WEEKLY COMMODITY OUTLOOK (16-08-10)

GOLD:- Last week it made the high of the 1219.8 against our expectation of 1220.In fact it has either completed or about to complete the five wave pattern from the 1155.For the coming week we are expecting that after initial zigzag movements it will set into the corrective mode which may lead it to the range of 1195-1188.



SILVER:-  Silver has made the low of 17.795 against our expectation of 18.30.We are expecting a violent upside move in the coming week which may take this to 19.25-19.45 range.



CRUDE:- It declined sharply after completing the major zigzag correction 82.97.It has entered into a strong bearish downtrend as indicated by the EVENING STAR PATTERN in the weekly chart. However for the coming week we see a small decline towards the 74.50 & then bounce off to the 77-78 levels.



NATURALGAS:- Last week it declined sharply on the first day & then moved sideways for the rest week. We are expecting it to decline to 4000 level before any bounce can come.



COPPER:- Copper has  made the low of 323.10 against our minimum expectation of 325 & then 318.For the current week if it finds support at 321 then it will bounce to 331 level. Alternatively if it is unable to fine the support at 321 then it will go down till 305 to find the any worthwhile support.




LEAD:- Last week it made the low of 2032.50 against our target of  range of 2025-1960.In the process it has commenced the unfolding of the 5th wave on downside which has the first target of 2010 & then 1940.



NICKEL:- Nickel has terminated a larger degree zigzag corrective pattern on upside with the DARK CLOUD COVER pattern in weekly chart. We see it facing resistance at 22000 on upside & support at 20300 in coming week.



ZINC:- Zinc has made the high of 2179 against our expected range of 2165-2175 & terminated the larger degree zigzag pattern on upside with the formation of the EVENING STAR PATTERN in the daily chart. We  see  it to bounce to 2125 & the recede down to 1900 level.



 

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