Commodity Tips for the Week
GOLD:
U.S. GOLD FUTURES ENDED 2 PERCENT LOWER ON FRIDAY, HITTING A 10-DAY LOW AS INVESTORS RUSHED TO TAKE PROFITS AFTER GOLDMAN SACHS, A MAJOR COMMODITIES PLAYER, WAS CHARGED WITH FRAUD BY REGULATORS. LAST WEEK COMEX GOLD BROKE THE LEVEL OF 1140$ AND SUSTAINED BELOW IT. IN THE COMING WEEK 1171/1180 $ AN OUNCE WILL ACT AS STRONG RESISTANCE. IF COMEX GOLD SUSTAINS BELOW 1120$ AN OUNCE THEN IT CAN MAKE A DOWNWARD RALLY BELOW IT.
STRATEGY
FOR THE NEXT WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY IF IT SUSTAINS BELOW $1150/ 1162 AN OUNCE BY KEEPING THE STRICT STOP LOSSES.
MAJOR SUPPORT FOR COMEX GOLD IN THE COMING WEEK WOULD BE 1105$ AND $1084
MAJOR RESISTANCE FOR COMEX GOLD IN THE COMING WEEK WOULD BE $1180 AND $1226
MAJOR SUPPORT IN MCX GOLD IS 16400 AND 15800
MAJOR RESISTANCE IN MCX GOLD IS 17130 AND 17650.
COPPER:
U.S. COPPER FUTURES FINISHED AT A THREE-WEEK LOW ON FRIDAY, AS RISK SENTIMENT CRUMBLED AND SAFE-HAVEN DOLLAR INVESTMENTS GREW AFTER THE U.S. SECURITIES AND EXCHANGE COMMISSION CHARGED GOLDMAN SACHS GROUP WITH FRAUD.
COMEX COPPER REMAINED WEEK THROUGH OUT THE PREVIOUS WEEK AND IT HAS FAILED TO CLOSE ABOVE THE ALL IMPORTANT LEVEL OF 359. MCX COPPER TOO DID NOT CROSS THE IMPORTANT RESISTANCE OF 358. FOR THE COMING WEEK UNTIL COMEX COPPER SUSTAIN ABOVE 359 LEVEL, ONE SHOULD USE THE STRATEGY OF SELL ON HIGHER LEVELS. IF COMEX COPPER SUSTAINS BELOW 350 WE CAN SEE IT AT 340 LEVELS. FOR THE NEXT WEEK COMEX COPPER HAS IMPORTANT SUPPORT OF 350 AND 328 AND RESISTANCE OF 359 AND 378. MCX COPPER HAS SUPPORT AT 332 AND 314 AND RESISTANCE AT 359 AND 371.
U.S. GOLD FUTURES ENDED 2 PERCENT LOWER ON FRIDAY, HITTING A 10-DAY LOW AS INVESTORS RUSHED TO TAKE PROFITS AFTER GOLDMAN SACHS, A MAJOR COMMODITIES PLAYER, WAS CHARGED WITH FRAUD BY REGULATORS. LAST WEEK COMEX GOLD BROKE THE LEVEL OF 1140$ AND SUSTAINED BELOW IT. IN THE COMING WEEK 1171/1180 $ AN OUNCE WILL ACT AS STRONG RESISTANCE. IF COMEX GOLD SUSTAINS BELOW 1120$ AN OUNCE THEN IT CAN MAKE A DOWNWARD RALLY BELOW IT.
STRATEGY
FOR THE NEXT WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY IF IT SUSTAINS BELOW $1150/ 1162 AN OUNCE BY KEEPING THE STRICT STOP LOSSES.
MAJOR SUPPORT FOR COMEX GOLD IN THE COMING WEEK WOULD BE 1105$ AND $1084
MAJOR RESISTANCE FOR COMEX GOLD IN THE COMING WEEK WOULD BE $1180 AND $1226
MAJOR SUPPORT IN MCX GOLD IS 16400 AND 15800
MAJOR RESISTANCE IN MCX GOLD IS 17130 AND 17650.
COPPER:
U.S. COPPER FUTURES FINISHED AT A THREE-WEEK LOW ON FRIDAY, AS RISK SENTIMENT CRUMBLED AND SAFE-HAVEN DOLLAR INVESTMENTS GREW AFTER THE U.S. SECURITIES AND EXCHANGE COMMISSION CHARGED GOLDMAN SACHS GROUP WITH FRAUD.
COMEX COPPER REMAINED WEEK THROUGH OUT THE PREVIOUS WEEK AND IT HAS FAILED TO CLOSE ABOVE THE ALL IMPORTANT LEVEL OF 359. MCX COPPER TOO DID NOT CROSS THE IMPORTANT RESISTANCE OF 358. FOR THE COMING WEEK UNTIL COMEX COPPER SUSTAIN ABOVE 359 LEVEL, ONE SHOULD USE THE STRATEGY OF SELL ON HIGHER LEVELS. IF COMEX COPPER SUSTAINS BELOW 350 WE CAN SEE IT AT 340 LEVELS. FOR THE NEXT WEEK COMEX COPPER HAS IMPORTANT SUPPORT OF 350 AND 328 AND RESISTANCE OF 359 AND 378. MCX COPPER HAS SUPPORT AT 332 AND 314 AND RESISTANCE AT 359 AND 371.
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