Gold prices showed a big down fall for the course of day where on weekly chart we found an inverted hammer candle. The amount of recovery or the gain we found in the price of gold for the week or for the four day was wipe out just in one day i.e. yesterday. It was the biggest down fall of the day as compared to the week. Prices opened at 31804 and closed at 31228. As 31140 is acting as a major support on chart so if the prices broke this handle we could see 30700 in coming days. Where on higher side 31850 & 32100 are major resistance.
Silver gave a big fall yesterday and prices felt to 26225 it was the biggest fall for last three months. If this downfall gets continue then the trend for the shining metal would changed and we could see prices on 45500 and 44500 in coming weeks. Buying in silver seems tough as the dip is bigger but if a price crosses 47700 we can be sure for buying in silver. If the prices blow 44500 then the previous gap in chart could get fill for 43700 handle.
Crude oil made a Doji candle for the week where on daily frame we found a good bounce in the price of oil at the time of inventory. For the week inventory was marked at 1.4 M where the previous inventory was at 1.7 M. After a long down trend we feel that heat is over now and some upside will bring the crude oil at better place. On the higher side 2835 and 2900 will be edge to price where on lower side 2700 and 2600 will be support.
Nickel bounded itself in a range of 700 to 725 neither prices are getting below or above these handles. A consolidation phase is marked from 12th June. This consolidation is having a steady upside on chart so a very slow buying can be said by observing the moves on chart. For the week 725 will be higher side and lower will be 700.
Lead prices are dropping from 15th June and no correction is seen in the prises since then. A sharp down trend is formed on chart for the course of week. Prices have closed at the bottom @119.25 as 119 had proven itself a major support last time on daily and weekly chart too so we strongly believe that if the prices sustain below 119 handle we could see prices dipping to 116 & 112 bracket. Buying doesn’t seems good in Lead
Zinc performing sharp us side on weekly trend. Even on day frame we found buyers interest in this commodity and as compare to other commodity zinc is performing well. We believe that this uptrend would continue further to make new highs till 155. No down side is visible for this commodity and for safer play 148.50 will be a support handle.
Copper taking a sharp pull in the prices and brought the chimes metal to 319 level. Talking for weekly frame 319 is a major support and if the prices break this handle we can see the prices dipping to 306 brick too. Where if a good recovery in prices comes we can see the Chinese metal touching 326 and 336 price as well.
Aluminium is trading in a range bound manner for the course of week. On daily frame 108 is a major support and sustaining from last week as well so if the price broke 110.50 handle it could be the buyers market. As we can see a slow buying on weekly chart so to sit on the buying side would be a good option in aluminium.