OVERALL MARKET IS LOOKING BULLISH IN MAXIMUM COMMODITIES
Gold & Silver : Gold has resistance at 26840-26850....Next resistance at 27095....It is quite possible that market will open above 26850 on Monday....If it is so then we we will see big rally upwards on Monday......
IF NOT GOLD MAY RETRACE TILL NEAR 26650 LEVEL AGAIN....WATCH THIS LEVEL FOR REVERSAL
Gold may face resistance at 26890, 27095, 27353 while going for target 27682......expecting retracements at any of these levels.....
Buyers can maintain SL below 26350 for TGT 26890-27095 and break of 27095 can take Gold to 27353 and then 27658-27680
(Please remember, as told many times here long term/ mid term target still remains around 30000+ ( 30360 and then 33360 and may be more till 41000+ to 42000+)).......it may change depending how Gold reacts to 26682 and 28500 level....( We can expect retracement at 28582 levels) Gold still showing strong bullish signals.....
Silver is not making much movement upwards, limiting 36890 resistance level .....next resistance is at 39039....Once we see breakout at 36900 ( Most likely we can see this happening next week)
SILVER MAY RETRACE BACK TILL 36100-35900 LEVEL AGAIN.....WATCH FOR REVERSAL AT OR BELOW THESE LEVELS
Positional Traders who had bought at lower levels can trail their stop loss to 35490 and hold for upside target 39090 and then 40197, 4100- 41605 ( Or maintain SL of 35900 )
But buyers can maintain SL of 35800 and expect to break 36890 next week for TGT near 37500 and then 37900+....
Base Metals : Base metals may retrace next week and then go up again.....Safe traders should buy at right retracement levels or buy above Friday's high only......
Copper may show upwards movement above 375 as SL till 387, 391 (Copper may retrace from 391 to 380 nd then move upto 405-410+ may by next week)..... For now buy Copper on dips till 377-375.....I will update targets as and when it hits....
Zinc with SL below 137.50 maintain buy positions/ or keep buying on dips for TGT near 145.40-146.20-146.55...Positional TGT 150+
Lead is heading for 132.20-136.50, 139.40 Positional TGT 142.90
Energy: Crude, though it is poised for big upwards target, may or ( may not) retrace possibly till 3415 and break below 3415 then 3365-3342-3315 levels .....Buy near that levels....I will not advice positional traders to wait for that retracement.....Positional traders can buy on every dips as per their risk apatite.....
Crude next target above 3560 is 3724 and then 4301.....but it will not go strait to 4301 from 3724 ....we may ( or may not see ) retacement at 3724.....so book your profits at this level and wait for confirmed break out at 3724.....POSITIONAL traders can keep their buy positions till 4301-4350
NG above 156 as SL is looking very strong for TGT 171, 175+ break above 175 (close of 1 day) can take NG to 187 levels....NG may retarce till 160-163 Buy till near 160.....