Weekly Trendz

Commodities 02 Oct 2016

Gold – Comex & MCX

Comex

Recap: Gold prices closed lower this week. Prices eroded all its previous gains with a high of $1342.1, closed weak at $1316.1. We saw prices trading in a sideways range of $1310 to $1340 levels for the consecutive third week. The medium term trend remains weak.

Forecast: As the trend remains weak, we can expect prices to test its support at $1310 to $1300 with sideways moves. A break below its key psychological support at $1300 could take prices sharply lower to $1280 to $1270; else we can see a rebound till $1340.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Gold – Comex 1316.1 1299 1272.5 1330 1345 Sideways
             

 

MCX

Recap – Gold December in MCX Futures closed lower below at Rs.30981, eroded all its previous gains. Prices closed near its strong support level of Rs.31000 levels. Earlier we saw prices trading in a range of Rs.31000 to Rs.31500 levels. The medium Term trend remains weak.

Forecast – Gold prices we can expect to trade sideways around Rs.31000 to Rs.31500 levels, a break and hold below Rs.30920 can take prices sharply lower till Rs.30700 to Rs.30600 levels; else we can see a rebound from supports at Rs.31000 again to test Rs.31250 to Rs.31400 levels.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Gold – MCX 30981 30900 30775 31080 31350 Sideways
             

 

 

Silver – Comex & MCX

Comex

 

Recap – Silver prices trading in sideways moves around $19 to $19.5 levels. We saw prices trading in these levels over many weeks. Last week prices went up sharply to close at $19.66. This week we saw prices corrected lower from high of $19.73 and made a low of $18.90.

Forecast – Prices could trade mild lower if it breaks $19 till 18.8 to $18.5 levels, a hold above $19.3 could take prices till $19.5 to $19.7 in medium term.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Silver – Comex 19.15 18.8 18.55 19.28 19.5 Sideways
             

MCX

Recap – Silver December Futures down this week from its Friday high of Rs.46889 to close lower at Rs.45726. Prices traded in volatile range on Friday after it broke its key Resistance at Rs.46100 went till Rs.46889; however prices closed near its open price of Rs.45726 levels.

 

Forecast – We expect prices to trade between Rs.45500 to Rs.46000 in the initial days, a break and sustain below Rs.45500 could take prices to more downside till Rs.45000 to Rs.44500 levels. A sustain above Rs.46100 looks firm for a target of Rs.46500 in a short term. Traders advised to wait for clear trend.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Silver – MCX 45726 45450 45200 46100 46450 Sideways
             

 

 

 

Copper – MCX

Recap- Copper closed in a bullish mode. Earlier prices tested around its previous week low of Rs.321.2 levels, we mentioned prices could face important support at Rs.321. Prices rebounded sharply higher to close at Rs.328.55 and made a high of Rs.329.3.

Forecast – We can expect prices to trade bullish, especially a break above Rs.330 could take prices much higher till Rs.333 to Rs.335 in near term. Support of Rs.327 to be watched as an intraday break could make prices to test Rs.325. Overall the trend remains positive.

 

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Copper 328.55 325 321.5 330 333.6 Buy above Res 1
             

 

 

Nickel – MCX

Recap – Nickel prices opened in a positive note this week, made a high of Rs.718.5 and we saw a drop down in prices till Rs.685.2 on Thursday. The prices closed in doji formation this week. Prices opened at Rs.705, closed at Rs.703.3.

 

Forecast– As prices closed in doji formation; we can expect either side moves. A break above Rs.710 to Rs.715 could make prices to trade bullish till Rs.730 to Rs.740 levels. A sustain below Rs.690 is bearish for prices till Rs.670 to Rs.650 levels.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Nickel 703.3 685 670 715 730 Sideways
             

 

Lead – MCX

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

Recap– Lead prices closed sharply higher this week at Rs.141.75, a highest monthly gain since April 2015. Prices after a low of Rs.126.55 rallied sharply higher above Rs.140 levels and closed at Rs.141.75.

 

Forecast – As we see prices closed above its long term Resistance of Rs.140, we expect prices to hold bullish till Rs.145 levels in a near term and we can see prices could head towards Rs.150 to Rs.155 in coming weeks. Traders advised to buy on any small dips as prices are near over bought zone.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Lead 141.75 138.4 135.6 144 146.8 Bullish
             

 

 

Zinc – MCX

 

Recap – Zinc prices also closed bullish this week at Rs.158.1. Prices up this week after a low of Rs.149.45 and rebounded sharply higher after its break above Rs.154. Prices closed higher this week since June 2016

 

Forecast – We expect Zinc prices to hold bullish especially above Rs.158 levels. Any dips to Rs.156 to Rs.158 levels can create an opportunity for traders to initiate buys for a fresh target of Rs.162 to Rs.164 in near term.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Zinc 158.1 156 154.1 160 162.5 Bullish
             

 

 

Aluminium – MCX

Recap – Aluminium prices continued its bullish trend for the second consecutive week. Prices with low of Rs.107.9, traded in a positive trend and made a high of Rs.111.4 on Friday.

Forecast – We expect prices continue to trade bullish. A break and hold above Rs.111.5 could create fresh longs for a target of Rs.113.5 to Rs.115 in near term; support can be seen at Rs.109.7

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Aluminium 111.2 109.8 108 112.5 113.6 Bullish
             

 

Crude Oil – NYMEX & MCX

 

Recap– Crude Oil Futures continued its bullish trend from last week. Prices with a low of $44.19 rebounded sharply higher to made a high of $48.32 and closed bullish at $48.04. MCX Crude Oil Futures after a doji formation last week, rebounded sharply higher to close at Rs.3212. We can see short term Resistance at Rs.3250 levels.

 

Forecast – Crude Oil prices looks firm and could test its initial Resistance at $48.75 to $49, a break further could take prices till its psychological Resistance at $50. Any dips to $46.5 looks as an opportunity to initiate fresh longs. MCX Crude Oil October Futures up over Rs.200 per barrel. Prices closed above Rs.3150 levels and could take prices to the next level of Rs.3250. We expect more buying could come above Rs.3250 till Rs.3300 to Rs.3350 in near term.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Crude Nymex 48.04 46.55 45 48.75 50 Buy on Dips
             
Crude MCX 3212 3160 3070 3250 3310 Buy on Dips
             

 

Natural Gas – MCX

Recap – Natural Gas prices closed lower this week. Prices opened above Rs.200 and corrected down on Friday. The trading range can be seen at Rs.197 to Rs.202 levels, prices closed lower this week after it broke its key support at Rs.197.

Forecast – We expect prices to take important support at Rs.193 levels, a break below could take prices sharply lower till Rs.190 to Rs.188 levels. Short term Resistance can be seen at Rs.196 levels.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Natural Gas 194 190.5 188.1 197 201 Consolidation
             

 

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.