In the week, we have seen positive momentum in Gold as well as Silver. Both took a u-turn from lower levels and settled around 47339 and 70280 levels respectively. Gold surged from lower levels despite better than expected unemployment claims and nonfarm payroll data.
Trendy Gold and Silver
Gold has support at 47130 and resistance at 47520
Break and close below 47130 will take Gold to 46800—46550 and then to 46300 levels. More and more downside panic we will see on a weekly close below 46300 levels or else it could test its resistance level of 47520 again.
Break and close above 47520 will take Gold to 47900—48350 levels in days to come.
For time being, Gold has crucial support at 46300 and has crucial resistance at 49000—50000.
On the other hand, Silver has support at 67500 and resistance at 70500
Decisive break and close above 70500 will take it to 72000 levels or else it could test its support level of 69300—68800 again.
Fresh downside panic we will see on a weekly close below 67500 levels only.
On seeing the weekly chart, we suggest our traders and subscribers to go long in Gold and Silver at lower levels for time being. Jobbers and intraday traders will have upper hand.
Trendy Copper
Copper is the most volatile commodity in the week. Copper made a low of 704.40 and a high of 727.30, finally settled around 722.30. Last week, we clearly indicated to buy Copper in panic around 707—702 levels. Hope you minted money in it.
Now, what to expect???
On seeing weekly chart, Copper finds crucial support at 704—685 and resistance at 730
Three consecutive closes + weekly close above 730 will take Copper to 755—770++ levels in days to come or else it could test its support level of 713—704 again.
however, a fresh downside panic or trend reversal we expect on a close below 685 levels only.
Any sharp downside panic till 707—704 will be the best buying opportunity with a stop loss below 685 for the upside target of 755—770. Traders holding long as per our weekly levels can book some profit at the current market price on Monday.
Trendy Nickel
Nickel has support at 1340 and resistance at 1380
Decisive break and close above 1380 will take Nickel to 1410—1425 levels in days to come.
However, a fresh breakout in Nickel above 1425 levels. Three consecutive closes + weekly close above 1425 will take Nickel 1700+++ levels in days to come.
Fresh downside panic we will see on a close below 1340 levels only.