It seems like gold will be taking some positive moves for the coming week and we can see a good buying above 31200 handle only if the yellow metal sustain above 31200. On weekly frame we got Doji candle on chart which can give a hope to buyers, to make some long position. Since price of this precious metal is taking rebound from 30700 again and again, Making 30700 a major support. We expect that this handle should not be broken. Else we could see prices approaching 30300 and 30000 level in coming days. Above 31200 we can head for 31600 and 31900 on positive node
Silver being the most volatile in the family, becomes the sellers choice for the week and fell to 45598 and gave closing at 36321. Even it closed higher from the low end but gave a red candle on chart which on weekly chart gives a very serious support of 45500 and if this support gets break we would see a huge fall on chart for the handle of 44600 & 43600 one can take a short sell if the shining metal breaks 45600. Taking for the up side buying doesn’t seems good until 47000 doesn’t break
After a long time crude oil broke the 2995 level and as told previously the doors for the lower levels had opened now. We could see prices falling for 2900 and 2800. Now 3030 is acting as a strong resistance. Still its hard to go above 3100.
So to go with selling wave would be preferred. This selling pressure could felt on chart where we can see down trend on both daily and weekly chart. This down trend is also supported a good volume too.
Copper still seems to be stuck down in a tight range. Where the difficulty is it’s not breaking high from 338 and low from 333 for a thought if Chinese metal break 333 we could see 322 on lower side and sustain above 338 handle we could see 343 & 349 so the range for upper side is less and more profit can be seen on selling positions.
Natural Gas performed very well yesterday and gave good profit to buyers it opened at 179.70 and marked high at 187.90 a good was seen yesterday which brought back the potential of buyers for the Natural Gas. If the same trend continue we could see 193 and 198 price back in coming trading session. Since the prices have rebound from the major support of 175.50 so can believe in this up side move. Hence to be on buying side would be preferred in Natural Gas.
Lead trend positive for the week and we expect the price to give a positive boost in coming trading sessions. For the day of Friday lead closed down but looking on the weekly chart we can notice the potential of metal to head up to the level of 132 and 140 for the time being 121 should be taken as a serious support, which if broken, prices can fall till 115
Nickel closed well for the week by breaking the resistance of 676 and heading up to 761. Now we can approach for the prices of 788 and 841 on weekly frame. Where on the day frame we find a little down side approaching for 677 level if the commodity prices break 670 handle we can look ahead for 655 brick too.
Aluminum seems positive on chart we can see a good and steady up trend on chart, but talking for a weekly basis we found a Doji candle which can give a break to the trend and we can see in a reversal price move. Where prices can move 110 and 108. Talking for the upcoming move in Aluminum we should sit on buy side from lower levels as where 112.50 is a major resistance for the price to breakthrough.