COMEX GOLD TECHNICALS:The metal delayed breaching the 835.40 level where at the same time the downside classical technical pattern has weakened and from here we advise to trade cautiously since we see the chance for more upside movements. We need to watch the 873.65 and the 890.55 levels closely where if breached this will go against our expectation; yet if failed, it will continue to decline. Momentum indicators show gold being overbougth whereas the price is starting to show signs of bullish movements adding more to the fact that trading today will be volatile. The direction on the short term is still to the downside but breaching the 890.55 level on the four hour charts will open the way for the metal to reach 914.50.
COMEX SILVER TECHNICALS:Volatile trading continues on the metal but below the key resistance for the ascending channel and below the 11.50 level. We expect to see sideways trading with some tendency to the downside but at any time the 11.86 level is breached, this will result in a new upside wave
NYMEX CRUDE TECHNICALS:After the decline witnessed the past two days, crude is not getting ready to rebound to the upside but despite that, the price is still in a downside channel on the short term but due to the rebound from the 61.8% correction at 41.00 and after retesting the minor resistances for the descending channel, we see that our expectations for a slight incline is logical but we don't see that today's increase will be enough to reverse the short term trend that is targeting the 39.60 level at the very least
MCX Gold Feb: Dips could be held above 13347 for a rally towards 13615. Such a move would also release the price out of a channel and might led it towards the next level at 13771. This is the favored expectation. Fall below 13347 would hint at failure and might open the way for 13142. S1: 13350 S2: 13285 R1: 13520 R2: 13610
MCX Silver Mar: Expect dips to 18086 - 17971 to support prices for a move higher towards 18779 -19059 levels . Only fall below 17785 to negate this bullish view. S1:18100 S2:17700 R1:18600 R2:18820
MCX Copper February: Expect dips to 165.0,163.2 to find support for prices to move higher towards 174.0, 176.0 or even higher towards 180.0 levels.Only a fall below 157.40 to negate this bullish view. S1: 156 S2:153 R1: 165 R2:168
MCX Crude Oil Jan : Favored view expects a corrective rise towards 2130/2144 region before next decline towards 1893 or even 1832.It needs to rise past 2178 to hint at the possibility of failure of this view. S1: 2000 S2: 1965 R1: 2050 R2:2110
MCX Zinc Jan: - Expect dips to 59.5 - 59.3 to find support for prices to move higher towards 63.5 levels.Only a fall below 59.40 to negate this bullish view. S1: 59.00 S2: 58.35 R1: 60.50 R2: 61.80
MCX Nickel Jan: As long as 555.00 - 548.00 levels support expect prices to move higher towards 585.0 -596.0 levels .Only a fall below 548.0 to negate this bullish view. S1: 540 S2: 525 R1: 575 R2: 597
MCX Natural Gas Jan :- Moved as expected. Expect dips to 273.0 - 270.0 to find support to move higher towards 289 -291 levels. Only a fall below 266.0 to negate this bullish view. S1: 280 S2: 275 R1: 292 R2: 300
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