Commodity Tips for The Week
Commodity Market:
Gold prices sealed their biggest absolute annual gain in three decades with a small advance on Thursday, rising for an unprecedented ninth year in a row after dollar-hedging traders and central banks joined investors who turned to gold for price performance and protection. After 2008's roller coaster, this year was one of fairly consistent gains for bullion, favored as a hedge against economic uncertainties after the worst economic crisis since the Great Depression.
Market overview
This week, Comex Gold was is consolidation phase, due to the Christmas holidays and the New Year break in the U.S market. Due to lack of liquidity and volumes, Comex gold did not close above 1100$. If Comex gold crosses the level of it can show good up move further and if it doesn't crosses this level, below 1073$ level it can come up to 1020$-1025$ levels.
Technical View on Gold:
Gold is consolidating in a range of 1120-1075 dollars currently. Below 1075 dollars it can see correction up to 1055/1030 dollars and on the upside breakout of 1120 level will be bullish for Gold again for targets of 1142/1160/1176.
Technical View on Silver:
Silver is currently trading a downward trading channel, 1710.5 is major resistance level in it, above that it will be bullish for targets of 1728,1740,1758 and Silver has major support around 1668 level below which it can see the levels of 1650/1630/1613.
Technical View on Copper:
International Comex Copper is trading in an upward rising channel with 340 as major resistance on the upside and 315 is major support on the downside. If Copper doesn’t cross 340 which will act as a major hurdle on its way, it can see some correction and traders can built a short position there with tight stop losses for targets of 330/322/316.
Technical View of Crude:
International Comex Crude is also trading in a Rising Trend Channel with 82 dollar as a major resistance in it. Last time it had taken a strong resistance at this particular level and then had dropped down to the levels of 68.59 $. It closed at 79.36 dollars on Friday, So, it’s very near to its major resistance level of 82 with all the major technical indicators being positive, if it crosses this level this time and sustains above it, then it can rise up to 86.50,89.90,94.50 levels.
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Gold prices sealed their biggest absolute annual gain in three decades with a small advance on Thursday, rising for an unprecedented ninth year in a row after dollar-hedging traders and central banks joined investors who turned to gold for price performance and protection. After 2008's roller coaster, this year was one of fairly consistent gains for bullion, favored as a hedge against economic uncertainties after the worst economic crisis since the Great Depression.
Market overview
This week, Comex Gold was is consolidation phase, due to the Christmas holidays and the New Year break in the U.S market. Due to lack of liquidity and volumes, Comex gold did not close above 1100$. If Comex gold crosses the level of it can show good up move further and if it doesn't crosses this level, below 1073$ level it can come up to 1020$-1025$ levels.
Technical View on Gold:
Gold is consolidating in a range of 1120-1075 dollars currently. Below 1075 dollars it can see correction up to 1055/1030 dollars and on the upside breakout of 1120 level will be bullish for Gold again for targets of 1142/1160/1176.
Technical View on Silver:
Silver is currently trading a downward trading channel, 1710.5 is major resistance level in it, above that it will be bullish for targets of 1728,1740,1758 and Silver has major support around 1668 level below which it can see the levels of 1650/1630/1613.
Technical View on Copper:
International Comex Copper is trading in an upward rising channel with 340 as major resistance on the upside and 315 is major support on the downside. If Copper doesn’t cross 340 which will act as a major hurdle on its way, it can see some correction and traders can built a short position there with tight stop losses for targets of 330/322/316.
Technical View of Crude:
International Comex Crude is also trading in a Rising Trend Channel with 82 dollar as a major resistance in it. Last time it had taken a strong resistance at this particular level and then had dropped down to the levels of 68.59 $. It closed at 79.36 dollars on Friday, So, it’s very near to its major resistance level of 82 with all the major technical indicators being positive, if it crosses this level this time and sustains above it, then it can rise up to 86.50,89.90,94.50 levels.
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