SHUBHLAXMI COMMODITY

NYMEX Crude Oil retraced in last week’s trade but overall chart structure indicates buy on dips. On the daily charts, it took support on the 20 DMA and is moving higher. On the way up, it is likely to inch higher towards the upper end of the channel which is currently pegged at 79. On the way down, 68 will be a crucial support zone in the near term, which is 61.8% of the recent rise. A pullback towards the support zone can be considered as a buying opportunity. The daily momentum indicator is negative but weekly the momentum indicator is still in the positive mode.
 

Gold Re-testing breakdown level

 

Gold was trading in the range of 1300 – 1366 since the past many weeks. However, in the previous week, the yellow metal broke the range on the downside. Therefore, the trend has turned bearish. On the way up, 1300 – 1317 will act as resistance in the near term. Rise towards the resistance level shall be considered as a selling opportunity. On the way down, the yellow metal is likely to drift lower towards 1275 – 1260 level in the forthcoming trading session. The daily momentum indicator is bearish.

On the weekly chart, silver is consolidating in a triangle pattern. Currently, it has touched the lower end of the triangle and has bounced back. On the way down, 16.30 – 16.04 will be a crucial level in the near term. On the way up, 16.98 – 17.26 will be crucial resistance. A breakout from the triangle will determine the trend of the white metal going forward. However, we believe the white metal should break out on the upside. Therefore, we remain bullish on silver as long as it does not close below 16.04. The weekly momentum indicator is bullish.