16 July 2016

Weekly Commodity Report 18 July 2016 to 22 July 2016

Weekly Support & Resistance for CRUDEOIL  

Resistance: 3150-3240

Pivot: 3050

Support: 2975-2880

CRUDEOIL: Last week crude oil Open at 3039 and made high 3147 and trade lower near 3000 level in MCX. Higher inventory stock piles also create overhead resistance on crude oil prices. Trading below 3000 level crude oil may test levels of 2880 & on higher side 3150 may act as resistance.

Bullion : Gold and Silver both trade lower last week and made high 31888 and 48611 in MCX. For upcoming week gold trade in the range 31000 -32200.If Gold trades below 31100 then some sort of profit booking expected

Resistance: 31800-32100

Pivot: 31200

Support: 30700-30500

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