Commodity Market Outlook for the Week

Gold:

International Comex Gold is trading in an upward rising trend channel, with major support at 1125,1118 and resistance at higher levels are at 1147,1150. If Gold takes good support around the levels of 1125-1130, then it can be bought around these levels with stop loss of 1118, for targets of 1140,1145. Beyond 1150 it will be further bullish for targets of 1158,1163.

Silver:

International Comex Silver is trading in a range of Symmetrical Triangle with major support at 1834-35 levels below which it can correct up to 1823,1809 levels and if doesn’t breaks the level of 1834-1835 it can bounce from here and then one take buying position in it with SL of 1834 for targets of 1853/1864.

Copper:

International Comex Copper is trading in a range of 329-346.50, it can be further week below 330 for targets of 325,321 and risky traders can apply a reverse strategy to buy on dips around 332-333 with SL of 329 for targest 339,342 and beyond 346.50 a further good up move can be observed in Copper.

Crude:

International Comex Crude is in a correction mode currently and it has good support around 77.50 levels, below which it can further correct, although indicators are showing positive divergences so it might from these support levels but overall trend still remains week in it. So a strategy of sell on rise should be applied in it.

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