WEEKLY COMMODITY OUTLOOK (19-07-2010)
GOLD:- Gold has made the high of 1218.8 against our expected range of 1220-1225 & declined sharply .We are expecting this decline to terminate in the 1165-1180 range. From there we see a bounce to 1220 levels. Though we do not expect, the breach of 1165 will be very bearish for the gold.
SILVER:- Silver is forming the flat correction as reported last week. It made the high of 18.53 against our expectation of 18.40 & started descending down.This may terminate below 17.195 & above 16.65.We are expecting a sharp bounce from there as larger degree correction is terminating there
CRUDE:- It has major resistance at 80.00 & we do not see it breaching upside. On the downside it has support at 71.10.Our bias is negative & we see it being tested again.
NATURALGAS:- We see it testing the resistance at 4900 first & then start descending again towards 4300.
COPPER:- It has broken the major congestion level & we see it testing the 280 levels sooner than later.
LEAD:- Lead has the major resistance at 1840 & we do not see it being tested even. It has minor support at 1755 but we do not think it being hold & may go to test the 1700 level.
NICKEL:- It's trend has turned downside last week. We do not see it testing the 19500 level & downside it is headed towards the 18000 level.
ZINC:- Zinc has turned downside last week & now we do not see the resistance at 1860 being tested. On the downside it has initial support at 1720 & then at 1615.
Categories: WEEKLY COMMODITY OUTLOOK
Tags: WEEKLY COMMODITY REPORT
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