Commodity weekly report 02 to 06 may

COMMODITY WEEKLY REPORT

02-06 MAY 2016

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FUNDAMENTAL VIEW:-

Gold gains 4.27 % on weaker dollar :-Gold prices rose by 4.27% in this week as a weaker US dollar and uncertainty

caused by the Bank of Japan’s decision to leave its monetary policy unchanged supported the precious metal. Safe-

haven demand strengthened after the BoJ chose on Thursday to hold its monetary policy, defying market expectations

for additional monetary easing.

TECHNICAL VIEW:-

For the next week, gold may be go up 30800 to 31000 level because gold have been closed major resistance level of

30050 on Friday otherwise ,otherwise if Gold may break support 29850 level than selling pressure is expected

TRADING STRATEGY:-

BUY GOLD JUN ON DIPS 29900-30000 TGT 30300,30700 SL BELOW 29500

SELL GOLD JUN ON RISE 30800-30900 TGT 30500,30000 SL ABOVE 31150

WEEKLY SUPPORT AND RESISTANCE :-

SYMBOL R3 R2 R1 PV S1 S2 S3

GOLD 32600

31250 30780 29900 29400 28530 27170

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GOLD(JUN) MCX WEEKLY CHART

FUNDAMENTAL VIEW:-

Silver Prices Rise on a Soft Dollar :-Precious metals traded higher previous week as the USD was on the back foot fol-

lowing the FOMC rate decision and the Bank of Japan rate meeting.

TECHNICAL VIEW:-

For the coming week, silver may be up 45000-46000 level Otherwise silver may be down if break the level of 40500

TRADING STRATEGY:-

BUY SILVER JULY ON DIPS 41600-41800 TGT 43000,44000 SL BELOW 40400

SELL SILVER JULY ON RISE 46500-46800 TGT 44000,43000 SL ABOVE 47500




SILVER 45400 43200 42400 41050 40200 38870 36670

SILVER(JULY) MCX WEEKLY CHART

FUNDAMENTAL VIEW:

Iran snags more European oil buyers in slog for market share:-Two European refiners are set to receive their first oil

cargoes from Iran since international sanctions were lifted in January against the country, which is ramping up crude

exports in a battle to take back market share. Iran has pledged to increase production following sanctions lifting, and it

declined to participate in a meeting on April 17 of producer group OPEC and non-member nations aimed at reaching a

deal to freeze output to prop up prices.

TECHNICAL VIEW:-

For the next week - crude oil may see some retracement in down side. It may face strong resistance on the level of

3300. again sealing presser is seen due to profit booking .so Pleases Follow buy on dips and sell on rise strategy

TRADING STRATEGY:-

BUY CRUDE OIL ON DIPS 2910-2950 TGT 3150,3300 SL BELOW 2700

SELL CRUDE OIL ON RISE 3250-3310 AROUND TGT 3100,2950 SL ABOVE 34000

WEEKLY SUPPORT AND RESISTANCE:-


CRUDE OIL 3525 3260 3150 3000 2880 2735 2475


CRUDE OIL(APRIL) MCX WEEKLY CHART

FUNDAMENTAL VIEW:- Natural Gas dipped 3 points to 2.280 after yesterday’s official EIA inventory and warmer tem-

peratures. US natural gas storage report from the US Energy Information Administration (EIA) recorded an increase of

73bn cubic feet (Bcf) compared with expectations of a build of around 71bn and a build of 7bn Bcf the previous week.

TECHNICAL VIEW:-

For the next week- Natural gas may go up if break the level of 135 and we can see the target of 145/145

Otherwise natural gas may be go down if it did not hold resistance level of 160

TRADING STRATEGY:-

BUY NGAS ON DIPS 134.136 TGT 145,155 SL BELOW 125

SELL NGAS ON RISE 156-160 TGT 146,135 SL AVOVE 170

WEEKLY SUPPORT AND RESISTANCE:-


NATURALGAS 171 156.50 150 141.50 135 126.50 112


NATURAL GAS(APRIL) MCX WEEKLY CHART

FUNDAMENTAL VIEW:-

Copper gains on strong euro area GDP:-Copper prices rose by 1.23 per cent on weekly basis after gross domestic

product in the euro zone rose more-than-expected in the last quarter signaling improving sentiment in the region

which raised the demand outlook for the metal.

TECHNICAL VIEW:-

For the next week, Copper may be go up if break the level of 332 and we can see the target 345 to 355

Otherwise copper may be down if break lower level of 331

TRADING STRATEGY:-

BUY COPPER JULY ON DIPS 332-334 TGT 345,355 SL BELOW 320

SELL COPPER JULY ON RISE 356-360 TGT 345,335 SL ABOVE 370



COPPER 370 352 345.50 334 327 316 298


COPPER(JULY) MCX WEEKLY CHART


ECONOMY DATA NEXT WEEK

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Commodity weekly report 02 to 06 may

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