Weekly Commodity Update Metals & Energy 8 th March 2016 Geofin Comtrade Ltd.
CONTENTS Currency Dollar Index, USD INR Precious Metals Gold, Silver Energy Crude Oil, Natural Gas Base Metals Copper, Nickel, Lead, Zinc, Aluminum
DOLLAR INDEX The above is daily chart of Dollar Index. It is making lower highs and lows on intermediate chart. In this week, it is expected to correct down till 96.70 and further till 95.30 levels. On the upside, immediate resistance is located at 98.60 and further at 99.50-99.85 zone. Hence, bias is expected to remain on bearish mode.
USD INR (Spot) The above is daily chart of USDINR. After making high above 68.74 in last week of Feb, pair fell sharply till 67.06 in the last week to end up at early January levels. Technically, it is expected to give pullback till 67.50 levels, from where it may again continue its bearish trend till 66.60 levels. However, in another case, break above 67.50 will push it towards 68.10 levels.
COMEX GOLD (Spot) The above is daily chart of International spot Gold. After having sideways trade for two weeks, prices gained more than $36 or 3 percent. It has also given weekly close above crucial resistance of $1240 levels. In this week, it is expected to extend its rally upto 1310 levels. On flip side, immediate supports are located at $1253 and further at $1230 levels.
MCX GOLD APR Above is MCX Gold Oct daily chart. Domestic prices are still trading below its previous high of 30095 levels. It is expected to cross that level to gain further till 31500 levels. Momentum indicator RS is hovering near bullish territory, suggests strong upmove. On the flip side, it has immediate support is located at 29413 levels.
COMEX SILVER (Spot) Above International spot Silver daily chart suggests that prices are making cup and handle pattern which has neckline at $15.93 levels. If it gives breakout then further upside can be seen till $16.35 and $16.80 levels. On the flip side, immediate support zone is located at $15.30 and further at $15.00 levels.
MCX SILVER MAY Above is MCX Silver daily chart. just like international Silver, MCX prices are also forming cup and handle pattern. In this week, it is expected touch immediate resistance of 39000 and further 39500 levels. On the flip side, immediate support is located at 37150 levels. Hence, bias is expected to trade on bullish mode.
MCX CRUDE OIL MAR Above is daily chart of MCX Crude oil. It suggests that prices are making higher highs and lows. After cross immediate resistance of 2400, prices gained sharply above 2500 in yesterday s session. It is expected to extend its upside rally upto 2665 levels. On the flip side, immediate support is located at 2400 levels.
MCX NATURAL GAS MAR Above is hourly chart of MCX Natural gas. It suggests that prices have given breakout from top to top trendline. It is expected to gain upside till 121 and 125 levels. On the flip side, immediate supports are located at 114.50 and further at 111 levels. Momentum indicator RS is supporting bullish view.
MCX COPPER APR Above is daily MCX Copper chart. After crossing crucial resistance of 321.50, prices gained sharply above 335 levels. In this week, it is expected to rise towards 351.70 levels. On another side, immediate support is located at 329.80 and further at 320.80 levels.
MCX NICKEL MAR Above is daily chart of Nickel. It suggests that prices have crossed resistance of 600 levels and marked a high above 638.50 levels. Furthermore, prices are expected to continue its bullish trend till 660 levels. On the flip side, immediate support is located at 582 levels.
MCX LEAD MAR Above is daily chart of MCX Lead. It suggests that prices gained sharply on the higher levels to touch previous high levels. However, traders have shown some profit booking over there, which has driven prices towards downside. In the near term, prices are expected to fall towards 121.40 levels. On the upside, immediate resistance is located at 127.90 levels.
MCX ZINC MAR Above is daily chart of Zinc. It suggests that prices are likely to top out in the near term. Negative divergence on RSI and bearish bias suggests pending correction in the prices. Hence, it is expected to correct down till 116.70 levels before posting fresh move above 124.50 levels.
MCX ALUMINIUM MAR Above is daily chart of Aluminum. It suggests that prices are making higher highs and lows. Prices have taken support near 20 DMA levels and turned on the upside. It is expected to rise towards 110.85 levels. On the flip side, immediate support is located at 105.55 levels. Hence, bias is expected to trade on higher note.
THANK YOU Research Department - Institutional Desk Vaibhav P Chudasama CMT Contact:022-61312127 805, Dev Plaza, Opp. Irla Fire Brigade, S.V. Road, Andheri West, Mumbai - 400058. Disclaimer: The information contained here was gathered from sources deemed reliable; however, no claim is made as to accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time, nor should any examples presented be deemed as such. There is a risk of loss in commodity trading and commodity options and you should carefully consider your financial position before making a trade. This is not, nor is it intended, to be a complete study of chart patterns or technical analysis and should not be deemed as such. Geofin Comtrade Ltd. does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgements at this date and are subject to change without notice. For use at the sole discretion of the investor without any liability on Geofin Comtrade Ltd.