Trendy Gold (Aug)
As expected, we have seen range-bound trading in Gold. Gold falls vertically after the FED statement in the previous week and now it is in a consolidation phase.
Now, what to expect???
Gold has support at 46600 and resistance at 47400.
Gold has formed DOJI pattern on the weekly chart.
Break and close below 46600 will take it to 45900 levels. More and more downside panic we will see on a weekly close below 45900. Else, it could test its resistance level of 47400 again.
Break and close above 47400 will take Gold to 47900—48200 levels.
Trade safely as per levels given above.
Trendy Silver (July)
Silver too is facing resistance at 68800 and support at 67300—66500.
Decisive break and close below 66500 will take Silver to 64200—62800 levels in days to come.
Or, else it could test it’s resistance level of 68800 again.
More and more upside rally we will see on a close above 68800 levels only.
Silver is trading near to 61.8% from its previous rally. We are highly bullish in Silver for medium to long term.
Chances are bright that Silver will bottom out soon.
Trendy Copper (July)
We clearly indicated to buy Copper around 696—692. Our expectation fulfilled and spurts to 729.20 and finally settled around 721.65.
Now, what next?
Below 717… Sell it with stop loss of 727 for the downside target of 707—702.
More and more downside panic we will see on a close below 690 levels only.
Traders can try to grab copper again in panic around 707—702 with stop loss below 690 for an upside target of 727 and then to 745.
Trendy Nickel (July)
Sharp upside rally we have seen in Nickel from lower levels. We clearly indicated to buy nickel above 1305 levels.
Now, what next???
Nickel looks positive on the weekly chart and could test 1420—1430 and then to 1460 levels.
More and more upside rally we will see on a weekly close above 1460 levels or else it could test its support level of 1355—1345 again.
Traders can grab the opportunity to buy Nickel in panic around 1355—1345 with a stop loss below 1330 for an upside target of 1420—1430.
Trendy Lead (July)
Hurdle at 174.50 and support at 170—167.50.
Lead is finding crucial support at 170—167 levels.
Lead turns negative on a weekly close below 167.50 levels or else it could test it’s resistance level of 174.50 again.
Break and close above 174.50 will take Lead to 179—182+++ levels.
Traders can buy Lead in panic around 171—170 with stop loss below 167.50 for an upside target of 179—182.
Trendy Zinc (July)
Zinc has already given break out at 233 levels. In the week, Zinc settled around 235 levels.
Now, what to expect???
Zinc has support at 230—226 and resistance at 237.
Fresh downside panic we will see on a close below 226 levels only. A weekly close below 226 will take Zinc to 217—213 levels. Else it could test its resistance level of 237 again.
Break and close above 237 will take Zinc to 241—244 levels.
Who will stop zinc above 244 mark???
Risky buying around 230 with stop loss of 226 or wait for good opportunity to buy above 244 levels or at 217—213 levels.
Trendy Natural Gas (July)
In the last week, we have seen a sharp upside rally in Natural Gas. Our upside target of 260 achieved successfully.
Now, what next???
Natural Gas has support at 230 and resistance at 262.
Natural gas trend still looks positive and traders can try to grab it around 250 with stop loss of 230 for the upside target of 280+++.
Our positive view gets negate on a close below 230 levels only.
Trendy Crude Oil (July)
We have seen Mind blowing rally in Crude oil. Crude oil prices rallied from 4519 to 5513 levels.
Now, what next???
Crude oil has resistance at 5550—5800 while support at 5430.
Crude oil looks positive above 5550 and could test 5630—5680 and then to 5800 levels. Else, it could test its support level of 5430 again.
Break and close below 5430 will take it to 5310 and then to 5260—5130 levels.
Overall trend is positive but trade with levels only. Don’t jump for aggressive selling in it. Try to buy near the support levels.
More we will update during market hours.
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