Technical Overview 27-31 October 2014

Gold : Gold achieved its upper and lower TGTs as mentioned last week and now trading near its support at 27056...Gold is still on buy side till it is trading above 27000 on daily closing basis. This week watch out 27056 levels.

Buyers can maintain their buy positions with SL below 27000 and capacity traders maintain their SL below 26700 which is 78% of retracement level of previous up move from 26475 to 27638 levels...and trend line support of previous lows of 26313 and 26475. We may see upside levels 27400, 27600 and break above 27650 can take gold till 28000+ levels this week.....

Those who have sell positions maintain SL 27250 and wait for breakout below 27000....Please remember downside TGT 26850, 26750....cover your short positions at these levels and wait and watch .....we may see bounce back from near 26700 levels....if hold below 26700 then next levels 26615, 26475, 26385, 26162....we may see bounce back from any of these levels. ....beyond 26160 on daily closing basis Gold will fall deep downside....

Fresh buy or sell positions are advised only at breakout above 27250 on upside and 27000 downside....

Silver :  Silver is trading near its support at 37980...which is its 78% retracement level of previous up move....

This week Buyers maintain SL below 37980 and hold buy positions....if it resumes its up move from here then Silver will outperform Gold and move up faster than gold. We have been advising for long time to accumulate silver between 38000 to 39000....Upside TGT 40100+

If Silver survives below 37700 levels can take Silver down till 36790 levels and then 36600, 36400 levels....break below 36400 levels Silver can go deep down....

Copper: Copper has tested its channel resistance at 415 and trading below it.....below  412....Sellers maintain SL above 415 and hold their positions for TGT 409, 405, 400.50, 396.50-396.30 which is trend line support. Below 397 on daily closing basis next support at 385-386 levels.....

Above 415 on daily closing basis Copper may go till 422, 428 levels again... break above and weekly closing above 428 can confirm up trend for copper....till then Copper is negative....sell on rise....

Aluminium : Aluminium has failed to survive above 123 level and trading above support at 119.50....wait and watch 119.50 level....

Buyers maintain SL 119 and hold for TGT 121.65 and if break and day close above 121.65 then TGT 124-125-126.95-128

Below 119 it may go till 118,117.20 levels...below 117.20 it has trend line support at 116.45...and then 114.45

Lead: Lead has failed to sustain above 123 levels....Now it has channel support at 120 level.....if it breaks below 120 on daily closing basis then TGT near 118.25-116.50 levels....

If sustain above 120 then we may see bounce back again till 123.70-124.20-126  levels...

Zinc: Zinc has failed to sustain above 138.50 levels and trading at support at 137.5 level....

Below 137 Zinc can go back to test 135.50 level......we may see bounce back from this level....

Buyers maintain SL below 135 and hold .....Above 139.30 Zinc can go till 141.20-143.90 levels....

If fail to hold 135 level then it may test 132 or more down.

Nickel: Nickel has broken its support at 922 and trading below it...now below 922 it may test 884.50 levels....expect bounce back from 884.20 levels of Rs. 50 atleast....

Sellers maintain their short positions for TGT 884.20-884.50 ....

Long term traders can book partial profits and then sell on rise till 940 levels....

Crude : Crude has tested its previous low of 4945 level .again and failed to break it....it has formed double bottom also it has channel support at 4945 level.....

Buyers maintain SL below 4900 levels and hold for TGT 5100-5200 ....positional traders hold for TGT near 5400....

NG:  NG over all is negative but we may see bounce back till 224-228-230-233 levels......sell at these levels ....otherwise keep selling on rise...NG is heading for TGT near 213 and then 201-192.40-182.10 levels....

Crude: Buy on dips TGT 5123-5197-5296....Keep booking partial profits at these levels

Gold and Silver -

Buyers can hold buy positions.....SLsilver below 38980 as mentioned earlier....Gold???

Base Metals

Booked all buy positions today and now waiting for retracements again.....

EVENING CALL

Buy GOLD and Silver on Dips...( Silver SL below 37980 and Gold??)
Sell Base metals ( But remember Base metals are strong....sell for retracements only)( others can stay on buy side)

HOLD SILVER FOR TARGET 40000+

Today's call

Buy base metals

Today's call

Buy Silver and Gold

Revised Commodity technical view 20-24 Oct 2014

HAPPY AND SAFE DIWALI TO ALL FOLLOWERS.....

Keep visiting this space for instant Updates.......More updates on Gold and Silver on Monday opening and closing...or call and ask your queries for free....no charges

Gold : Gold has achieved TGT 27600 last week. Gold has  support at 27170. If it is broken then I expect correction till 27045-27150 levels...maximum 26834-26954 ZONE ( if it goes there)....wait and watch at these levels....We may see bounce back and up trend continuation till 27900-28250+ levels next week.

If it survive below 26800 then below targets near 26700-26600-26540....if break 26475 next support near 26363......It it breaks 26363 level then we may see deep down levels....

Silver : Silver is trading range bound for last week and failed to survive above 39150 level but has broken this level...also failed to break its support at 38300 and closed above it....

Fresh buyers wait for daily closing above 39150.

If hold above 39150, expect upside targets near 42000-43000-44000+ during next week.

If break below 38280 then we may see TGT 37950-37701-37659.....further if break 37450 then Silver can go deep down till 35250-35219 levels

Copper: Copper is still showing weakness and failed to survive above 422 levels and  broken its support at 409....I expect the fall may extend maximum near 391-394 levels if it break support at 398....

Buyers maintain their long positions with safe SL below 390 levels. Fresh buyers should buy and accumulate between 398-390 levels and hold for long term upside targets.....we may see bounce back between 398-390 levels.....but mostly we may see 391.70 levels....

Break below 390 levels can confirm down trend and can expect deep down targets....

Aluminium: Aluminium has failed to break support  at 116 and broken its resistance at 120 and closed above it last week. We may see small retacement upto 118.65 levels and expect bounce back from this level to continue till 122.40-124.30-125.20-126.90-127.75-128.30 levels...Keep booking profits at these levels...

Buyers maintain SL below 118. ( trailing SL for now 120)

If break 116 then next support at 110.20 levels....

Lead: Lead is suviving above its trend line support at 122.75 and formed double bottom with base at 121.30. I expect the bounce back may continue till 126-128-131-133 levels in coming weeks....weekly closing above 133 level can confirm reversal of down trend.

Lead has minor resistance ar 124.90 and 127.95.....watch for break above these levels

Buyers maintain their long positions with SL below 121 levels. Positional buyers maintain their long term positions for TGT near 136 levels....

If break below 121.30 then we may see deep down targets.....

Zinc: Zinc has mixed indications. Zinc has not survived above 144 and not broken its support at 134.60. Expect bounce back to continue till 139.90-142.40 levels minimum. Daily/Weekly closing above 144 levels can confirm reversal of down trend. ( which is most likely expected)

Buyers maintain their long positions with SL below 138 levels.

Break below 138 may test 134.60 again....

Nickel:  Nickel is showing signs of revesal....It has not broken 941 level yet and has bounced back. Expect bounce back to continue till 992 levels next week. If break 992 then next TGT 1038-1097.

If we get weekly closing above 1097 then hold long positions for much bigger TGT near 1397+ as long term TGT.

If break 940 then next support at 875-856-799....

Crude: Crude may show short covering to continue till 5240.....If break 5260 then next TGT 5300-5400+

Long term investors hold their long positions with trailing SL at 5050 and watch out for weekly closing above 5800 for TGT 6317-6474....minor resistance between then are 5546-5572....

If break below 4945 next support at 4770....

NG: Below 232 maintain short positions and above 232 maintain long positions...

Commodity Technical View 20 - 24 October 2014

HAPPY AND SAFE DIWALI TO ALL FOLLOWERS.....

Gold : Gold has achieved TGT 27600 last week. Gold has  support at 27170. If it is broken then I expect correction till 27045-27150 levels...maximum 26834-26954 ZONE ( if it goes there)........We can see up trend continuation till 27900-28250+ levels next week.

If it survive below 26800 then below targets near 26700-26600-26540....if break 26475 next support near 26363......It it breaks 26363 level then we may see deep down levels....

I suggest Buyers maintain their long positions with SL below 26800

Silver : Silver is trading range bound for last week and failed to survive above 39150 level but has broken this level...also failed to break its support at 38300 and closed above it....I suggest keep accumulating Silver between 37800-39000 for long term upside targets. Wait for daily closing above 39150.

If break below 37700 then silver can go deep down till 35250-35219 levels.....

Copper: Copper is still showing weakness and failed to survive above 422 levels and  broken its support at 409....I expect the fall may extend maximum near 391-394 levels if it break support at 398....

Buyers maintain their long positions with safe SL below 390 levels. Fresh buyers should buy and accumulate between 399-390 levels and hold for long term upside targets.....we may see bounce back between 401-390 levels.....

Break below 390 levels can confirm down trend and can expect deep down targets....

Aluminium: Aluminium has failed to break support  at 116 and broken its resistance at 120 and closed above it last week. We may see small retacement upto 118.65 levels and expect bounce back from this level to continue till 122.40-124.30-125.20-126.90-127.75-128.30 levels...Keep booking profits at these levels...

Buyers maintain SL below 118.

If break 116 then next support at 110.20 levels....

Lead: Lead is suviving above its trend line support at 122.75 and formed double bottom with base at 121.30. I expect the bounce back may continue till 131-133 levels in coming weeks....weekly closing above 133 level can confirm reversal of down trend.

Lead has minor resistance ar 124.90 and 127.95.....watch for break above these levels

Buyers maintain their long positions with SL below 121 levels. Positional buyers maintain their long term positions for TGT near 136 levels....

If break below 121.30 then we may see deep down targets.....

Zinc: Zinc has mixed indications. Zinc has not survived above 144 and not broken its support at 134.60. Expect bounce back to continue till 139.90-142.40 levels minimum. Daily/Weekly closing above 144 levels can confirm reversal of down trend. ( which is most likely to happen)

Buyers maintain their long positions with SL below 138 levels.

Break below 138 may test 134.60 again....

Nickel:  Nickel is showing signs of revesal....It has not broken 941 level yet and has bounced back. Expect bounce back to continue till 992 levels next week. If break 992 then next TGT 1038-1097.

If we get weekly closing above 1097 then hold long positions for much bigger TGT near 1397+ as long term TGT.

If break 940 then next support at 875-856-799....

Crude: Crude may show short covering to continue till 5240.....If break 5260 then next TGT 5300-5400+

Long term investors hold their long positions with trailing SL at 5050 and watch out for weekly closing above 5800 for TGT 6317-6474....minor resistance between then are 5546-5572....

If break below 4945 next support at 4770....

NG: Below 232 maintain short positions and above 232 maintain long positions...

Trading Ideas....

When any commodity opens above previous day high ....its a strong buy signal....

If opens below previous day low....it is strong sell signal

Commodity Alert

Gold may retrace till 27140-27100 levels..SL below 27100..... buy gold between these levels....we may see TGT 27400-27700 .....next week we may see tgt near 28000+ levels....

Silver: Keep buy on dips strategy....

Crude may have bottomed out now...for short term at least....stay long above 5110 ....If close this week above 5240 then keep your long positions till next week...

NG: Above 232 keep buy on dips view

Base metals may continue short covering for another Rs. 2-3 ...

Buy Nickel above 940 and hold for big upside TGT

Base Metals buyer can hold their buying positions....bigg upside tgt awaiting....SL ??

Commodity Prediction 13-17 Oct 2014

PLEASE NOTE ALL COMMODITIES ARE TRADING SIDEWAYS ( RANGE BOUND) BREAK OUT ON EITHER SIDE WILL DECIDE THE TREND.....WE EXPECT THIS WEEK ALSO RANGE BOUND MOMENT ....BUT MARKET IS FULL OF SURPRISES ....I SUGGEST ALL TRADERS TO WAIT OR BOOK POSITIONS AT RESITANCE AND SUPPORTS AND ONCE BREAKOUT ON EITHER SIDE THEN TAKE FRESH POSITIONS....

Gold: Gold is forming higher lows but tested resistance at 27048 level 2 times...and formed dojji candle....We can expect recovery will continue in Gold till levels near 27200-27400-27600+ levels in next week....above 26800 keep buy on dips strategy with strict SL 26800. Below 26800 we may see gold again testing 26600-26450 levels. Break below 26450 can take gold till 26300-26250 levels.

Silver : Silver has survived above 36500 levels and formed a reversal pattern on weekly chart.....To confirm the reversal we need break above 39150 for tgt near 39800 and then 40800....Daily closing above 40800 can confirm trend reversal....for short term (at least)....

Copper: Copper has bounced back from 409 levels....Keep buy view above 410 with SL 408 for TGT near 417 abd break above 418 can take copper till 424+ levels....Closing above 424 levels on daily closing basis can confirm trend reversal for short term (at least)...

Aluminium:  On daily chart it has formed long legged doji candle.....and indicators are mixed...Till it is surviving above 116 aluminium is positive....Keep buying positions with SL below 116.....break below 116 can take it to 115.10...

Fresh buyers should buy above 118.50....and watch for break above 119.40.....If fail to survive above 119.40 then we may see drop again ....

Lead : Lead has formed a hammer on daily chart with support at 125.50....again indicators are mixed....wait and watch for break above 127.50 or below 125.....Break above 127.50 can reverse the trend and if close above 127.50 on daily closing basis is sign of reversal for short term (at least)

Break below 125 can see tgt near 124.50-123 and more till 122-121 levels

Buyers maintain SL 125 and stay long....

Zinc,  Nickel....wait for monday closing....( Mostly now Nickel is heading for TGT near 953...SL above 1034)



Crude : Crude has bounced back from 5132 which is strong support on monthly chart.....we can expect short covering to continue for short term till 5442 break above 5442 may go till 5600-5624 .....trend will reverse only if it breaks 5710 and closing above it on weekly chart......Buy crude near 5231-5181 for TGT near 5400-5500 and may be more....CRUDE MIGHT SHOW POSITIVE MOMENTUM FOR SHORT TERM....

Below 5132 on daily closing basis crude may fall deep down again....

NG: Below 236 with SL above 236 maintain sell positions for TGT 230 or more down... Above 237 if break above 238 TGT 245 or more....

Copper Alert

Copper is still bullish above 410....also LME stock report is bullish for copper....Buyers maintain strict SL below 410....buy on dips...

Gold -Silver Alert

Buyers in Gold and Silver maintain your buy positions ......we may see 27000+ in gold and 39000+ in silver very soon....(international levels USD 1235+)

Gold and Silver ...

Gold and Silver both have sustained its supports 26500 and 37500.....Gold has retraced till 26748 ....it is near 50% fibbo level...( 26752 level) ....any trade above will see tgt near 27944....below 26752 and break below 26500 we can see 26114 levels...Buy above 26800 and sell below 26450

Silver is near its key resistance 38702...break above it can see tgt near 39200 which is next resistance....break above 39200 only can confirm trend change to upside....Below 37500 next targets will be near 35400...

fresh buyers Buy silver above 38900 tgt 39150....wait for break above 39200 .....for much bigger targets in coming months then

For other commodities please refer My post on Forecast 6-10 October....

NG has broken support at 244 and traded below it for full day....Below 244 Stay on sell side...

Crude as said below 5710 is weak....it has broken key support at 5520....but could not sustain below it....Sellers maintain your sell positions....we may see further drop in Crude in coming sessions

Commodity Forecast 6 - 10 Oct 2014

PLEASE VISIT http://suprememcx.blogspot.in/p/weekly-forecast.html PAGE ( OR CLICK ON CHARTS)

Gold - Gold is holding its support at 26500 .In weekly chart it has formed double bottom with positive divergence.  If breakout below 26500 then next support near 26300 and then 26100...buyers hold gold with strict SL below 26500 TGT 26950

Silver : now trading below 38000 ....next support is seen at 36500 levels.....we may see short covering till 38100-38500 levels from there....buyers maintain strict sl below 37500.

Copper : Below 412 TGT 409...we may see bounce back from 409 till 416-423...if trade below 409 with volume then TGT 394

Aluminium : Aluminium has survived above key support of 117....but trading below key resistance 119....If trade below 117 then next support at 115.....if trade below 115 then Aluminium may fall deep down till 112, 108 levels...
Buyers maintain strict sl below 114.70 and wait for break at 119 (trade above 119 for 1 hr)...TGT 122, 125 and may be more...
Fresh buyers should buy above 120....

Lead: Lead is trading between key support 128 and resistance at 130....Break above 130 then we may see TGT 132.50 next resistance and break above 132.50 can take lead to 137-145 levels....

Break below 128 can take lead to 126.80-122 levels...watch break below 126.80 ( we may see bounce back at 126.80)

Zinc : Buyers maintain strict SL 138 for TGT 144-148.....Below 138 zinc may go till 134 levels again...

Nickel: If break above 1032 tgt 1077...If fail to survive above 1032 tgt 980, 972, 960...long term tgt near 904

Crude : watch for break below 5520 for tgt 5434 and may be more....Crude has consolidated between 5785 and 5520 ....wait for firm breakout on either side....Overall crude is weak till it survives below 5710....

NG : Buyers maintain strict SL 244 for break above 250 then tgt 263- 268 and above.....if trade below 244 with volume then TGT 226 and may be more down....