October 17, 2017

Gold:-

Gold prices dropped on Thursday as the dollar firmed on hawkish comments from US Federal Reserve officials that stoked expectations of a US interest rate hike in March. The dollar index, a measure of the greenback against a basket of six other major currencies, hit 102 it’s highest since Jan. 11. Gold price may see a little bit of selling pressure at this moment on hawkish comments coming from the Fed officials. The interest rate hike in March is very likely and almost written on the wall the Gold is in long- medium- term bull phase .Currently Gold is in strong uptrend and the trend is supported with good volume the open interest is not increasing with trend. Cautious point is buying at higher levels seems decreasing. The oscillator is on sell signal and Gold is coming down from overbought level for short term Gold is in hold long position. Support for the Gold is 28900.Resistance for the Gold is 29650.

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Silver:-

Silver prices dropped as investors looked ahead to President Donald Trump’s speech to Congress later. The U.S. economy expanded at a slower pace in the fourth quarter and appeared to remain on a moderate growth path.   Fed might need to raise interest rates in the near future to avoid falling behind the curve on inflation, Dallas Fed President Robert Kaplan said.   The Silver is in long- medium- term bull phase .Currently Silver is in strong uptrend and the trend is supported with good volume the open interest is not increasing with trend. Cautious point is buying at higher levels seems decreasing. The Silver is now trading in overbought level. The oscillator is showing sell signal for short term Silver is in hold long position. Support for the Silver is 42100.Resistance for the Silver is 43400.

Crude:-

Crude oil dropped as concern over record high U.S. crude inventories offset optimism that OPEC and its allies have been following through to cut production.   Still, oil remained locked within a tight trading range as strict OPEC compliance with output cuts offset rising U.S. oil reserves.   Russian oil production fell in February to around 11.10 mbpd, from over 11.2 million in October, two sources familiar with the data told. Crude oil performed well for the course of week and gave good return to buyers & sellers. We saw a mixed movement good the handle of 3730, which further lead to 3450. A sharp side way market was seen on charting, for the coming days we are expecting the prices to approach 3400 levels where profit booking will take place and above this handle some fresh side way market can take place for levels.

Copper:

Copper traded in the range amid a cooling in China’s property market and supply uncertainties.  China’s home price growth slowed for the four the straight month as demand cooled further in the biggest cities, official data showed. In Chile government-mediated talks but the two parties did not commit to a schedule of new wage discussions.

Zinc :

The Zinc is in long- term bull phase .Currently Zinc is in strong downtrend but volume is unsatisfactory the open interest is not increasing with trend. Noting point is selling at lower levels seems decreasing. The oscillator is showing sell signal for short term Zinc is in sell position. Support for the Zinc is 184.Resista

Lead:-

The Lead is in long- term bull phase .Currently Lead is in strong downtrend but volume is unsatisfactory the open interest is not increasing with trend. Noting point is selling at lower levels seems decreasing. The oscillator is showing sell signal for short term Lead is in sell position. Support for the Lead is 147.Resistance for the Lead is 153.

Nickel:-

The Nickel is in long- medium- short-medium- term bull phase .Currently Nickel is moving sideways the oscillator is showing SELL signal .In last 1 month volatility is very less and fresh Buy can be considered in the Nickel if it close above748 or buy with strict stop at 689. The oscillator is showing sell signal for short term Nickel is in hold long position. Support for the Nickel is 700.Resistance for the Nickel is 740.

Aluminum:-

The Aluminum is in perfect uptrend .Currently Aluminum is in strong uptrend and the trend is supported with good volume the open interest is not increasing with trend. In last few days lot of positive accumulation happened in the Aluminum Cautious point is buying at higher levels seems decreasing. The oscillator is showing buy signal for short term Aluminum is in hold long position. Support for the Aluminum is 123. Immediate resistance for Aluminum is 131.

Commodity  Trends:

  R1 S1
GOLD 29650 28900
SILVER 43400 42100
CRUDE 3790 3510
COPPER 406 390
LEAD 153 147
NICKEL 740 700
ALUMINIUM 131 123
ZINC 192 184

SEBI Register company-Star India Market Research-An investment advisor gives stock tips, equity tips, commodity tips, mcx tips, ncdex tips, agri commodity tips.

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