Gold – Comex & MCX

Comex

Recap: Gold prices had a highly volatile week due to US Election. Prices gained sharply during the first half of the week, made a high of $1337.35, but ended sharply lower below its important long term support of $1250 to close at $1227, down around $100.

Forecast: We can expect Gold prices to trade volatile and weak as prices closed sharply lower below $1250. Prices could head towards its important support at $1200 in coming days. Any rise to its Resistance at $1240 to $1250 could be used as selling levels for the said target.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Gold – Comex 1227 1209 1200 1245 1262 Bearish
             


MCX

Recap – Gold in MCX Futures made a high of Rs.31376 during its first half of this week, prices were closed sharply lower during the end of week at Rs.29396. Prices traded highly volatile around Rs.2000 per 10 Gram in MCX. Earlier prices had its key support at Rs.29700 levels.

Forecast – Gold prices expected to trade bearish, especially on a hold below Rs.29250 for an immediate target towards Rs.29000 to Rs.28500 levels. Trades can sell on rise up to Rs.29700 levels. Prices could rebound from its low till its important resistance at Rs.29700.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Gold – MCX 29396 29240 29010 29700 29950 Bearish
             

 

Silver – Comex & MCX

Comex

Recap – Silver prices in line with Gold, went up in anticipation of US Election and prices discounted early to made a high of $18.98, however we can see prices pushed down to close at its important support at $18.5. Prices dropped more than 6% on Friday.

Forecast – Silver prices in COMEX looks to find its key support now at $17, any pull back till $17.5 to $17.7 could create fresh opportunities to initiate short for a short term target of $17 and $16.5.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Silver – Comex 17.32 17 16.75 17.73 18 Bearish
             


MCX

Recap – Silver prices ended up in a bearish mode this week. Prices earlier traded in a sideways move around Rs.43500 to Rs.44500 levels. Prices dropped sharply lower on Friday from Rs.44435 straight to trade below Rs.42000 down over 5% on intraday.

Forecast – Silver expected to trade bearish for the coming week with consolidation around lower levels. Prices could bounce to its short term resistance at Rs.42500 – Rs.42700 levels and we can expect a fresh selling on these levels for a near term target of Rs.42000 to Rs.41500 levels. The medium term trend remains bearish.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Silver – MCX 42194 41600 41100 42600 42950 Bearish
             

 

Copper – MCX

Recap- Copper gained over 20% this week on Intraday and closed at nearly 12% up. Copper prices rallied this week as expectation of Donald Trump’s victory in US Election could boost up growth in all sectors. Prices rallied higher after its break of Rs.345 made a high on Friday at Rs.405.2, but erased some gains due to profit booking.

Forecast – Copper prices could remain highly volatile in coming weeks. We can expect prices to hold steady and any dips to its support of Rs.370 can be used for fresh buying till Rs.390 levels. Caution advised for intraday traders as more volatile could be seen.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Copper 374.65 366 359 385 393 Volatile
             


Nickel – MCX

Recap – Nickel prices gained over 15% this week and ended up in a neutral range. Prices rose sharply higher due to US President Election from low of Rs.702.4 made a high of Rs.812.9. Prices closed at 8.55% from last week at Rs.757.7.

Forecast– Nickel prices looks to hold bullish for the coming weeks. Prices could initially test its key support now at Rs.740 levels before making a fresh buys for a near term target of Rs.780 to Rs.800 levels and also expect the volatile to continue this week.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Nickel 757.7 735 710 790 810 Buy on Dips
             

 

Lead – MCX

Recap– Lead prices closed bullish for the third consecutive week. Prices up nearly 7% on MCX Futures and corrected down to close at a gain of 2.61% from last week. The trend remains bullish for medium term.

Forecast – Lead prices expected to trade positive, prices looks to test its previous weekly high of Rs.155 in coming weeks. A short term resistance seen at Rs.145 levels and a hold above could take prices till Rs.148 to Rs.150 shortly. We maintain our bullishness in Lead.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Lead 143.4 140 138.2 145 147.8 Bullish
             

 

Zinc – MCX

Recap – Zinc prices closed positive for the third consecutive week. Prices made a high of Rs.178 on Friday, but retraced to close with a smaller gain at Rs.167.3 from previous week close at Rs.163.05

Forecast – Zinc prices could hold steady, however a correction towards Rs.164 to Rs.165 can be used as a fresh buying opportunity for low risk traders. Prices could head towards Rs.170 levels in coming weeks.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Zinc 167.3 164.5 162.1 170 174 Bullish
             


Aluminium – MCX

Recap – Aluminium prices gained this week from its low of Rs.113.5 with a high made on Friday at Rs.120.7. Prices dropped on Friday as it gained sharply higher during the week. Prices closed positive at Rs.117.4

Forecast – Aluminium prices expected to trade sideways to bullish. Prices look to trade in between Rs.116 to Rs.118 during the initial days of the week. Any dips to the support of Rs.115 can be a level to initiate fresh longs.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Aluminium 117.4 115 114.25 119 120.5 Sideways
             

 

Crude Oil – NYMEX & MCX

Recap– Crude Oil prices in NYMEX closed weak for the third consecutive week. Prices rose higher on early days this week, made a high of $45.95, closed sharply lower near its low of $43.13. We can see a key support level at $42.5 levels. Crude Oil in MCX November Futures ended neutral this week. Prices made a high of Rs.3058 and closed at Rs.2953.

Forecast – Crude Oil in NYMEX expected to face its medium term support at $42.5 levels. We need to watch the support for the next move. Prices could rebound on a strong hold on the support level till $45 levels. A sharp weakness can see possible on a break below $42.3. MCX Crude Oil Futures to face its important medium term support at Rs.2860 – Rs.2900 levels. Prices may rebound till Rs.3000 to Rs.3050 levels.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Crude Nymex 43.13 42.5 41.9 44.45 45.6 Sideways
             
Crude MCX 2953 2895 2850 3000 3060 Sideways
             

Natural Gas – MCX

Recap – Natural Gas prices closed bearish for the fourth week. Prices dropped nearly 20% over the last four weeks.

Prices made a fresh low of Rs.172.6 and managed to close at Rs.178.8 due to week end profit booking.

Forecast – We expect Natural Gas prices could rebound a little from the support level of Rs.175 to Rs.177 levels for a short term target of Rs.181 to Rs.183 levels. A break and trade below Rs.175 looks bearish for prices for a target of Rs.170

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Natural Gas 178.8 176 173.5 181 185.5 Profit booking
             


Disclaimer:
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