Weekly Commodity Market News and Tips

MCX Dec Silver futures rose to as high as 35840 in the past session, but failed to hold the gains and fell back into negative zone. Now, 35310 levels will act as an immediate support on downside and on a sustainable break below the same will intact further weakness towards 34650 & 34120 levels.

MCX Sep Nickel; “bullish engulfing” candlestick pattern on daily charts renders that the recovery from 624 levels is still in progress and further gains can be possible towards 38.2% Fibonacci level of 711 & 725 levels. However, any dip can accumulate fresh longs at 686 levels.