Commodity Tips for the Week
GOLD:
US GOLD ROSE AS MUCH AS TO $1,120/OZ ON COMEX, HELPED BY A DROP IN THE DOLLAR ON WORSE-THAN EXPECTED US ADP EMPLOYMENT DATA. GOLD FUTURES ROSE FOR A FOURTH DAY IN THE LAST FIVE TRADING DAYS. THE DOLLAR FELL 0.5 PERCENT AGAINST A BASKET OF SIX MAJOR CURRENCIES AFTER ADP EMPLOYMENT REPORTS SHOWED THAT US PRIVATE SECTOR EMPLOYERS CUT 23,000 JOBS IN MARCH.
TECHNICALS
COMEX GOLD IS STILL WEEK ON CHARTS, BUT LAST WEEK IT HAS CONTINOUSLY SUSTAINED ABOVE $1100. FOR THE UPCOMING WEEK IF COMEX GOLD SUSTAINS BELOW $1084 AN OUNCE THEN IT CAN TEST THE LEVEL OF $1062 AND ON THE UPSIDE $1146 WILL BE A MAJOR RESISTANCE. UNTIL IT CROSSES AND SUSTAIN ABOVE $1146, WE CAN SEE ANOTHER DIP IN GOLD. IN THE COMING WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY BY KEEPING THE STRICT STOP LOSSES IN GOLD.
MAJOR RESISTANCE IN COMEX GOLD IS $1146 AND $1175 AND SUPPORTS AT $1084 AND $1050. MAJOR RESISTANCE IN MCX GOLD IS 16900 AND 17650 AND SUPPORTS AT 16250 AND 15710.
COPPER:
COPPER STARTED THE NEW QUARTER ON SOLID FOOTING, RALLYING TO A 20-MONTH PEAK ABOVE $358 IN COMEX FUTURES ON THURSDAY AFTER POSITIVE MANUFACTURING DATA FROM CHINA, EUROPE AND THE U.S. BOLSTERED DEMAND SENTIMENT. COMEX COPPER HAS BEEN IN AN UPTREND FOR THE ENTIRE PREVIOUS WEEK. AND HAS CROSSED THE ALL IMPORTANT RESISTANCE OF 359. FOR THE COMING WEEK TRADERS SHOULD USE THE STRATEGY OF BUYING ON LOWER LEVELS IF IT SUSTAINS ABOVE THE LEVEL OF 359. COMEX COPPER HAS CRUCIAL SUPPORT OF 341 AND 327 AND RESISTANCE OF 378 AND 390. FOR MCX COPPER SUPPORT IS FOUND AT 348 AND 332 AND RESISTANCE AT 370 AND 387.
US GOLD ROSE AS MUCH AS TO $1,120/OZ ON COMEX, HELPED BY A DROP IN THE DOLLAR ON WORSE-THAN EXPECTED US ADP EMPLOYMENT DATA. GOLD FUTURES ROSE FOR A FOURTH DAY IN THE LAST FIVE TRADING DAYS. THE DOLLAR FELL 0.5 PERCENT AGAINST A BASKET OF SIX MAJOR CURRENCIES AFTER ADP EMPLOYMENT REPORTS SHOWED THAT US PRIVATE SECTOR EMPLOYERS CUT 23,000 JOBS IN MARCH.
TECHNICALS
COMEX GOLD IS STILL WEEK ON CHARTS, BUT LAST WEEK IT HAS CONTINOUSLY SUSTAINED ABOVE $1100. FOR THE UPCOMING WEEK IF COMEX GOLD SUSTAINS BELOW $1084 AN OUNCE THEN IT CAN TEST THE LEVEL OF $1062 AND ON THE UPSIDE $1146 WILL BE A MAJOR RESISTANCE. UNTIL IT CROSSES AND SUSTAIN ABOVE $1146, WE CAN SEE ANOTHER DIP IN GOLD. IN THE COMING WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY BY KEEPING THE STRICT STOP LOSSES IN GOLD.
MAJOR RESISTANCE IN COMEX GOLD IS $1146 AND $1175 AND SUPPORTS AT $1084 AND $1050. MAJOR RESISTANCE IN MCX GOLD IS 16900 AND 17650 AND SUPPORTS AT 16250 AND 15710.
COPPER:
COPPER STARTED THE NEW QUARTER ON SOLID FOOTING, RALLYING TO A 20-MONTH PEAK ABOVE $358 IN COMEX FUTURES ON THURSDAY AFTER POSITIVE MANUFACTURING DATA FROM CHINA, EUROPE AND THE U.S. BOLSTERED DEMAND SENTIMENT. COMEX COPPER HAS BEEN IN AN UPTREND FOR THE ENTIRE PREVIOUS WEEK. AND HAS CROSSED THE ALL IMPORTANT RESISTANCE OF 359. FOR THE COMING WEEK TRADERS SHOULD USE THE STRATEGY OF BUYING ON LOWER LEVELS IF IT SUSTAINS ABOVE THE LEVEL OF 359. COMEX COPPER HAS CRUCIAL SUPPORT OF 341 AND 327 AND RESISTANCE OF 378 AND 390. FOR MCX COPPER SUPPORT IS FOUND AT 348 AND 332 AND RESISTANCE AT 370 AND 387.
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