levels on short

term, however we can expect prices could rebound sharply higher for Rs.31000 to Rs.31200, more upside possible

above Rs.31200 levels. Fed outcome on Interest Rates could give us more clues for the next trend, until we expect

sideways moves. INR volatile also could make impact on MCX levels.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend

Gold – MCX 30813 30680 30510 31000 31200 Buy at Sup 1

 

Silver – Comex & MCX

 

Comex

Recap – Silver prices dropped for the second week with range bound moves. Prices trading weak below $19, but we

have not seen a clear trend in prices. Last week prices made a high of $20.12, closed at $18.77. No trading

momentum seen for short term players.

Forecast – We expect Silver prices to trade under pressure during the first half of next week, could test the strong

support of $18.5. Fed outcome could possibly make an impact on prices and a rebound from $18.5 for $19. So we

advise to stay in sell side during the earlier days of the week, can buy around $18.5

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend

Silver – Comex 18.77 18.61 18.5 18.9 19.2 Weak

 

 

MCX

 

Recap –Silver prices trading in a range of Rs.46000 to Rs.45000 levels, we saw prices trading in a immediate range of

Rs.45600 to Rs.45200 levels during the end of the week. Silver probably forming a head and shoulders pattern and

prices unable to hold neither on highs nor on lows due to volatile in INR levels.

Forecast – We expect Silver prices continue to trade sideways to lower with Resistance seen at Rs.45500 levels. We

can expect it to test the lower level and consolidate around Rs.45000; a decisive break below Rs.45000 could take

prices immediately to Rs.44500. We recommend staying short in early of next week; any dips to Rs.44500 could be a

good level for buying.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend

Silver – MCX 45273 45050 44600 45500 45780 Sideways

 

 

 

Copper – MCX

 

Recap- Copper prices rose sharply this week as we mentioned earlier in our reports, a break above Rs.315 could

target Rs.320 and Rs.325, prices made a new high of Rs.324.8 on Friday. Prices closed sharply higher after a two

weeks consolidation around Rs.310 levels.

Forecast – We expect Copper Futures in MCX continue its bullish trend from Rs.315, prices could see some strong

Resistance at Rs.326 to Rs.327, however we expect prices to correct a bit from highs to Rs.320 to Rs.319 levels. Any

dips to Rs.320, traders can initiate long positions for a target of Rs.325 to Rs.327

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend

Copper 324.05 321 319.5 326 329 Buy on dips

 

 

Nickel – MCX

 

Recap – Nickel prices dropped sharply lower among base metals. Prices with an open high of Rs.691.3 dropped

sharply and made a low of Rs.642.5 on Friday. Prices trading in a range of Rs.650 to Rs.700 for nearly a month

Forecast– Nickel prices could face strong support levels at Rs.640 to Rs.650, before a fresh move. If prices stay above

Rs.650 may expect a small rebound in prices till Rs.660 levels and selling could come on higher levels. Overall the

trend remains sideways.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend

Nickel 651.6 642 630 663 675 Sell on Rise

 

 

Lead – MCX

 

Recap– Lead prices holding its bullish trend. Last week we saw a decline or correction in prices from Rs.131.25 to a

low of Rs.125.6. This week the prices rebounded sharply after testing the supports of Rs.125, made a high of Rs.131

again on Wednesday.

Forecast – We expect prices to trade mixed between Rs.127 to Rs.131 for near term. Any dips to Rs.127 levels looks

as a buying level for a short term target of Rs.131. A break and hold above Rs.132 could see more upside in prices till

Rs.135.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend

Lead 129.75 126.8 124.6 131.5 133.3 Buy on Sup 1

 

 

Zinc – MCX

 

Recap – Zinc prices trading weak for the second consecutive week. Prices earlier dropped from Rs.157.5 to close

lower last week at Rs.153.05, This week prices continued its weakness or correction to a low of Rs.147.35. Prices

closed below Rs.150 levels for the first time over weeks.

Forecast – Zinc prices expected to trade weak below Rs.150 levels, Prices closed sharply lower below Rs.150 at

Rs.148.4. We expect prices could test the support levels of Rs.146 to Rs.145 for short term; however a break and hold

above Rs.150 could hold prices steady towards Rs.153 levels.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend

Zinc 148.4 146.8 145 150 152.8 Sideways

 

 

Aluminium – MCX

 

Recap – Aluminium prices trading in a tight range of Rs.104 to Rs.106 levels. We saw sideways moves around these

levels. Prices closed in a negative note for the fourth consecutive week.

Forecast – We expect prices continue to trade range bound around Rs.104 to Rs.106 levels in coming days. Either a

break or close of the above said levels could give us next clue.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend

Aluminium 105.15 104.55 103.5 106.1 107.8 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.