Weekly Trendz
Commodities – 09 Oct 2016
Gold – Comex & MCX
Comex
Recap: Gold prices had a biggest weekly loss since November 2015 supported by stronger Dollar. Prices crashed down after it broken its key level at $1300 levels. Prices made a weekly low of $1241 on Friday.
Forecast: Gold prices expected to trade bearish, we may expect a small rebound in prices during first half of the week, any rise to $1270 looks as an opportunity to initiate fresh shorts for a target of $1240 to $1220 levels.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Gold – Comex | 1257.4 | 1240 | 1215 | 1270 | 1290 | Bearish |
MCX
Recap – Gold prices had its biggest weekly loss over years in MCX. Prices came down after a break of Rs.30500, and tested a low of Rs.29300 on Friday and closed at Rs.29578 due to profit booking.
Forecast – Gold prices expected to trade bearish in coming weeks, we may expect some small profit booking up to Rs.29700 to Rs.29800 levels and prices could target Rs.29300 to Rs.29000 in coming days.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Gold – MCX | 29578 | 29300 | 29050 | 29850 | 30000 | Bearish |
Silver – Comex & MCX
Comex
Recap – Silver prices crashed after its break of important level at $18.5. Prices tested its low of $17.08 levels on Friday. Prices had a biggest weekly loss since September 2013
Forecast – Silver prices expected to trade bearish. A rebound till $17.8 to $18 could come; we can expect fresh selling could come on higher levels for a target of $17 to $16.5
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Silver – Comex | 17.51 | 17.20 | 17 | 17.7 | 18 | Bearish |
MCX
Recap – Silver December lost most over years after a break of Rs.44500 levels. Prices crashed over Rs.4000 per kg in MCX. Prices dropped sharply since September 2013.
Forecast – We can expect prices to hold steady near its Resistance at Rs.42000 to Rs.42500 levels, and can expect fresh selling around resistance levels for a target of Rs.41000 to Rs.40500 levels
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Silver – MCX | 41865 | 41000 | 40250 | 43010 | 43500 | Bearish |
Copper – MCX
Recap- Copper prices closed weak for the first time since August 2016. Prices with high of Rs.328.8 made a low of Rs.319.2 on Thursday. Prices seen trading around the lower levels of Rs.320 – Rs322 during the weekend
Forecast – We can expect prices to trade highly range bound around Rs.321 to Rs.328 levels. If prices break and hold below Rs.319 can expect prices to test up to Rs.315 levels. Strong Resistance now seen at Rs.325.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Copper | 321.55 | 319 | 315.5 | 323 | 325.5 | Sideways |
Nickel – MCX
Recap – Nickel prices after an initial high of Rs.709.7, came down till Rs.663.7. During last three days of week, we seen prices rebounded to close at above Rs.680 levels.
Forecast– Nickel prices expected to trade around Rs.670 to Rs.690 levels, a break and sustain below Rs.670 could take prices to the next level of Rs.650 levels. Strong Resistance seen at Rs.690
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Nickel | 680.9 | 664 | 650 | 690 | 700 | Sideways |
Lead – MCX
Recap– Lead prices had correction this week. Last week we saw prices rallied sharply from Rs.126.5 till Rs.143.6. Prices traded weak made a low of Rs.135.4 and rebounded half way at Rs.138.55
Forecast – Prices looks bullish. We can expect prices to hold steady above Rs.139 again for a target of Rs.141 to Rs.143 levels. More bullish could come above Rs.144 in coming weeks.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Lead | 138.55 | 137 | 135.5 | 140.5 | 143 | Bullish |
Zinc – MCX
Recap – Zinc prices with its resistance at Rs.160 corrected till Rs.154.15, managed to close around low at Rs.155.1. Earlier last week prices rallied sharply higher from Rs.150 levels till Rs.160 levels.
Forecast – We can expect prices to hold bullish. A hold above Rs.156, we can expect prices to target Rs.158 to Rs.160 levels in coming days.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Zinc | 155.1 | 153.8 | 151.5 | 158 | 160 | Bullish |
Aluminium – MCX
Recap – Aluminium prices continued its bullish trend from last two weeks. Prices up during the first half of the week and had a mild correction to close at Rs.111.35
Forecast – Aluminium prices looks firm, especially on a hold above Rs.111, we can expect prices to target Rs.113 to Rs.114 in coming weeks.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Aluminium | 111.35 | 110 | 108.8 | 112 | 113.5 | Bullish |
Crude Oil – NYMEX & MCX
Recap– Crude Oil gained for the third week. Prices with open low this week from around $48 continued its bullish trend till its psychological Resistance at $50. We can see prices closed above its important resistance at $48.8. MCX Crude Oil October contract closed higher for the third week. Prices with open low around Rs.3200 went up to Rs.3400 levels. Prices closed slightly positive above Rs.3300 levels
Forecast – An Intraday break and close above $50 could take prices to the next level of $52 to $53 for short term. The next important support is seen at $49 for near term. MCX prices look positive. Prices looks to hold steady above Rs.3300 levels again for a target of Rs.3400, a hold above Rs.3400 looks positive till Rs.3450 to Rs.3490 levels.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Crude Nymex | 49.57 | 47.8 | 46.55 | 51.65 | 53 | Buy on dips |
| Crude MCX | 3323 | 3250 | 3190 | 3370 | 3420 | Buy on dips |
Natural Gas – MCX
Recap – Natural Gas prices after a consolidation during the first two days of the week around Rs.192 – Rs.197 levels, opened bullish on Wednesday. Prices closed sharply higher at Rs.212.4 from the week’s open of Rs.194.2.
Forecast – We can expect Natural Gas prices to trade bullish for the coming week. Any dips to the support level at Rs.207 to Rs.208 levels can create fresh buying levels for near term target of Rs.215 to Rs.220 levels
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Natural Gas | 212.4 | 207.5 | 205 | 215 | 217.5 | Bullish |
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.