Though weekly outlook for most commodities remain weak and expecting some uprun followed by down trend continuation.....
But Friday's low might be a bottom for all commodities.....still not sure .....but need to see how much upside Gold and Silver goes.....It might be reversal of downtrend.....
SO...KEEP TIGHT STOPLOSS AND TRADE SAFELY
Gold
Weekly outlook for Gold remains weak.....
Gold has some what sustained below 24800 (24786) after hitting 24821 as day's high....
As suggested before ( Break of 24800 will take gold much deeper)....Gold though had rallied on Friday to upside.....It is still highly bearish.....If on Monday it continues upside then 25910-25970, 25030-25035 are resistance zones from where it may reverse and continue its fall towards much lower target....if not It may reverse from 25200-25400 zone( Target can be seen as low as USD 957-960 in Comex Gold)......It may take support next week at 24200-24030 levels and can give some upside rally like Friday......Gold has not yet bottomed out....But we will see how it behaves at 24200-24030 levels.....( Comex Gold 1050 levels).....
It may consolidate at these levels for some time to give breakout at these levels which may take some time....
Final bottom for Gold may be near 23000 levels ( Comex gold 957-960 levels) from where it may bounce back/ reverse heavily and break all time high in coming years.....
Base Metals:
Remains sell on rise...some upside movement is expected on Monday followed ....weekly outlook is down side continuation....
Zinc has broken 128 levels and showing down trend now....it has support at 125-124-121...and immediate resistance at 126.85-127.70-129.... Zinc next week may show slight upside move and continue down trend for weekly target at or around 121....Zinc in long run might be heading for 105.70 as final target ....
Lead is also in down trend now and is heading for 108>>105.80>>103>>100 final target 85.60....watch above each level as breakout levels....
Aluminium is heading for 99 minus target...92.10-91.60
Copper is in down trend and heading for much lower target near 278-280.....( again it will take few months)... Copper on upside resistance at 244-248-253 region...
Crude:
Crude has ( Hopefully) given a break below 3200 and so now below 3275 as SL sell on rise for short term TGT near 3100-3030 and long term TGT 2550 or may be more down...
NG: NG is weak and remains sell on rise....NG is heading for targets near 152 minus ( 147)....but in between it will take supports at 170-171 and then 155-154-147
Sell around 183...but it need break of 177 level.....
DO NOT TRADE WITH PROPER STOPLOSS.....ABOVE ARE SIMPLY MY VIEWS AND MARKET MAY BEHAVE DIFFERENTLY....
( For any queries please call for free advice)
But Friday's low might be a bottom for all commodities.....still not sure .....but need to see how much upside Gold and Silver goes.....It might be reversal of downtrend.....
SO...KEEP TIGHT STOPLOSS AND TRADE SAFELY
Gold
Weekly outlook for Gold remains weak.....
Gold has some what sustained below 24800 (24786) after hitting 24821 as day's high....
As suggested before ( Break of 24800 will take gold much deeper)....Gold though had rallied on Friday to upside.....It is still highly bearish.....If on Monday it continues upside then 25910-25970, 25030-25035 are resistance zones from where it may reverse and continue its fall towards much lower target....if not It may reverse from 25200-25400 zone( Target can be seen as low as USD 957-960 in Comex Gold)......It may take support next week at 24200-24030 levels and can give some upside rally like Friday......Gold has not yet bottomed out....But we will see how it behaves at 24200-24030 levels.....( Comex Gold 1050 levels).....
It may consolidate at these levels for some time to give breakout at these levels which may take some time....
Final bottom for Gold may be near 23000 levels ( Comex gold 957-960 levels) from where it may bounce back/ reverse heavily and break all time high in coming years.....
Base Metals:
Remains sell on rise...some upside movement is expected on Monday followed ....weekly outlook is down side continuation....
Zinc has broken 128 levels and showing down trend now....it has support at 125-124-121...and immediate resistance at 126.85-127.70-129.... Zinc next week may show slight upside move and continue down trend for weekly target at or around 121....Zinc in long run might be heading for 105.70 as final target ....
Lead is also in down trend now and is heading for 108>>105.80>>103>>100 final target 85.60....watch above each level as breakout levels....
Aluminium is heading for 99 minus target...92.10-91.60
Copper is in down trend and heading for much lower target near 278-280.....( again it will take few months)... Copper on upside resistance at 244-248-253 region...
Crude:
Crude has ( Hopefully) given a break below 3200 and so now below 3275 as SL sell on rise for short term TGT near 3100-3030 and long term TGT 2550 or may be more down...
NG: NG is weak and remains sell on rise....NG is heading for targets near 152 minus ( 147)....but in between it will take supports at 170-171 and then 155-154-147
Sell around 183...but it need break of 177 level.....
DO NOT TRADE WITH PROPER STOPLOSS.....ABOVE ARE SIMPLY MY VIEWS AND MARKET MAY BEHAVE DIFFERENTLY....
( For any queries please call for free advice)