Commodity newsletter helps you to understand market view on a daily as well as weekly basis. In the commodity newsletter, you will get an in-depth analysis of bullion, base metal, and energy.
đź“ŚCommodity Samachar wishes you a Happy Monsoon. The rainy season and Farming time have started. Hence the buying could be weak in gold and silver. Stability will be seen in other markets and demand will also increase.
đź“ŚAfter increasing the US interest rate from the Fed, it has now come to 1.75%. Markets will remain normal till the next meeting. So trade with levels without panic.
đź“ŚNext week the focus of traders will be the G7 meeting, US CB Consumer Confidence, US GDP, and the statement of the European Central Bank president.
đź“ŚInventory of crude oil was postponed last week. Which can be issued this time on Monday or Tuesday. It has not been notified yet.
Gold and Silver Trends
đź“ŚGold is trading in a limited range. The trading range on the weekly chart is getting smaller, forming a triangle-like pattern on the monthly chart.
đź“ŚSupport in gold is 50150 and resistance is 51200—51800. If gold breaks the level of 50150 then a sharp fall can be seen till 49500 and after that 48800—48000 levels.
đź“Ś If the level of 50150 is not broken in gold, then again the level of 50900—51200 and after that up to 51800 can be seen.
đź“ŚThe silver support is 58000 and the resistance is 62000. Silver is trading near the main support and it remains to be seen how it behaves around its support.
đź“ŚAt this time the trend in gold and silver is directionless. Trade-in a limited range at daily levels for some time.
Base Metal Trends (July)
đź“ŚAs expected, there has been a big decline in the base metal. Hope you have made a good profit. However, if you are already stuck in the market then try to exit on the rise.
đź“Ś We will not buy in copper. There is still a big fall pending in it. The rise in copper can be seen back to 718—732.
đź“ŚDon’t create trouble by selling at lower levels. Wait for a sell-off at higher levels. If copper closes below 680, we will see levels up to 625—610.
đź“ŚThe Lead has a support of 172 and the resistance is 181—186. Trade-in a limited range.
đź“ŚThere is a strong decline in Zinc. If zinc closes below 289.50, then we can see the level up to 259 soon. Don’t expect a rally in it. It will be safe to sell in case of a sharp upside rally.
đź“ŚThe decline in aluminum continues. If aluminum breaks the level of 206, then we can see the level of 203—200. If aluminum closes below 205, the gates up to 188—177 get open. The resistance is 220. Be careful on the upper levels.
Crude oil and Natural Gas trends
đź“ŚCrude oil has become the main support of 7950. If crude oil closes below 7950, then we can see the target of 7600—7450 and after that till 6700.
đź“ŚWe have seen that crude oil has traded in a limited range. If you are stuck then definitely try to get out at the upper levels. In crude oil, it is expected that selling will be seen again above 8700 levels.
đź“ŚThere is also pressure in natural gas. However the resistance of natural gas is 510—545 and the support is 460. Do trade in a limited range for some time. The new levels will be seen after the expiry.
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Regards,
Commodity Samachar
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