commodity market 31 th August 2018

Daily  News Letter – 31st    August – 2018 Commodity Market

GOLD – SILVER  - Rally likely to be extrend.

Gold  : Oct.      30170

 As mentioned in this column to avoid short sell at lower level and looks over sold and RSI trading below their major support level and finally last week it was come back from a low of 29423 and made a high of 2997 mark and finally closed above with good volume and added open interest.   Bullish trend continue with consider support 29950-30000  as long as hold buy on dip strategy. Higher level resistance at 30400-30500 watch out and profit booking and also selling opportunity.

Some Technical Indicators :

R A N G E	High	Low	Close	5 DMA	10 DMA	50 DMA	100 DMA	200 DMA
Last Week Range - MCX	29997	29423	29890			30221		30186
52 Week Range - MCX	31963	29268								---
52 Week Range COMEX	1365	1161	1212	1195	1189	1229	1270	1291

Silver : Sept – 30681

Last week some support seen at lower level due to weakness in dollar resulted all commodity flare up.  However, it has not participated as good as Gold did.  Over all lower level good buying opportunity and higher level resistance observed at 37100-37200 whereas a major supply zone, once stay above these level on sustainable basis, looks major up side in coming days.   Break down 37200  so short term down side with consider support 36500.

Some Technical Indicators :

R A N G E	High	Low	Close	5 DMA	10 DMA	50 DMA	100 DMA	200 DMA
Last Week Range - MCX	37172	36534	37005			38955	38943
52 Week Range - MCX	42304	36423
52 Week Range COMEX	18.16	14.395	14.692	14.67	14.70	15.440	15.965	16.324

Crude Oil – Sept  -4999

 Over all bullish trend  and we are long from the level of 4525 and our target open towards 5000 and above mark in coming days.   Over all time for consolidation and any dip to good opportunity to buy side.  On the positive front Crude are trading above 200 DMA in Comex which is placed at 70.84 and MCX 4310 so remain above do not think any short sell.   From 4525 to 5000   our target have been achieved and book profit.  However, more steams left in crude oil.

Some Technical Indicators:

R A N G E	High	Low	Close	5 DMA	10 DMA	50 DMA	100 DMA	200 DMA
Last Week Range - MCX	4857	4547	4809			4739		4271
52 Week Range - MCX	4947	4097
52 Week Range COMEX	80.50	50.60	75.63	74	72.91	74.45	74.96	70.84

Copper ---Sept  -432  

Last week after made a low 406 some pull back seen, but looks that this will not sustainable and again at higher level selling pressure will be emerged result it will move down towards 390 likely in coming days.  At higher level multiple resistance ahead which is placed at 420-425-430 range and its not easy task to cross these level in coming days.  On the other hand in LME it is trading below 50 DMA which is placed at 2.802 $  as long as remain below, bearish view continue. .   

 Bullish trend and sept price are trading above 8 to 10 points of August.  We may consider support 425 + and resistance 435.

Some Technical Indicators:

R A N G E	High	Low	Close	5 DMA	10 DMA	50 DMA	100 DMA	200 DMA
Last Week Range - MCX	418	406	416			437		448
52 Week Range - MCX	499	402.55
52 Week Range COMEX	3.297	2.562	2.691	2.673	2.656	2.802	2.955	3.043

Nickel –Sept.944

Overall trading range for the last few weeks 900 to 970 and unable to cross these level so till moving this range buy at support level and sell at resistance level.  Once crossover 970 and stay above with volume and good open interest, up side open towards 1000-1020-1050 mark in short term, on the lower front decent support 880-900 range where 50-200 DNA are placed and avoid any short sell these level. 

Lower level some support seen and bounce back from a level of 920 and decline to buy side with small stop loss 890  below, upper side stay above 970 to more added long for another 50 points sharp in screen.

Some Technical Indicators:

R A N G E	High	Low	Close	5 DMA	10 DMA	50 DMA	100 DMA	200 DMA
Last Week Range - MCX	960	921	934			971		890
52 Week Range - MCX	1066	900	--
52 Week Range COMEX	16687	10212	13430	13483	13414	13975	14248	13485

Natural Gas –Sept. 205

 As we are bullish above 195 and more long added 200 and last week it was made a high

209.40  and finally closed at 204 due to profit booking.  Over all trend is positive side because it is trading above 50-100-200 DMA above in Comex.   Reversal from 200 level….. as long as hold to buy side.

Some Technical Indicators:

R A N G E	High	Low	Close	5 DMA	10 DMA	50 DMA	100 DMA	200 DMA
Last Week Range - MCX	209.40	200.60	204.30			197		188.40
52 Week Range - MCX	209.40	185.70
52 Week Range COMEX	3.661	2.53	2.912	2.951	2.944	2.867	2.846	2.842

Aluminum –Sept. 151.20

After taking a support from lower level, bounce back seen and trading above weekly pvt point so short term up side, but higher level resistance zone continue 145 to 147 range .Above 145  bullish view.  Higher level 152-153 are major resistance zone and reversal to best opportunity to short side. Yesterday it was made a high 153.65 and reversal  seen

Some Technical Indicators :

R A N G E	High	Low	Close	5 DMA	10 DMA	50 DMA	100 DMA	200 DMA
Last Week Range - MCX	146.10	142.30	144.80			144.95		143
52 Week Range - MCX	175.25	136.50
52 Week Range COMEX	2715	1978	2093	2072	2060	2086	2187	2161

ZINC -  Sept.   176.20

After made a low 166.50 last week strong come back and finally it was made a high 179 mark which is quite remarkable of this commodity.  But upper side major resistance and supply zone which is placed at 180 to 185 range and as long as remain below, avoid any buying side.

Selling pressure continue at higher level 180-182 range and bullish move only above that level, down side short term support 175, if break these level more sell off.  So watch out this range 175 to 182 .   Higher level to sell side.

Some Technical Indicators :

R A N G E	High	Low	Close	5 DMA	10 DMA	50 DMA	100 DMA	200 DMA
Last Week Range - MCX	179	166.50	177.60			188.65		206.90
52 Week Range - MCX	198	164.60
52 Week Range COMEX	3595	2286	2536	2637	2425	2636	2886	3102

LEAD – Sept.   147

Over all  trading range  and multiple resistance ahead at higher level which is placed 149 to 152 range and remain below higher level good opportunity to short side.

Some Technical Indicators:

R A N G E	High	Low	Close	5 DMA	10 DMA	50 DMA	100 DMA	200 DMA
Last Week Range - MCX	146.10	139.50	144.80			154.70		159.20
52 Week Range - MCX	170	137.25
52 Week Range COMEX	2685	1921	2079	2030	2028	2206	2297	2400

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