Read our weekly commodity samachar and make yourself aware about the next trading session.
📌Due to the recovery in the US economy, there was pressure on gold and silver. Crude oil has bounced from lower levels but weekly closing is in the red mark.
📌This week, the focus of traders will be on the data of home sales and gross domestic product (GDP) along with service and manufacturing data presented by the US and Europe. All these figures will affect the decisions of the Fed.
📌The next meeting of the Fed is on 21 September 2022. The following week’s data will give a lot of volatility in the market. Traders must be careful.
📌Buy bullion index near 13900. Stop loss will be below 13700. The target can be seen up to 14200.
📌Buy USDINR above 80.10. The stop loss will be at 79.20. The target will be up to 81.50—82.25. selling will do only if it closes below 79.20.
Gold and Silver Analysis
📌Support in gold is 51300 and resistance is 51900—52300. Fresh buying will be seen only if it closes above 52300 or else below 51300 levels up to 50800—50500 can be seen.
📌Traders can sell gold between 51800—51900. The stop loss will be placed above 52300. The target will be 51300 and 50800—50500.
📌Silver has the support of 55125—54000 and the resistance is 56500—57300—58600.
📌Take the risk and buy Silver around support levels. The stop loss will be placed below 54000. Moreover, target can be seen up to 56500—57300.
📌Next week’s levels can be seen on both sides in gold and silver. Consequently, trade with caution.
Basemetal Analysis
📌Buy above 676 in Copper. Stop loss will be below 653. The target can be seen as up to 716. Selling will only do if it closes below 753.
📌Sell ​​lead around 183. The stop loss will be placed above 186. Furthermore, at the bottom, we can see targets up to 179.
📌The support of zinc is 310—304 and the resistance is 322. Hence, trade in a limited range.
📌Aluminum has support 208—205—202 and resistance 214. Consequently, trade in a limited capacity.
Energy Analysis
📌Crude oil support is 6985—6830 and resistance is 7350. A new rise in crude oil will be seen above 7350. Be careful at the lower levels. Therefore, selling pressure will be seen only after a weekly close below 6900.
📌In natural gas, the resistance is 770 and the support is 670—600. The positional buying will do around 670. Place the stop loss below 600.
📌If natural gas settles above 770, then targets up to 830 can be seen in the coming time.
For more weekly commodity samachar, stay tuned with us…!!