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Today Commodity News Letter



Gold remains well bid heading into the last weekend before the U.S. election. There was brief flurry of volatility off of the October jobs report, but the yellow metal settled back in just above $1300 (COMEX). October nonfarm payrolls came in at +161k. While that was below expectations, the positive back-month revisions along with the continued rise in hourly earnings made the report neutral to positive. With the November FOMC meeting behind us as well, all attention is squarely on Tuesday’s election. Gold being the best in commodity segment for the buyers. From the level of 30700 there was a resistance which leads to the yellow metal week high of the level 30686. It made the resistance and we are expecting that if it sustains above 30700 resistances then it can breach to the next resistance level of 31000. We are positive for this Gold prices and it seems like 31500 levels would be tested soon.

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On its one-year chart we can see that silver’s corrective action from early July has brought it all the way back to it’s steadily rising 200-day moving average, a classic buy spot, where a potential intermediate base has formed. This corrective action has more than completely unwound the earlier overbought condition. We saw a sharp buying in the prices rising from 44200. If it breaks the level of 46000 it would be fill the big gap from 46000 to 47200. If the shining metal breaks 44200 handle a bigger dent will appear which will give a good profit booking for long buying positions. On lower end 42400 will be first support and 44200 will be the initial resistance for the shining metal.


U.S. oil prices edged down to fresh five-week lows on Friday, as record high U.S. supply data continued to weigh, as well as doubts over the possibility of a production freeze deal by major oil producers. Crude oil performing well on the sellers side and gave a good profit booking to sellers from last five days. Analyzing the daily chart we feel a cool down in the prices of crude oil. Since the commodity closed with dominant sellers, so a deep fall can be seen in coming week where support falls at 2870 and resistance at 3180.


Copper rising  in daily chart was seen from past two weeks, if it sustains above 336 levels, on the positive side it would be good for the buyers to book profit around 338 resistances. This Chinese metal if sustains above 338, can shoot up to 341 in the coming weeks, giving a major breakout of 336 resistance level.

Zinc :

Zinc rising in weekly chart was seen from past two weeks, if it sustains above 166 levels, on the positive side it would be good for the buyers to book profit around 168 resistances. This Chinese metal if sustains above 168, can shoot up to 170 in the coming weeks, giving a major breakout of 168 resistance level, maximum level for buyers to square of their position.


Lead prices are following trend line from a long time and we can see that the price can pull back up to major support 136. 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 136 handle.


In last week, nickel makes new high and finally closed at 697.40. We saw a sharp side way movement was seen on charting .From last two week there was mixed movement seen in the nickel. For the coming days we are expecting the prices to approach 705 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 706 will be immediate support


Aluminum took some correction for the course of week and gave the positive closing for the last day prices closed @ 114.80; this indicates the bullish trend in daily chart. If it breaks the resistance of 116 then it can further breach up to 119 on higher side for the coming week or else can fall till 111 will be the first resistance for the rising price of aluminum.

Commodity  Trends:

R1 S1
GOLD 30700 30200
SILVER 44200 42400
CRUDE 3180 2870
COPPER 336 324
LEAD 141 136
NICKEL 706 675
ALUMINIUM 116.50 108
ZINC 166 107

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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