COMEX Gold is in an upward phase. Last week COMEX Gold sustained above level of 1270$ and made a high of 1301$ an ounce. In the coming week 1260$ will act as a good support in COMEX Gold, if COMEX Gold sustain above 1260$ an ounce then above 1305$ an ounce it can touch the level of 1320$ an ounce and below 1260$ if COMEX Gold sustains then it can slightly correct and test the level of 1240$ an ounce.
Strategy
For the next week traders can use buy on lower level strategy if
COMEX Gold sustains above 1260$ an ounce, above 1305$ it can
further go upward and can test the level of 1320$ an ounce. Trade
by keeping the strict stop losses.
Major support for COMEX Gold in the coming week would be
1260$ and 1210$.
Major resistance for COMEX Gold in the coming week would be
1310$ and 1335$
Major support in MCX Gold is 18500 and 17900
Major resistance in MCX Gold is 19300 and 19550
SILVER Technical Analysis
Market Overview
COMEX Silver is in an upward phase. Last week COMEX Silver
made a new lifetime high and made close near to its high of
2149$ an ounce. For the upcoming week 2100$ and 1940$ are
the crucial supports and 2180 $ is a crucial resistance in COMEX
Silver.
Strategy
For the next week traders can use buy on lower level strategy if
Silver sustains above the level of 2100$ an ounce, and above
2150$ an ounce it can further go upward. Trade by keeping the
proper stop losses.
CRUDE OIL Technical Analysis
Market Overview
NYMEX Crude is consolidating on charts. Last week Crude Oil
sustained on its week high and made a close near to its high. For
the coming week 70$ will act as major support and 80$ a barrel
will be a major resistance.
Strategy
For the next week traders can use sell on higher level strategy, if
NYMEX Crude does not break the level of 78$ a barrel then below
the level of 70$ a barrel then it might test the level of 67$ a barrel.
Trade by keeping the proper stop loss.
COPPER Technical Analysis
Market Overview
Copper is in an upward consolidation phase and traders should
use the strategy of buying on lower levels. If next week COMEX
Copper sustains above the level of 355 then above the level of 368
Copper can test the level of 380. In MCX Copper above 372
Copper can test the level of 383 if it does not break the level of 347
on the downside.
Strategy
For the upcoming week 368 and 391 will act as major resistance
and 334 and 316 will act as major supports in COMEX Copper. For
MCX Copper major resistance would be 372 and 388 and
supports would be found at 347 and 328.
