Weekly Commodity Samachar- Trends update on bullion, base metal, and energy.

On behalf of Commodity News, warm greetings to all of you on the occasion of Hanuman Janmotsav. Just read about weekly commodity Samachar trend updates on bullion, base metal, and energy.

The Russia-Ukraine tension has now reached its peak. According to reports, all the countries are preparing their own arms strength. Sanctions on Russia, due to which European countries are facing problems with gas and crude oil. Along with the United States, European countries are also standing against Russia. The presume is being made of The Third World War which can create a major crisis.

India and China are currently staying away from the issue. But the appeal for peace continues. Due to this growing crisis, Inflation is at extreme and the noose around the neck of the people has become relevant. The global hit of Corona had not yet emerged and the threat of war began to loom large. The wave of the corona is prevailing in China and the fourth wave is also expected in India. Vaccination has been done but the threat remains. Amidst this fear and volatility, there is a pressure situation in the global stock market. Oil and gas prices are skyrocketing.

At 7:30 a.m. on Monday, the traders should concentrate on China’s GDP. According to estimates, this time’s GDP is expected to increase by 0.2% to 4.2% compared to earlier. According to estimates, the prices of the base metals prices can get support at lower levels.

Trends in Gold and Silver

Hopefully, you have made good profits in gold and silver. We had advised buying gold above 52200 levels. The target was 52900—53300 and the target was up to 69000 in silver.

In gold, we will no longer talk about a positional slowdown. It is safe to buy on a sharp decline in gold. The level of buying is between 52300—51700 will be a good opportunity. If gold trades above 53150, we can see levels of 53800—54500.

There will be positional buying above 70000 levels in silver. We can see targets of 74000—76000 and then up to 84000 levels in days to come. If silver breaks the level of 70000, then 65000 will become the rock bottom support at the bottom. At present, there is a support of 67500—65000 in silver and resistance of 70000.

Talking about Comex Gold, the momentum is expected to remain intact. Gold can see further upside above $1983 to $1997—$2006. This week’s support is $1935. In silver, we have already reported a fresh breakout above $25 for the upside target of $28.50— $30.00. The movement of the rupee will be of greater importance in the Indian markets. Due to the weakness of the rupee, gold and silver may see a surge in prices.

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Trends in Base Metal

The support in copper is 800 and the resistance is 830. The new upside rally in copper will be seen only if it closes above 830 levels.

The lead has a support of 183—179 and a resistance of 188. Do trade in a limited range.

Zinc saw a good rise as told you in the last report. It surged from 363 levels. We hope that you made good profits. This week the support in Zinc is 350 and the resistance is 380. Levels of 388—393 and then to 400 can be seen above 380 in the zinc. It will be safe to buy between 365—362 levels.

Aluminum has a support of 265—262 and a resistance of 274—282. Do trade in a limited range.

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Trends in crude oil and natural gas

In crude oil, it was clearly said that do not trade by selling in the range between 7300—6500. I hope you made good profits. Crude oil is expected to continue to rise. We will not suggest our subscribers to go short on Crude oil prices.

Crude oil can see a more upside for the target of 8,400—8,700 if breaks 8150 levels on a closing basis. It will be safe to buy between 7700—7500 in crude oil. Keep the stop loss below 7000. Also, do not trade for long in crude oil options. Due to the high premium and volatility, trade the crude by hedging from options.

In natural gas, we had advised a target of up to 550 above the positional breakout of 412. Natural gas saw a sharp upside move in it. Do not trade by shorting natural gas at any cost. In natural gas, targets of 578—584 and then 610 can be seen if it closes above 560 levels. Positional traders can wait again for the 490—480 range for a fresh positional entry. Natural gas in the overseas market is estimated at $10.00

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Trends in USDINR

In the dollar/rupee, the support is down to 75.80—75.50, and the resistance is 76.30—77.20. The rupee can see levels of 76.70—77.20 if breaks above 76.30. The rupee will turn bearish only if it closes below 75.50 levels. If everything does not improve quickly and the fall in the stock market dominates, then we will see the rupee likely to test 83 levels soon. The positional support in Rupees is 72.00.

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Benefits of Commodity Samachar