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Commodities Weekly Technical Report
04.08.2014 to 08.08.2014
Content
Weekly Technical Levels
Strategy/Recommendations




MCXSX/NSE USDINR AUG (CMP – 61.4650)

MCXSX/NSE USDINR Aug as seen in the weekly chart above has opened the week at 60.4275 levels and made a low of 60.3750 levels. During the first half of this week prices were traded in range but last two trading sessions prices rallied sharply higher towards the weekly making new high of 61.5325 levels and finally closed 1.71% higher at 61.4650 levels. This week prices closed above 12 weeks high. This is formed strong bullish candle showing strength in market.
For the this week we expect USDINR prices to find support in the range of 61.10 – 61.15 levels. Trading consistently below 61.10 levels would lead towards the strong support at 60.75 levels and then finally towards the major support at 60.35 levels.
Resistance is now observed in the range of 61.55 – 61.60 levels. Trading consistently above 61.60 levels would lead towards the strong resistance at 62.00 levels, and then finally towards the major resistance at 62.35 levels.
MCXSX / NSE USDINR Trading levels for the week
Trend: Sideways Up
S1 – 61.10 R1 – 61.60
S2 – 60.75 R2 – 62.00
Weekly Recommendation: 

MCX GOLD OCT (CMP – 28,222 / $ 1,293.20)

MCX Gold Oct as seen in the weekly chart above has opened the week at 28,075 levels. During this week prices made a low of 27,840 levels and moved higher from those levels towards the new high of 28,281 levels. In the week prices have closed 0.67% higher and finally closed at 28,222 levels. This week formed bullish candle indicating some strength.
For the this week we expect gold prices to find support in the range of 27,800 – 27,850 levels. Trading consistently below 27,800 levels would lead towards the strong support at 27,450 levels and then finally towards the major support at 27,000 levels.
Resistance is now observed in the range of 28,450 – 28,500 levels. Trading consistently above 28,500 levels would lead towards the strong resistance at 28,900 levels, and then finally towards the major resistance at 29,200 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1 – 27,800 / $ 1,274 R1 - 28,500 / $ 1,306
S2 - 27,450 / $ 1,258 R2 - 28,900 / $ 1,325
Weekly Recommendation:
MCX SILVER SEPT (CMP – 44,427 / $ 20.319)

MCX Silver Sept as seen in the weekly chart above has opened at 44,390 levels and made a low of 44,065. During this week prices made a high of 44,800 levels. Finally this week prices have closed 0.33% higher at 44,427 levels. Technically, as per the candlestick pattern prices have formed “Doji candlestick pattern” indicating neutral.
For the this week we expect silver prices to find support in the range of 44,050 – 44,000 levels. Trading consistently below 44,000 levels would lead towards the strong support at 43,400 levels and then finally towards the major support at 43,000 levels.
Resistance is now observed in the range of 44,900 – 45,000 levels. Trading consistently above 45,000 levels would lead towards the strong resistance at 45,700 levels, and then finally towards the major resistance at 46,300 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways Down
S1 – 44,000 / $ 20.10 R1 - 45,000 / $ 20.60
S2 - 43,400 / $ 19.80 R2 - 45,700 / $ 20.85
Weekly Recommendation:

MCX COPPER AUGUST (CMP – 435.25 / $ 7,060)

MCX Copper August as seen in the weekly chart above has opened at 431.35 levels and in the starting of the week price have made a low of 427.70 levels but could not able to sustain at lower levels and moved sharply higher towards 439.40 levels and finally closed 0.76% higher at 435.25 levels. Technically, as per the candlestick pattern prices have formed “Bullish candlestick pattern” indicating positive move.
For the this week we expect Copper prices to find support in the range of 430 – 429 levels. Trading consistently below 429 levels would lead towards the strong support at 424 levels and then finally towards the major support at 420 levels.
Resistance is now observed in the range of 440 - 441 levels. Trading consistently above 441 levels would lead towards the strong resistance at 447 levels, and then finally towards the major resistance at 452 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 430 / $ 6,920 R1 – 441 / $ 7,220
S2 – 424 / $ 6,820 R2 – 447 / $ 7,310
Weekly Recommendation:

MCX CRUDE AUG (CMP – 5,974 / $ 97.88)

MCX Crude oil Aug as seen in the weekly chart above has opened the week at 6,125 levels and prices made a high of 6,149 levels. During this week price could not able to sustain at higher levels and fell sharply lower making week low of 5,938 levels and finally closed 2.86% lower at 5,974 levels. This week formed strong bearish candle indicating downside strength.
For the this week we expect Crude oil prices to find support in the range of 5,900 – 5,910 levels. Trading consistently below 5,900 levels would lead towards the strong support at 5,820 levels and then finally towards the major support at 5,750 levels.
Resistance is now observed in the range of 6,050 - 6,060 levels. Trading consistently above 6,060 levels would lead the rally towards the strong resistance at 6,140 levels, and then finally towards the major resistance at 6,200 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1 – 5,900 / $ 96.60 R1 – 6,060 / $ 99.30
S2 – 5,820 / $ 95.30 R2 – 6,140 / $ 100.60

MCX NATURAL GAS AUG (CMP – 233.90 / $ 3.798)

MCX Natural Gas Aug as seen in the weekly chart above has opened the week at 228.60 levels and made a low of 226.10 levels. During this week prices moved sharply higher towards 238 levels but not able to hold on higher levels and finally closed 2.27% higher at 233.90 levels.
For the this week we expect Natural Gas prices to find support in the range of 230 - 229 levels. Trading consistently below 229 levels would lead towards the strong support at 225 levels and then finally towards the major support at 218 levels.
Resistance is now observed in the range of 238 - 240 levels. Trading consistently above 240 levels would lead towards the strong resistance at 247 levels, and then finally towards the major resistance at 256 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Sideways Down
S1 - 229 / $ 3.70 R1 - 240 / $ 3.90
S2 - 225 / $ 3.60 R2 - 247 / $ 4.05
Weekly Recommendation:



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