Gold performed well for the course of week and gave good return to sellers. We saw a good selling from the handle of 31000, which further lead to 30790. A sharp down side was seen on charting for the coming days we are expecting the prices to approach 30560 levels where profit booking will take place and below this handle some fresh selling can take place for levels. Looking for upside 31180 will be immediate support.
Silver making new lows for the day on day basis finally closed at 45258. We saw a sharp selling in the prices falling from 45400. If it break the level of 45100 it would be fill the big gap from 45100 to 43450. if the shining metal breaks 45100 handle a bigger dent will appear which will give a good profit booking for short selling positions. On upper end 45600 will be first resistance and 45100 will be the initial support for the shining metal.
Crude being the best in commodity segment for the sellers, from last two week there was mixed move moments seen in crude oil. From the level of 3000 there was a support which leads to the energy oil week low of the level 2873. It made the support and we are expecting that it can bounce back from the level and would be break the level of 2920 the immediate resistance and breach to the next resistance level of 2967. We are positive for this energy oil prices and it seems like 3000 level would be tested soon. If oil sustains above 3000 a fresh buying will take place for the bracket of 3200.
Copper forming consolidation in daily chart between the level of 344-290, if it gives breakout to the channel on the positive side it would be good for the buyers. This Chinese metal will give a break from 305 and can pull the prices up to 340 where a short down side support can take place at 290.
Zinc prices are following trend line from a long time and we can see that the prices have come to the major support now. Breaching on the year’s high we are expecting a little consolidation for coming days where buyers can book profit in their position. From last week we can seen that there was some corrections takes place. This can lead to 160 handle.
Lead performing well on the buyers side and gave a good profit booking to buyers from last two weeks. Analyzing the daily chart we feel a cool down in the prices of lead as already the prices are in overbought mode. Since the commodity is trading at high end so little correction can be seen in coming week where support falls at 120 and resistance at 139.
Nickel took some correction for the course of week and gave the positive closing for the last day prices closed @ 651.60. In last trading session bullish hammer candle stick pattern seen, this indicate the bullish trend in daily chart. If this up side sustain for the coming week we may found nickel to approach for on lower side 625 will be the first support for the falling price of nickel.
Aluminium gave a long down side from last two days and prices closed at 105.15 for coming days prices can fall till level 98, if the breakout of the trend line is seen in down side. As major support comes at 93 handle if the correction took at 106 handle we can see the commodity in positive move else 110 and 115 levels can be seen in coming days