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Look at above chart, MCX Zinc is going upside over 1 year. In last two trading session, it had broken 1-year Support trend line. Since the December 2016 year, Zinc price locked in a trading range bounded by upside resistance (197.5 level) and downside support (171.4 level).
Continue readingThis week COMDEX index increased just +29.79 (0.92%). Gold and silver are walking opposite direction. Crude oil becomes top gainer and gained 4.52%. All metals are going down! What happening?
Let’s we go in deep!
Look Broad-Based ETPS Heatmap →
That’s clear proof why COMEX Gold & Silver futures are increasing. This heatmap is also answering why our energy sector commodities are top gainer for this week. But what happened last week with MCX Gold & Silver, you must check below chart:
You can figure out how bullion commodities are moving but below chart will take you in deep:
Above chart is indicating if gold will close and go down to 28450 level then it can drag down up to 28300 – 28100 levels. And if it will close below to 27980 level then you can guess what will happen!
But if gold will remain above to 28450 level then we can see 28800 – 29000 in upcoming days.
Natural gas started moving higher since late February, many risks in the futures market and fundamentally this is not a good time. Natural gas linked inventories are high, but this year it could go either way. This is all about long-term, and I’ll write the full report of natural gas on next week.
But if we talk about intraday / short-term then I’d recommend to keep selling below 203 and keep buying above to the same level.
As per technical basis, it’s time for bearish reversal and we can see March new high today or next week beginning. Today it can upward up to 210 – 212 level.
Continue reading
We have mentioned many times in previous newsletters, “COMEX volatility because of political uncertainty”. Do you know, three trillion dollars gained in the U.S. markets after U.S. election? Major commodities were up last week. 0.25% interest rates risen last week and gold futures increased 2.67% & silver futures increased 2.75%!
Since March beginning crude oil future was declining but it had slightly recovered 1.16% on last week. The noticeable thing is crude oil future price doesn’t impact much on MCX energy sector black oil. And the interesting thing is MCX Natural gas moving upside like a boss!
| MCX WEEKLY TOP GAINERS | MCX WEEKLY TOP LOSERS | ||||
| Natural Gas | +7 | +3.62% | Nickel | -27.6 | -4.11% |
| Lead | +3.25 | +2.17% | Copper | -10 | -2.56% |
| Silver | +612 | +1.52% | Mentha oil | -24 | -2.40% |
| Gold | +284 | +1.00% | Zinc | -4.05 | -2.15% |
| Aluminium | +1.2 | +1.00% | Cardamom | -27.39 | -1.95% |
| CPO | +0.9 | +0.17% | Crude oil | -54 | -1.69% |
| Cotton | -100 | -0.47 | |||
If we talk about today gold direction, then I should say gold will remain down because of political uncertainty. On next newsletter, I will write gold next move for short-term / long-term investors so doesn’t miss to visit Moneymunch.com on Monday.
Gold opening bell may downside and in opening hours it will try to run upside. I’d recommend keeping watch gold between 28800 – 28745 range.
Nickel looks under selling pressure. If it will remain below to 661.5 levels more than 15 min then sell nickel for 654-652 below levels.
