Commodity Trading In India

GOLD TIPS : (June)

Last week strong volatility were saw resulted it was made a high at 22214 before a test low 21715 and finally managed to closed above 22000 level. Gold is continue as a safe haven assets due to lingering concerns regarding Greece after S&P downgraded its rating into junk. In this week, we may consider support range 22000 and resistance 22250.. break out or break down will move in either side. 

Comex : Last trading session, it was attempted to high, after made a high 1515.43 US $ it was closed at 1511.55. US $ In this situation, we may consider resistance 1525-1530, US $ decisively crossover and stay with volume to confirm up side directional will test 1577-1600 US $ mark, whereas the lower support range 1470 US $, decisively break will more down side and it will test major support 1405 US $ but chances are very far. 

SILVER TIPS (July)

After record high of 73600 in MCX and 49.82$ in COMEX, white metal continue slide due to profit taking by speculators and selling of Hedge Funds. However, long term trend is bullish but short term Silver can be volatile and can give some sharp correction because of news like interest rate hike or cools off tension in Libya. We can expect that Silver can give sharp fall again if inflation remains stable and at the same time interest rates keeps rising Over on panic to buy side and sell on rally. 

On a technical front, Silver in downward movement and already corrected more than 20000 points from recent high. At present in chart looks highly over sold and RSI is trading below 30 levels which indicate some buying at lower level can not be ruled out but higher level again selling opportunity may emerge. Down side short term support range 50000-51000 watch out, up side target 58000-60000 whereas the again cautious mode. 

Today : once crossover and sustained above ...?.........sharp move resulted it will test 55000 mark, on the lower side support range is 52..............thereafter over all selling in this commodity. Silver is likely to underperformer in coming days/months. 

In Comex : After a spectacular rally at $ 49.8 an/ounce, free fall were saw due to increase in margin in CME and almost down 27 percent in the last week. We may consider 35 $ that is 61.8% retracement of previous move and 200 DMA strong support is 34 so we may consider major support 34-35 $ In coming trading sessions , bulls can expect some relief if this level hold, break and trade below unabated selling pressure will take up to 29$ and 23 $.

COPPER TIPS (June) : Over all short term trend is bearish..... last week it was made a high 414.50 before that strong bounce were saw from the level of 395.95 and finally made a close at 412.50. In this week we can expect trading range 400 to 420 . 

LEAD TIPS (May) :

Last week strong recovery were saw from the level of 102 and finally made a high 113.80 and closed near to weekly high which indicate over all trend is bearish. In this week, consider support 109 and resistance 115.

NICKEL TIPS (May) :

Last week it was again face and triple top formation at 1125-1130 range and finally made a low of 1045 but managed to closed at 1067. Overall trend is bearish and any rise to selling opportunity. In this week watch support level 1044- 1010 whether old or not and resistance 1124 watch out. 

ALUMINIUM TIPS (May) :

Last week it was made a high 116.25 before low 111.50 and finally closed at 112.65. Short term trend is down, for smooth run it must cross and close above 116-120 range, thereafter free break out cannot be ruled out.

ZINC TIPS (May) :

Overall trend is bearish as and when remain below 100 mark, down side strong support exit 90, thereafter over all selling in the market. Sell on rise strategy. 

CRUDE OIL TIPS (JUNE) :

Last week some support were saw at lower level 4350 and made a high 4588 but finally managed to close above 4509. In this week we may consider support 4380 and resistance at 4593-4614 watch out. 

NATURAL GAS TIPS (May) :

Trend is bullish as remain hold 180 mark. Higher level resistance 200 and 210 watch out please. Bulls and Bears fight continue in this counter. Once break and trade below 180 bear will be favour, sustained move above 200 bull favour and short covering.