October 19, 2017

US Dollar index moved higher by around 3% during the week closing around the 99.40 mark on Friday as markets looked past the weaker Jobs data during the start of the month. From the base metals sector, most of the metals closed on a positive note on the last trading day of the previous week with Lead heading the gains closing 1.76% above the previous day’s close.

Last week Gold traded with volatile mode and closed at 26781 above 21 & 55 Daily EMA which is at 26318 & 27473 respectively.. In upcoming week Gold has immediate resistance at 27050-27100 & immediate support at 26450.If Gold sustains above level of 27100 then it could bounce till 27200-27350-27600 or else below 26450 it may test the levels of 26200-26050

Last week silver closed at 36713 below 21 & 55 Daily EMA which is at 37124 & 37109 respectively. In upcoming week Silver has Resistance at 37350 & immediate support at 36200-36000. MCX May Silver futures tested a valid sloping trendline resistance at 38580 and turned their direction into weak mode.

Last week Copper closed at 377 above 21 periods but & 55 periods of Daily EMA which is at 376.45 & 374.40 respectively. Close observation of last 21 days trading suggests for major down trend as it closed between trend 61.8 % price retracement level is at 398.60 ( close to 21days high 398.80) & 38.2 % price retracement level is at 373 which is crucial support level supported by MACD. Below 371 it could test till 367-363-357 while Resistance at 383.

Last week Natural Gas closed at 157.90 below 21 Daily EMA & 55 Daily EMA which is at 167.70 & 175.75 respectively. MCX Apr Natural gas prices shed almost 10 points last week, as the bears have regained the strength for near future. It tested a valid trend-line resistance at 169.90 levels and ended in a negative zone. Further bearish outlook remains in-line to test 2 years low of 154 & 147 levels.

MCX Apr Zinc futures edged higher last week. It made a low of 132.10 against the high of 137.85 levels and finally settled at 137.45 levels up by almost 5% on W-o-W basis. Currently prices are facing a stiff resistance from the falling trend-line at 138.20 levels.

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shilpa soni

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