Data and Events for this week and there probable impact.
Traders should concentrate in China Trade balance data which will give impact on base metal.
Euro Zone German ZEW Economic Sentiment; will give impact on metal and EUR.
US Philly FED Manufacturing Index; will give impact on base metal, bullion and USD.
US Empire State Manufacturing Index; will given impact on base metal and USD.
US core retail and retail sales; will give impact on USD.
US Prelim consumer and inflation sentiments; will give impact on USD.
IMF meeting; will give impact on global financial markets.
Above all, concentrate on regular weekly data too like Unemployment claim, Crude oil and Natural Gas inventory.
Weekly Support & Resistance of Major MCX Commodities.
Bullion (Gold)
Hope you all enjoyed our levels in bullion. Gold took the support level of 49900 and bounced back sharply again and settled above 50817.
Now, what to expect???
Watch 50840 level carefully. Gold is forming head and shoulders pattern on the daily chart. Two consecutive close above 50840 will take it to 52000—52600+++ levels in days to come.
Support and stop loss below 49880 on a closing basis.
Bullish Harami pattern seen on the weekly chart also oscillator like RSI and Bollinger band on a daily chart is showing support at lower levels. In the upcoming week, we will expect positive momentum trading in Gold but trade with levels only. Any thing major reversal seems then surely we will update during market hours.
Silver
Too proven great… Clearly told you to catch above 59850 levels. It took support and bounced back to 63000 mark.
Now, what to expect???
Silver has support at 61000 and resistance at 63200
Break and close above 63250 will take it to 65000—66000 levels in days to come.
Our positive view will negate on a below 61000. Two consecutive close below 61000 will take it to 58800—57500 and then to 56000 levels again. Here chances are unlikely to breach the support level of 61000 in near terms.
Base Metal(OCT)
Copper
Last week, we have seen heavy short covering in base metal specially in Copper and Zinc.
Is there anyone who told you that Copper will not break 488 levels in short to medium term???
Now, what to expect???
Copper has support at 523 and resistance at 537
Fresh breakout or upside rally we will see only close above 537 else it could test it’s support kevel of 523 again.
Close below 523 will take it to 516—512 and then to 503 again.
Be cautious at upper level and wait for confirmation.
Nickel
Clearly told you that we will see bounce in Nickel from lower levels. Not able to breach it’s support level of 1035 and bounced back sharply again. Above 1055… Our target was 1172—1181. It sky rocketed and crossed 1100 mark.
Now, what to expect???
Support at 1080and resistance at 1113
Break and close above 1113 will take it to 1137—1151 levels in days to come else it could test it’s support level of 1080 again.
Two consecutive close below 1080 will take it to 1055—1035 levels.
Traders can buy Nickel around 1098—1095 with stop loss below 1080 on a closing basis for an upside target of 1137—1151.
Crude Oil
Crude Oil too not able to breach its support level of 2700 and bounced back sharply again.
Now, what to expect???
Crude oil has support at 2950 and resistance at 3110
Close below 2950 will take it to 2780—2730 levels again else it could test it’s resistance level of 3070—3110 levels.
Fresh upside rally we will see on a close above 3110 levels only.
Traders can sell Crude oil around 3030 with strict stop loss above 3110 on a closing basis for the downside target of 2780—2730.
Natural Gas
Support at 190 and resistance at 205.
Break and close above 205 will take it to 220—228 and then to 240+++ levels in days to come else it could test it’s support level of 190 again.
More and more downside panic will see on a close below 190 level only.
