Gold whole week trade downwards, it touched the level of 30680 at which it bounce from the support level and huge buying takes place. It performed well last day of the week and gave good return to the buyers. We saw a good buying from the handle of 30770 which further lead to 31065. A sharp up side on the trend line was seen on charting for the coming days we are expecting the prices to approach 31320 levels where profit booking will take place and above this handle some fresh buying can take place for 31580 levels. Looking for down side 30560 will be immediate support.
Silver making new high for the day on day basis finally closed at 46020. It gives recovery in buying side. There was a level of 44723 from which it pull the prices from last two trading session. We are positive for this shining metals prices and it seems like 47635 level would be tested soon. We saw a sharp buying in the prices from 46100 handle looking on charts for daily frame. On upper end 47635 will be first resistance and 43520 will be the initial support for the shining metal.
Crude traded downwards whole week but at last day trading session it touched the support level of 2894 from which it prices bounce being the best in commodity segment for the buyers, there is some correction to the buy side seen in the daily time frame. In coming days it pull the prices of energy oil prices on positive direction and it seems likely to touch the immediate resistance of 3027 level would be tested soon. If oil sustains above 3030 a fresh buying will take place for the bracket of 3300.
Copper consolidate between 344-291 in daily time frame, in last two days trading session it gave gap up, hoping for the next trading session that would fill the gap up and would breach major consolidate support level of 298 in coming days. This Chinese metal will give a break from 318 and can pull the prices up to 324 where a short down side support can take place at 305.
Natural gas being the buyers pick for last two days gave good return. Seems like buyers are still interested in NG and can lead the prices of natural gas to 200 handle where the support can be seen at 180 bar. On the day frame we can see a trend of NG that it’s taking a sharp up move just after a some corrective days. So buy from dip would be prefer in it.
Zinc prices are following continuous rally from a long time and we can see that the prices have came to the major resistance now. Breaching on the year’s high we are expecting a little consolidation for coming days where buyers can book profit in their position. So after that a fresh buying can take place. This can lead to 160 handle.
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 overall trend is consolidated in daily time frame. But few trading session its short term trend was down now it took some correction for the course of week and gave the positive closing for the last day prices closed @ 669 if this up side sustain for the coming week we may found nickel to approach for on upper side 673.30 would be the first resistance but if it break the support level of 666.30 it would breached to the immediate level of 655.
Aluminium overall trend is consolidate but it gives breakout of double bottom pattern at level 106 in daily time frame, below this level we are expecting that it would be touched to the immediate support of 103, gives a long down side trend in coming days prices can fall till 100. As major support comes at 98 handle if the correction took at 109 handle we can see the commodity in positive move else 111 and 113 levels can be seen in coming days.