Weekly Trendz
Commodities – 04 Dec 2016
Gold – Comex & MCX
Comex
Gold prices closed weak for the fourth consecutive week. Prices tested a new low of $1160.5 on Thursday and closed at $1177.05. The trading range was seen at $1170 to $1200 and we can see prices unable to break its important medium term resistance at $1200. Gold prices expected to remain weak for coming days; we can expect prices to have more selling pressure below $1160 till $1140 to $1120 levels.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend | ||
| Gold – Comex | 1177.05 | 1161 | 1145 | 1189 | 1205 | Bearish | ||
MCX
Gold February Futures closed sharply lower in MCX. Prices broken its previous week’s low of Rs.28360 and made a fresh low on Thursday at Rs.27891. Gold trading in a negative zone for the fourth week in a row. We may expect a little rebound in MCX levels till Rs.28200 – Rs.28300 levels, sell on possible highs advised or a strong break below Rs.28000 could take prices more downside till Rs.27800 to Rs.27700 levels.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Gold – MCX | 28111 | 27900 | 27725 | 28350 | 28500 | Bearish |
Silver – Comex & MCX
Comex
Silver prices closed in a mild positive zone after a continuous three week downtrend. The trading level was seen in a tight range between $16.3 to 16.7 levels. Prices rebounded a little from its weekly low of $16.23 and managed to close above its important level at $16.5. We can expect prices to trade sideways to lower, especially below $16.5 for a near term target up to $16 to $15.8 levels. We can see an important resistance at $17
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Silver – Comex | 16.68 | 16.5 | 16.1 | 16.88 | 17.2 | Bearish |
MCX
Silver prices in MCX Futures trading in a range of Rs.40000 to Rs.41500 levels for the past three weeks. Prices made a low of Rs.39930 on Wednesday but rebounded to close at Rs.41339. We may expect prices to face its key resistance at Rs.42000 for now, expect a sell offs below Rs.40900 again for target of Rs.40500 to Rs.40000 levels. Any rise till Rs.42000 or a break below Rs.40900 could create a fresh selling opportunity.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Silver – MCX | 41339 | 40560 | 39900 | 41650 | 41980 | Bearish |
Copper – MCX
Copper prices continue to trade in a highly volatile range around Rs.385 to Rs.415 levels. Prices made a new high on Monday at Rs.414.8; however prices corrected on the same day and faced some pressure below Rs.405 levels. Copper prices expected to trade mild bullish, especially above Rs.400 levels for a fresh target till Rs.405 to even Rs.415 levels. Any hold below Rs.395, request traders to wait for some dips around Rs390 to Rs.385 to initiate fresh longs.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Copper | 396.7 | 390 | 384 | 400 | 407 | Positive |
Nickel – MCX
Nickel prices traded between its previous trading ranges around Rs.750 to Rs.800 levels. Earlier prices tested its new high on Monday at Rs.816.5, but corrected down in three days till Rs.750.3. Prices managed to close little higher during week end at Rs.781.5. We maintain our bullish trend in Nickel, especially above Rs.800 for a near term target up to Rs.820 to Rs.830 levels.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Nickel | 781.5 | 762 | 749 | 805 | 822 | Positive |
Lead – MCX
Lead prices made a new high on Monday at Rs.175.7, however prices continued its selling pressure till Rs.152.85, day’s low on Friday. Prices were down over 7% this week, probably a sharp correction as prices rallied sharply higher after US Election Results. We may see important short term support at Rs.150 to Rs.151, any dips around these levels could create fresh opportunity to initiate buys.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Lead | 153.5 | 151.5 | 149 | 157.2 | 162 | Bullish |
Zinc – MCX
Zinc prices also closed sharply lower around 8.5% from last week close at Rs.197.05. During the beginning of this week prices made a new high of Rs.204.2, and down sharply lower to close at Rs.180.3. Prices expected to find its short term important support at Rs.180 and Rs.177 levels, any break below could make prices to trade little weak, however a fresh break above Rs.183 levels could take prices till Rs.187 to Rs.190 levels.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Zinc | 180.3 | 178.5 | 175.6 | 185.5 | 189 | Bullish |
Aluminium – MCX
Aluminium prices were down this week eroded all its previous gains. The trading range was seen between Rs.117 to Rs.122 levels. Prices closed sharply lower, but still could hold strong above its important level at Rs.117, a break below Rs.117 could target its next support at Rs.115. Prices may rebound sharply higher above Rs.118 till Rs.120 to Rs.122 levels.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Aluminium | 116.85 | 115.9 | 113.8 | 118 | 121 | Positive |
Crude Oil – NYMEX & MCX
Crude Oil rose sharply higher over $7 in NYMEX after OPEC members agreed to an output cut in its latest meeting. Prices earlier made a low of $44.82, but rallied sharply higher to made its high of $51.8. We can see prices well closed above its important resistance at $50, but still another breakout of $52 needed for next bullish trend till $55 to $60. We maintain our bullish trend.
Crude Oil in MCX Futures rose sharply higher over 9% due to output cut. Prices made a high of Rs.3542 and closed little lower at Rs.3500 as its important key resistance seen at Rs.3540 to Rs.3550 levels. We can expect prices to hold steady especially above Rs.3550 for a target of Rs.3650 to Rs.3700 in near term.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Crude Nymex | 51.69 | 50 | 47.6 | 52.2 | 54 | Bullish |
| Crude MCX | 3500 | 3460 | 3380 | 3550 | 3635 | Bullish |
Natural Gas – MCX
Natural Gas continues to trade in a wider range of Rs.200 to Rs.250 over a month. Prices closed higher for the third week at Rs.233.7, earlier on Friday prices made a high of Rs.244.1. We can expect Natural Gas to trade between Rs.230 to Rs.240 levels and could hold steady above 235 till Rs.240 to Rs.243 levels.
| Commodity | Close | Sup 1 | Sup 2 | Res 1 | Res 2 | Trend |
| Natural Gas | 233.7 | 227.5 | 225.3 | 239 | 243 | Bullish |
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