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Gold
For this week, Gold may remain in the ranges of 27400 to 28150 in MCX. Fundamentally, Gold movement is mostly as per global cues and the Euro zone crisis is not expected to end in the near future while, on the other hand, the U.S. economy seems to be in a growth phase. Upcoming data like consumer credit and wholesale inventories are expected to be lower than the previous data and lower unemployment claims are expected, which is looking good for the U.S. economy. All these factors may depreciate Gold prices in this week.
From the Gold chart, we can see that the prices of Gold are trading below 50-day moving average and consolidating in between the 20-50 days moving averages. The directional movement in the chart also indicates the bearish trend for coming days. Breaching of 27400 levels may result in a sharp rally till 26000. Technically, the major resistance level is 28150. Sustainability above 28000 may show the upper level 28400 adequately.
In COMEX, Gold is hovering around $1600 after testing a lower level of $1520. Its major support level is $1500 and resistance level is $1650. Buying near $1500 in International level would be beneficial for long term view. At this level Gold is looking very optimistic for buyers.
Weekly Support / Resistance
For this week, Gold may remain in the ranges of 27400 to 28150 in MCX. Fundamentally, Gold movement is mostly as per global cues and the Euro zone crisis is not expected to end in the near future while, on the other hand, the U.S. economy seems to be in a growth phase. Upcoming data like consumer credit and wholesale inventories are expected to be lower than the previous data and lower unemployment claims are expected, which is looking good for the U.S. economy. All these factors may depreciate Gold prices in this week.
From the Gold chart, we can see that the prices of Gold are trading below 50-day moving average and consolidating in between the 20-50 days moving averages. The directional movement in the chart also indicates the bearish trend for coming days. Breaching of 27400 levels may result in a sharp rally till 26000. Technically, the major resistance level is 28150. Sustainability above 28000 may show the upper level 28400 adequately.
In COMEX, Gold is hovering around $1600 after testing a lower level of $1520. Its major support level is $1500 and resistance level is $1650. Buying near $1500 in International level would be beneficial for long term view. At this level Gold is looking very optimistic for buyers.
Weekly Support / Resistance
Commodity | R2 | R1 | PIVOT | S1 | S2 |
Gold | 28600 | 28150 | 27700 | 26500 | 25800 |
Silver
Silver is expected to be highly volatile for this week amid euro zone crisis and positive data for U.S. economy. It is expected to test 50,000 levels in this week. It is following the same pattern as Gold.
Technically, Silver is expected to be bearish for the week. The Silver prices are trending below 50 & 20 days moving averages. Directional Movement in the chart is also showing the bearish trend for the coming days. Sustainability above 54000 may show some upper level up to 56000 as Silver is trending in a very broad range. In MCX its initial support level is 48500. Breaching of this level may result in a rally till 46000.
In COMEX, Silver is hovering around $28 and ranging in-between $26 to $30. Breaching of $26 level may show a sharp rally till $24. Initial resistance level is $30 and major support level is $32. In COMEX, $26 is good buying level for long term investors.
Weekly Support / Resistance
Commodity | R2 | R1 | PIVOT | S1 | S2 |
Silver | 56000 | 54500 | 52000 | 48500 | 46000 |
Crude Oil
For the week, Crude oil prices are expected to remain range bound as America has shown a huge stock of oil and the America–Iran conflict is expected to resolve. Crude is expected to remain in the ranges of 5250-5500 in MCX.
Technically, crude is looking range bound for the week as the Stochastic is showing an overbought zone and 20-day moving average is turning down. Breaching of 5300 levels may show a sharp rally till 5100. Sustainability above 5400 may show short term up trend.
In NYMEX, Crude is ranging in-between $98 to $103. It is hovering near $101. The resistance level in NYMEX is $104 and support level is $98.
Weekly Support / Resistance
Commodity | R2 | R1 | PIVOT | S1 | S2 |
Crude | 5650 | 5490 | 5300 | 5100 | 4890 |
Copper
This week, Copper is expected to be bearish on account of strengthening in Dollar index against euro. Upcoming data for Dollar is also expected to be positive. Indonesia’s Copper mining strike has halted, so it will impact Copper prices. Overall, Copper is not looking bullish for the coming days; its range in MCX is 415-490. Prices may correct this week. A break above 408 may show short term up trend.
Technically, Copper is trending below 13-day Exponential moving average and hovering around 20-day Simple moving average. Its directional movement is also showing the downtrend. Copper is showing the initial resistance of 409, Major resistance level is 416. Sustainability below 400 may correct in the ranges of 392-390. For the week, sell on rise is recommended.
Weekly Support / Resistance
Commodity | R2 | R1 | PIVOT | S1 | S2 |
Copper | 417 | 413 | 406 | 388 | 379 |
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