14 December 2015

TODAY MARKET OUTLOOK FOR COMMODITY


Gold: Gold will retrace lower until prices stay below 25525 levels. A decisive break down below 25400 will see Gold prices slip towards next support around 25270 levels. Momentum above 25525 will help the counter rebound towards 25625/25700 levels again. We expect the counter to be range bound for today’s session.
Silver: We expect Silver prices to trade weak and move lower towards 33412/33250 levels over the coming sessions. Intraday resistance for the counter is seen between 34160—34292 areas. Pullback rallies into these zones will find resistance. A daily close above 34300 is required for a reversal in the counter.
Crude oil
MCX Dec Crude oil prices continued to maintain it’s broader down bias by forming lower bottoms on weekly charts. A sharp breakdown from the recent swing low 2577 levels renders that the bears remains unrest in the counter and further weakness is possible towards the falling channel support at 2110 levels, meanwhile 2007’s low of 2278 will also act as an immediate objective on downside. However, an oversold RSI in daily charts indicates some corrective pullbacks in the counter and one can utilize the same to create fresh shorts at 2473 levels.
Copper:
Copper prices have retraced from its highs at 321.65 levels. Failure to break below 314 levels will see prices take support between 315—314 zones and rebound towards 320/321.65 levels again. Overall upside target for the current rally is seen between 325—326.50 zones. A daily close below 314 will see prices correct towards 310/309 areas.

Zinc: Zinc will trade with a negative bias until prices trade below 104.65 levels. Sustenance below 103 will push the counter lower towards 102.40/102.25 levels. A decisive breakout above 104.65 will open upside target of 105.55/106.50 levels.