Please
note: Following are weekly charts. This is long term view about
commodities and not intraday view.....these charts are useful for
positional traders....I will keep same charts for coming weeks and post
my analysis based on these charts every week.....Those who wants to
refer this during the week can see it in "CHARTS" tab on the blog....
Gold Technical view
Above is Gold weekly chart.....
Gold has broken support at 25915 and 25512 but bounced back and trading above 25915. It is still trading in support zone ( red area). We may see bounce back to continue in this week......RSI (2) is in oversold area and MACD is showing positive divergence....Gold has support at 25915 and 25512 in support zone....
But till gold is trading in red area it is still not confirmed reversal of trend..... Gold has tested resistance at 26200 levels.....watch 26200-26250 levels.....break out above this level can take gold to next trend line resistance (red line) at 26500-26600 level.......next resistance/ Target levels are 27050-27235-27340, above 27400 level 28000, 29000 are target levels.....
Below 24830....next support zone 23400-23000....
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Silver Technical View
Above is silver weekly chart
Silver has tested support of Channel ( Green Channel) and bounced back and trading above 34600......
We may see bounce back to continue.....as it is showing signs of trading in channel (green Channel)
If silver sustain above 34600 levels then it may go back to test 36500-37300-37400 levels again. Break above and weekly closing above 37400 can take silver till 38700-40000 zone and break above 40000 can take silver to next resistance levels of 42000, 45000+ level......
But if sustain below 34600 levels on weekly closing basis can take silver to next support zone at 30118-28026......
Silver is in oversold area in RSI (2) and MACD is showing positive divergence....we may see bounce back from present level....
Aggressive/ Capacity traders can accumulate and hold buy positions with SL below 34600 on weekly closing basis .....others can wait till breakout on either side....
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Aluminium Technical View
Above is Aluminium weekly chart
Aluminium has formed a perfect Cup & Handle form with volume also supporting it. This form has a support at 101 and resistance at 129....
If aluminum break and close above 129 on weekly closing basis then buyers can hold buying positions till target (129-101+129= 157)...157+ LEVELS....
Buy and accumulate till 125....with SL below 121.......
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Lead Technical View
Above is Lead Weekly chart
Lead is trading in a channel marked by red lines....and has taken support at 121.30 which is channel support as well as previous low (marked by horizontal red line).....It is trading with a trend line resistance (White line)....
Buyers now can maintain SL below 121 and hold buying positions.....break of white trend line at 125 level can take lead to next resistance near 140 and then near 150 levels and break and close above 150 can take lead to next channel resistance level at that time....which may be 160+ levels.....
But trade below 121 with volume and close below 121 on weekly closing basis can take lead to next support near 110 and then 100 levels....then next levels are near 94 and 75....and most likely Target below 121 is near 94 ..........
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Zinc Technical View
Above is Zinc weekly chart
Zinc
is trading in channel and has already bounced back from channel support
last week and now trading near support at 137 level...
Weekly MACD is also above zero....which is positive indication....
Buyers
maintain buy positions and watch for break above 144-147 levels....
break above 147 can take zinc to 150-155-160 and then 170 and much
higher levels.....just for your information previous high on 12/02/2006
is 208.30.....
If break 137 level then we may see 134
levels..... below 134 next support near 130-127 levels.....
=============================================================================Nickel Technical View
Above is Nickel weekly chart
Nickel has bounced back from its channel support and formed bullish engulfing pattern....Last week Nickel tested its support at 940 and trading above it ......above 940 stay on buy side and below 940 stay on sell side.......
Buyers can maintain their buy positions with SL below 900.......buy and accumulate on dips till 900 .....Positional traders can hold their positions for TGT 1300+ levels....in between Nickel has resistance near 994-1124-1167-1194-1204.....
If break below 884 then next support zone is 788-868 and has strong support at 844....There is a gap between 868 to 910.50 which is yet to be filled.....
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Copper Technical View
Above is Copper weekly chart
Copper has bounced back from its inner channel support (Yellow lines) and trading near trend line resistance (white line) at 420-422 level ....
Buyers above 422 Copper is very strong and can test resistance at 436-440 zone (439.90 Level)....break above 440 can take copper till 454 and then 507 levels....above 507 copper can touch 520+ levels......
Hold with trailing SL below 404 level .....
If break 407-404 on daily closing basis then next support zone at 404-407 levels, copper has support zone at 394-398 levels....break of 394 levels next support at 371 and then 342 levels.....below 342 copper may fall deep down....
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Crude Technical View
Above is Crude weekly chart
Crude as expected has bounced back from support zone at 4770-4448 (red area) and trading above it....
Crude is trading near its trend line resistance at 4900 level.......RSI(2) is in oversold area and MACD is showing positive divergence.....but MACD in monthly,weekly and daily chart is below zero.....
Overall crude is still weak....but the indicators are suggesting bounce back which may be short term (at least at this moment)......
Buyers stay long above 4900 and expect targets 5100,5200,5400,5500 (5500 is trend line resistance (white line))....
Break below 4900 can take crude till next support zone at 4770-4448 (red area).....we may again expect bounce back from this zone for short term till 5000+ levels.... break below 4400 levels can take crude to next support at 3740-3800 levels....and more down.....So watch 4900 level first.....
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Natural Gas Technical View
Above is Natural Gas Weekly Chart
NG is trading above its channel resistance (white channel) and trading above it....
Please note that last week is opened with a Gap up......it may test RED channel again .....next resistance / TGT 285-291 zone and break above 291 it can go to 300+ levels.....
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