This week had been trying week for most of the commodities.....
As suggested last week , I expected some correction in most commodities......which is due any time....for reference, I am putting down last week suggested levels below....
All commodities are extremely oversold and may show some correction / sideways movement upside.....
For sure the whole market is very bearish and it will fall down to new
lows....But, it may show some correction in next week in all commodities
before it fall further and continue down trend...this, bulls will
win the trade....
Those who have Sell positions may keep it or book it and wait for some correction and sell from higher levels.....BUT
DON'T BUY FOR ANY RETRACEMENT UPSIDE TILL IT IS CONFIRMED.....PATIENCE ALWAYS PAYS......BIG
DOWN FALL IS STILL ON CARDS.....IT IS ALSO QUITE POSSIBLE THAT MARKET MAY START FALLING FROM FRIDAY HIGH.....
This correction will bring in new opportunity for selling for positional
traders ....the more it retrace upside it's good for bear ( Seller),
the more it will fall....
Gold, Silver, Base Metals, Crude, NG all may show corrections to test previous mid term levels....
Levels to sell will be posted as and when it is clear.....
To some extent please watch following levels for possible reversal......It may or may not go till these levels....
Safe traders can sell below last week's low....( Mark last week low) or wait and watch the correction levels...
Gold : 25168-25280-25413-25500 or 25600-25700+ ( If Gold fail to break and sustain above 25035....Gold may reverse from last week's high)( I have sell at higher levels and will maintain sell positions for TGT near 22000-21800 region.....)
Silver : 34900-35065 zone or 35750+ ( Downside TGT below 30000)
Copper : 340-350-353+ or 363 ( or sell below 327 only....TGT 278-288 zone)
Zinc : 121.50....( Downside TGT 113-115 Zone)
Lead :115+ ....(Downside TGT 101 - 103.50 Zone)
Aluminium :105.75 (Downside TGT near 82)
Crude : 3060+ or 3184...or 3277-3284 zone ( I have sell at higher levels and will maintain for
final TGT 1626 - 1770 region).....
NG : May not show correction but still if it corrects maximum it can go is till 177+ to 179+ levels...or if break 180.80 then buy more for TGT 191+ ( may be till 203+ and reverse from 203+ levels for lower targets)......But if break 168 then sell more for TGT near.......