WEEKLY COMMODITY OUTLOOK (17/08/09)
GOLD:- Last week it opened at 956.60 & went down to 942.10 to mark the low of the week.It then continued to rise till 963.10 to register the high of the week & finally closed at 948.70.Thus it hit the 942.10 minimum low we expected & on the upside it could not cross 968 & just reurned from 963.10.For the coming week our bias is negative & we see 968 as major resistance & we have our own doubt whether it will be able breach 963.10.On the downside we see sooner than later 905-915 on breach of 942.
SILVER:- Last week it opened at 14.560 & went down to14.125 to register the low of the week.It then continued to rise till 15.185 to mark the high of the week & finally closed at 14.722.Our expected range of high low forthe week was 15.035 & 14.095 with the strong bullish bias.For the week we again expect it to consolidate in the range of 15.200 & 14.095 but with the stong bullish bias.
CRUDE:- We do not see it violating the 66 level on downside in coming week.On the contrary we see it rising to 74 level albiet with lower volume & lower momentum & do not see it crossing 77 in any case.On the contrary we are expecting a sharp retreat from any rate higher than 74 so long should be with the strict stop.


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