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Daily Commodity News Letter


Gold performed well for the course of week and gave good return to buyers & sellers. We saw a mixed movement good the handle of 30100, which further lead to 29450. A sharp side way market was seen on charting, for the coming days we are expecting the prices to approach 30300 levels where profit booking will take place and above this handle some fresh side way market can take place for levels. Looking for side way 30300 will be immediate support. Physical gold demand in Asia firmed up this week on strong buying by leading consumer china while prices in India were a premium for the first time in several months ahead of the festive season. Spot gold was set to end the week up 1 percent on steady physical buying from china and exchange traded fund.



In last week, Silver finally closed at 41998. We saw a sharp side way movement was seen on charting from last two week there was mixed movement seen in the shinning metal. For the coming days we are expecting the prices to approach 42550 levels where profit booking will take place and above this handle some fresh side way market can take place for levels. Looking for side way 42550 will be immediate support.


Crude being the best in commodity segment for the buyers. From the level of 3450 there was a resistance which leads to the energy oil week high of the level 3464. It made the resistance and we are expecting that if it sustains above 3440 resistance then it can breach to the next resistance level of 3500. We are positive for this energy oil prices and it seems like 3500 level would be tested soon. If oil sustains above 3500 a fresh buying will take place for the bracket of 3700.


Copper falling daily in daily chart was seen from past three weeks, if it sustains below 309 levels, on the negative side it would be good for the sellers to book profit around 300 resistances. This Chinese metal if sustains above 300, can shoot up to 290 in the coming weeks, giving a major breakout of 300 resistance level, maximum level for sellers to square of their position.

Natural Gas:-

Natural Gas last as an outperformed player but got affected at the opening time, the light natural gas dipped to 179.10 at opening and just after an hour the market was in the hand of buyers and they pulled the prices to the day’s high of 183.70 this difference of Rs 4.60 was covered in the span of just two hours and for rest of the we could see a range bound trading in gas. This range bound moves had brought the confusion for the next trading session as the day candle also closed as a doji. For any time in the next trading session we see an uptrend on chart for the 185 and 190 brick. But a short pullback can be seen at the time of opening for a nail down bracket of 178


Lead prices are following trend line from a long time and we can see that the price can pull back up to major support 131. Sustaining on overbought zone, pullbacks can be we are expected in lead. From last week we can see that there were some corrections taking place. This can lead to 131 handle.


Nickel took some correction for the course of week and gave the negative closing for the last day prices closed @ 666.80 this indicates the bearish trend in daily chart. If it breaks the resistance of 663 then it can further breach up to 645 on lower side for the coming week or else can fall till 675 will be the first support for the falling price of nickel.


Aluminum gave a long down side from last two days and prices closed at 108.60 for coming days prices can fall till level 106, As major support comes at 104 handle, the correction can be up to 109 after testing  104 resistance, else 100 levels can be seen in coming days.

About Starindiamarket

Star India Market Research - SEBI Registered Investment advisory Company In India. Our experts provides trading recommendations in Stock, Commodity and Currency Market.

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