PLEASE NOTE ALL COMMODITIES ARE TRADING SIDEWAYS ( RANGE BOUND) BREAK OUT ON EITHER SIDE WILL DECIDE THE TREND.....WE EXPECT THIS WEEK ALSO RANGE BOUND MOMENT ....BUT MARKET IS FULL OF SURPRISES ....I SUGGEST ALL TRADERS TO WAIT OR BOOK POSITIONS AT RESITANCE AND SUPPORTS AND ONCE BREAKOUT ON EITHER SIDE THEN TAKE FRESH POSITIONS....
Gold: Gold is forming higher lows but tested resistance at 27048 level 2 times...and formed dojji candle....We can expect recovery will continue in Gold till levels near 27200-27400-27600+ levels in next week....above 26800 keep buy on dips strategy with strict SL 26800. Below 26800 we may see gold again testing 26600-26450 levels. Break below 26450 can take gold till 26300-26250 levels.
Silver : Silver has survived above 36500 levels and formed a reversal pattern on weekly chart.....To confirm the reversal we need break above 39150 for tgt near 39800 and then 40800....Daily closing above 40800 can confirm trend reversal....for short term (at least)....
Copper: Copper has bounced back from 409 levels....Keep buy view above 410 with SL 408 for TGT near 417 abd break above 418 can take copper till 424+ levels....Closing above 424 levels on daily closing basis can confirm trend reversal for short term (at least)...
Aluminium: On daily chart it has formed long legged doji candle.....and indicators are mixed...Till it is surviving above 116 aluminium is positive....Keep buying positions with SL below 116.....break below 116 can take it to 115.10...
Fresh buyers should buy above 118.50....and watch for break above 119.40.....If fail to survive above 119.40 then we may see drop again ....
Lead : Lead has formed a hammer on daily chart with support at 125.50....again indicators are mixed....wait and watch for break above 127.50 or below 125.....Break above 127.50 can reverse the trend and if close above 127.50 on daily closing basis is sign of reversal for short term (at least)
Break below 125 can see tgt near 124.50-123 and more till 122-121 levels
Buyers maintain SL 125 and stay long....
Zinc, Nickel....wait for monday closing....( Mostly now Nickel is heading for TGT near 953...SL above 1034)
Crude : Crude has bounced back from 5132 which is strong support on monthly chart.....we can expect short covering to continue for short term till 5442 break above 5442 may go till 5600-5624 .....trend will reverse only if it breaks 5710 and closing above it on weekly chart......Buy crude near 5231-5181 for TGT near 5400-5500 and may be more....CRUDE MIGHT SHOW POSITIVE MOMENTUM FOR SHORT TERM....
Below 5132 on daily closing basis crude may fall deep down again....
NG: Below 236 with SL above 236 maintain sell positions for TGT 230 or more down... Above 237 if break above 238 TGT 245 or more....