Commodity Update 1 Oct 2016 - Updated in Afternoon

Grrrrrrrrrr.............what a week it was.......full of surprises....but something anticipated....

I had taken loss in base metals as they hit my Selling SL.....Gold did not brek above 31380....and so on.....

Anyway but still I made marginal profits as I traded with trailing SL....Base metals hit my SL of Rs. 4 but gave me chance to cover it by adding buys as my SL hit.....

Gold had covered some buy positions at 31230 ( resistance level) and rest hit my SL 30948....where I went for sell and finally got good profit at the end.....

Crude and NG still in profit.....

Now what next???

GOLD : Gold looking more weak now for New contract for TGT near 30500 if break 30950....and Silver targets near 44415.....from where we can have up move.....Both are forming Bullish pattern for which last leg down is in process....I will sell Gold below 30950 and silver below 45051....till then no trades

But there is another possibility......Gold and silver has made a Bottom for their Big Move upside.....I might Open Long with SL for Gold below 30900 ( Just in case it just pierce)...If it hits WITH VOLUME then I will sell otherwise I will add more Buys 

For Silver I will take a small risk of 45600 as SL ....In fact siver is looking very strong and with SL 45000 I will keep adding more buy positions....1st TGT 50000 and 2nd 53200

Crude : I am still bullish on Crude and now maintained trailing SL  2860 ....If hit then I will go for sell....Crude has broken 3173 with average volume and topped at 3233 but failed to brek it again on friday.....so I think Crude can take a dip towards 3030 if it breaks 3130 on downside.....and break and daily closing below 3020 can take it further down to 2925 maximum...But break of 3173 is a clear sign of bullishness for TGT 3350 and then 3800....I will wait for 2925 to add more buys.....or break of 3280...

I think If crude break 2900 then it will fall till 1800 in long run....

NG : I am still short in NG for TGT near 190-192....NG may for bottom near that level....but since it has not crossed 193 on Friday I cut all positions there...I am not sure about NG much ....it is trading in range of 205-194....I will again short near 205 area ....I think it will break 190 this time then after hitting 205....

There is also a possibility of NG going till 210-240+ levels....I am still not sure about NG....I will trade very carefully in it....A break above  208 can see 210 then down or break of 211 will take it to 224 and break of 225 will take it to 247....lets see ....

Base Metals: Looking strong but anytime can fall....have to be very careful....I have some long positions .....though I am overall bullish on base metals o some extent

I think Zinc is in process of forming bullish pattern  "bullish shark" on a weekly chart....If it is true then Zinc will go upto 164+ levels and then fall till 137.20 levels and then go up to 174....So I will start shorting Zinc from 164 to 165 levels with SL 166 for long term target for maximum 3-6 months of 137 ....

Similarly Lead is in process of forming " Bearish Cypher" for which the upside target is near 143.90 to 144.50 maximum and from there it will start falling downside TGT will be 128 , 113 and 104.10....any of these...

Copper can go maximum up to 335-337 levels to fall till 286.50 levels....it is forming "Bullish butterfly"on weekly charts... ..


You guys Trade safe and keep booking profits with trailing stop loss......