WEEKLY COMMODITY OUTLOOK

        






GOLD:- Last week we had reported the 1348-1378 as trading range & suggested to follow the break out. In fact after crossing 1378 it made the high of 1417 & closed at 1416.For the coming week it is facing the resistance of previous top of 1424.3 & should ideally react from there to 1400-1410 range & THEN We are expecting it to head for the 1468-1475.It is a terminal move prior to a major top formation & expect some unusual movement spring in as undershoot or overshoot.Coservative trader avoid & aggressive may deploy strict stop for long trade.  



SILVER:-  Like gold on crossing the 27.50 it made the high of 29.49 & closed the week at 29.425.We are expecting it to correct to 28.65-28.30 range & then head for the 31..50. Again it is in terminal move prior to a major top formation & some unusual overshooting or undershooting is expected. Conservative traders should avoid trading & aggressive traders may for long with the strict stop.


CRUDE:- It is moving up with such high momentum that it has surpassed the target of 86.25-86.75 & made the high of 89.49 & closed at 89.44.We see it having strong support at 87.20 & should be tested once after stupendous rise. We expect it to then head for the 91.00. It is in strongly trended up move & should be traded for the long side.




NATURALGAS:- Natural gas  reacted last week to 4.1290 contrary to our expectation of the rise. However it did not take out the stop at 4.115 in accordance with our bullish view. For the coming week we are looking for it to touch the range of 46.40-47.70.We advise holding the long position with the stop of 4115 for the target range of 4640-47470.



COPPER:-Copper went up against our expectation of the downtrend & still exhibiting the high upward momentum. For the coming week we see it consolidating in the 4083-3945 range before taking any move further.



LEAD:-  Last week it made one more attempt to rise but lost the momentum at 2390.We are expecting it  to decline to 2150 in the coming week.




NICKEL:- Nickel made the high of 24000 with the very high momentum & we do expect it to touch the high of 25000 after some correction & consolidation.



ZINC:-  Last week it made the high of 2265 against our expectation of downside. It has still the potential to go to 2300 but then it should react to 2050 level.



ALUMINIUM:- Last week it  made the high of 2387.50 with the formation of the EVENING STAR pattern. We recommend selling short with the stop of 2400 for the target of 2200 & lower.



 

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