WEEKLY COMMODITY OUTLOOK (17/05/2010)
GOLD:- Gold on the expected line, with blazing speed hit the upper band of our target range of 1235-1250. According to Elliot wave count there is a minor degree wave still in balance. We have drawn on charts various Fibonacci projection for that & we are of the view that it will form the intermediate term top in the range of 1275-1325 & then reverse. We expect this to happen on Tuesday late night or Wednesday morning followed by the quicker reversal to 1170.
SILVER:- Last week it made the high of the 19.845 & thus attained our target range of 19.55-20.10.In our view for coming week it will make the top in the range of 20.05-20.50 & then commence declining at quicker pace then the ascend towards 17.50.
CRUDE:- On the expected line it bounced to mark the high at 78.51(our range was 78-80) & started declining to register the low of 70.84 (our range was 69-70).Thus it confirmed the weekly bearish engulfing line by forming long black candle on downside. We see 68.60-69.50 as very likely support zone for bounce to 75.60--77.
NATURALGAS:- Last week it made the high of 4.414 overshooting our target range of 4.15-4.20.We see it has some more steam to bounce to 4.55-4.65 & then commence the downward journey.
COPPER:- Copper has made high of 326.75 against our expected range of 327-332.However it is getting support at 312-310 range but we do not see it holding too long. Alternatively it may bounce to 327-332 range once more to test but the final destination is below 295.
LEAD:- In our view it has turned bearish & unveiling extension on the downside. Alternatively as bleak probability it may bounce to 2000,2050 or 2150 level but finally it is destined to go to 1800 levels.
NICKEL:- Like lead our bias is negative & it is destined to go to 20000.However it may bounce to 22700,23300 or 26200 as a bleak probability.
SILVER:- Last week it made the high of the 19.845 & thus attained our target range of 19.55-20.10.In our view for coming week it will make the top in the range of 20.05-20.50 & then commence declining at quicker pace then the ascend towards 17.50.
CRUDE:- On the expected line it bounced to mark the high at 78.51(our range was 78-80) & started declining to register the low of 70.84 (our range was 69-70).Thus it confirmed the weekly bearish engulfing line by forming long black candle on downside. We see 68.60-69.50 as very likely support zone for bounce to 75.60--77.
NATURALGAS:- Last week it made the high of 4.414 overshooting our target range of 4.15-4.20.We see it has some more steam to bounce to 4.55-4.65 & then commence the downward journey.
COPPER:- Copper has made high of 326.75 against our expected range of 327-332.However it is getting support at 312-310 range but we do not see it holding too long. Alternatively it may bounce to 327-332 range once more to test but the final destination is below 295.
LEAD:- In our view it has turned bearish & unveiling extension on the downside. Alternatively as bleak probability it may bounce to 2000,2050 or 2150 level but finally it is destined to go to 1800 levels.
NICKEL:- Like lead our bias is negative & it is destined to go to 20000.However it may bounce to 22700,23300 or 26200 as a bleak probability.
ZINC:- In our view it is bearish & destined for 1800.However we are of the view that it will receive the support at 2000 & will bounce back to 2180 & then commence the downward journey.
Posted by JKD VIEWPOINT at 5/17/2010 
Categories: WEEKLY COMMODITY OUTLOOK
Tags: WEEKLY COMMODITY REPORT
Categories: WEEKLY COMMODITY OUTLOOK
Tags: WEEKLY COMMODITY REPORT
Comments