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 trend line support at 27300 and trading above support zone (red area) 26047-24830 after hitting low at 25887.....RSI (2) is in oversold area and MACD is showing positive divergence....Gold has support at 25915 and 25512 in support zone....
Gold may bounce back from present level.....
Aggressive/ Capacity Buyers can buy and accumulate till 25512 and maintain SL below 24830.....above 26400....next resistance/ Target levels are 26900-27100-27265, above these levels 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 broken trend line support at 37465 and trading below it.....Now next support is at 34613 (34600) level.....but it has reversed from support zone of 34613-35716...( Silver hit low of 35138)....
If silver sustain above 35600 levels then it may go back to test 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.....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 102 and resistance at 127....
If aluminum break and close above 127 on weekly closing basis then buyers can hold buying positions till target (127-101+127= 153)...153+ LEVELS....
If it fails told 127 level we may see 118-116.10 levels again which is weekly support (handle low)....
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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 and now trading near resistance at 144 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 fail to break 147 level then we may see retracement till 138.55-137-134 levels..... below 134 next support near 130-127 levels.....
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Nickel Technical View
Above is Nickel weekly chart
Nickel has bounced back from its channel support and formed bullish engulfing pattern....
Buyers can maintain their buy positions with SL below 900.....we might see little retracement near 940-950 levels....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 420 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 413 level .....
If break 413 on daily closing basis then next support zone at 404-407 levels...... Break below 404 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 is trading near its trend line support 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 till crude is 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.....