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Commodities Weekly Technical Report 05.05.2014 to 09.05.2014

MCX Gold June as seen in the weekly chart above has opened the week at 28,980 levels and during this week prices made a high of 29,020 levels. During this week prices could not able sustain on higher levels and in mid of the week prices corrected towards the low of 28,420 levels. In the end of the week as expected prices bounced from the support levels towards 28,889 levels and finally closed 0.12% lower at 28,871 levels. As per the candlestick pattern prices has formed “Hammer candlestick pattern” which is the sign of optimism.

For the next week we expect gold prices to find support in the range of 28,250 – 28,200 levels. Trading consistently or closing below 28,200 levels would lead towards the strong support at 27,800 levels and then finally towards the major support at 27,200 levels.

Resistance is now observed in the range of 29,200-29,300 levels. Trading consistently or closing  above 29,270 levels would lead towards the strong resistance at 29,700 levels, and then finally towards the major resistance at 30,200 levels.

MCX / Spot comex Gold Trading levels for the week
Trend: Up
S1 – 28,200 / $ 1,270 R1 - 29,300 / $ 1,320
S2 - 27,800 / $ 1,250 R2 - 29,700 / $ 1,340

Weekly Recommendation: risky trader sell on rise as per previous call



MCX Silver July as seen in the weekly chart above has opened the week at 43,428 levels and during this period prices made a high of 43,455 levels. During this week prices corrected sharply towards the low of 41,200 levels. At end of the week as expected prices bounced from the support levels towards 42,768 levels and finally closed 1.79% lower at 42,540 levels. During this week prices have closed below previous week’s closing of 43,315 levels and as per candlestick pattern it formed a “Bearish candlestick” which is the indication of bearish activity.

For the next week we expect silver prices to find support in the range of 41,200 – 41,000 levels. Trading consistently below 41,000 levels would lead towards the strong support at 40,000 levels and then finally towards the major support at 39,000 levels.

Resistance is now observed in the range of 43,500 – 43,800 levels. Trading consistently above 43,800 levels would lead towards the strong resistance at 45,000 levels, and then finally towards the major resistance at 46,500 levels.

MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1 - 41,200 / $ 18.80 R1 - 43,500 / $ 20.00
S2 - 40,000 / $ 18.30 R2 - 45,000 / $ 20.60


MCX Copper June as seen in the weekly chart above has opened at 421.05 levels and during this week prices made a high of 422.20 levels. During this week prices corrected sharply towards the low of 405.55 levels and at the end of the week prices bounced back from near to the support of 405 levels and finally closed 1.90% lower on 411.55 levels. During this week prices have closed below previous week’s closing of 419.50 levels and as per candlestick it formed a “Bearish candlestick” pattern which indicates bearishness.

For the next week we expect Copper prices to find support in the range of 405 – 404 levels. Trading consistently below 404 levels would lead towards the strong support at 398 levels and then finally towards the major support at 392 levels.

Resistance is now observed in the range of 420 - 422 levels. Trading consistently above 422 levels would lead towards the strong resistance at 427 levels, and then finally towards the major resistance at 434 levels.

MCX / LME Copper Trading levels for the week
Trend: Sideways
S1 – 404 / $ 6,620 R1 – 420 / $ 6,880
S2 – 398 / $ 6,520 R2 – 427 / $ 7,000
Weekly Recommendation:


MCX Crude oil May as seen in the weekly chart above has opened the week at 6,144 levels and during this week price made a high of 6,184 levels. As expected prices could not able to sustain on higher levels and corrected back towards 5,962 levels. During this week price are able to close below the previous week’s closing of 6,131 levels and finally closed 1.97% lower on 6,010 levels. As per candlestick formation it formed a big “Bearish candlestick” pattern which indicates pessimistic trend for coming trading days.

For the next week we expect Crude oil prices to find support in the range of 5,920 – 5,900 levels. Trading consistently below 5,900 levels would lead towards the strong support at 5,780 levels.

Resistance is now observed in the range of 6,150-6,185 levels. Trading consistently above 6,185 levels would lead the rally towards the strong resistance at 6,300 levels, and then finally towards the major resistance at 6,500 levels.

MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1 – 5,900 / $ 98.00 R1 – 6,185 / $ 101.10
S2 – 5,780 / $ 96.50 R2 – 6,300/ $ 103.60
Weekly Recommendation: hold as per previous call

MCX Natural Gas May as seen in the weekly chart above has opened the week at 285 levels during this period prices has made a high of 293.50 levels. During this week as expected prices could not able to sustain on the higher levels and corrected back towards the weekly low of 282.10 levels. In the week prices are able to close below the previous week’s closing of 285.10 levels and finally closed 0.98% lower on 282.30 levels and formed “Inverted Hammer candlestick” pattern which indicates the bearish trend.

For the next week we expect Natural Gas prices to find support in the range of 275 - 273 levels. Trading consistently below 273 levels would lead towards the strong support at 268 levels.

Resistance is now observed in the range of 293 - 295 levels. Trading consistently above 295 levels would lead towards the strong resistance at 300 levels, and then finally towards the major resistance at 305 levels.

MCX / NYMEX Natural Gas Trading levels for the week
Trend: Down
S1 - 273 / $ 4.50 R1 - 295 / $ 4.90
S2 - 268 / $ 4.30 R2 - 305 / $ 5.10
Weekly Recommendation: Sell MCX Natural Gas May between 293 - 300, SL  above - 310, Target – 270 / 268. ( risky call )



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