Thursday, 31 December 2015

Gold and Silver Commodity Market Updates

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Gold:
Gold continues to consolidate in a narrow range between 25200— 25100 levels. The intraday outlook for the counter will remain negative until prices stay below 25280. Prices will move lower towards 25050 levels in that case. A near term reversal in the counter will be seen once prices breakout above 25420 levels. A re-test of 24926/24740 levels is likely once prices start to trade below 25000 levels.


Silver:
Silver will slide lower towards 33170/33030 levels if prices sustain below 33400 levels. The counter needs to break above 33620 to bounce towards 33800 levels. Any meaningful pullback rally will be seen only if prices close above 33800. The broader technical set-up for the counter remains negative.

Today's Commodity Market Energy Updates

Crude Oil (Rs/Bbl):
Failure to sustain above 2540 will see crude oil prices drift lower towards 2442/2426 levels. A daily close below 2426 will see prices correct towards 2373/2350 levels again. A decisive breakout above 2540 will trigger a pullback rally towards 2585/2616 levels.

Natural Gas (Rs./Mmbtu):
Jan. Natural Gas prices have retraced from its resistance zones between 155—162 zones. A break below 149.50 will push the counter lower towards 146 areas. A re-test of 160 levels is likely if prices show momentum above 154 levels again. Buying support can be seen as prices approach 145—146 zones.

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Daily Commodity Market Base Metals Report

Copper:
The outlook for Copper will remain positive until prices stay above 312.50 levels. Traders can look to buy into corrective moves towards 314—313 zones. Momentum above 318.40 will push prices higher towards 321/321.65 levels. A daily close below 312 will be negative for the counter.

Zinc:
Zinc prices broke out of its multi-week trading range yesterday. We expect the counter to rally towards 106.60—107 areas. The counter is likely to face fresh selling as prices approach these areas. The outlook for the counter will remain positive until prices hold to support around 103 areas.

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Tuesday, 29 December 2015

Gold and Silver Commodity Market Updates

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Gold:
Gold prices needs to breakout above 25250 to rebound towards 25397/25415 levels. Any major upside in the counter is likely only once prices register a daily close above 25415 levels. A break below 25050 will push prices lower towards 24740 levels again. The broader view for the counter will remain negative until prices stay below 26000 levels.


Silver:
Silver prices are trading below its immediate support at 33850. Sustenance below this level will push prices lower towards 33424/33150 zones again. Buying at support can lead to a sharp intraday bounce in the counter. The pullback rally will advance further only once prices breakout above 34500.

Today's Commodity Market Energy Updates


Crude Oil (Rs/Bbl):
Jan. Crude Oil prices will move lower if the counter starts trading below 2480 levels. Prices will correct towards 2426/2390 levels in that case. Momentum above 2540 will push the counter higher towards resistance at 2590—2625 zones. Weakness at higher levels can be sold into by traders.

Natural Gas (Rs./Mmbtu):
Jan. Natural Gas prices will face fresh selling as prices approach 143—145 zones on the upside. Failure to sustain between these zones will trigger a sharp correction in the counter towards 130 levels. A decisive breakout above 145 will see prices rally towards major resistance around 157 levels.

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Daily Commodity Market Base Metals Report

Lead:
Lead can bounce higher until prices hold on above 113.50 on a closing basis. Momentum above 115 will push the counter higher towards 116.65 levels. A daily close above this level will see prices rally towards major resistance at 118.20. A decisive break down below 113.50 will see prices correct towards 112.

Nickel:
Nickel will trade weak until prices trade below 575 levels. Counter can slide lower towards 559/550 levels. Buying support can be seen at lower levels as prices approach 550 levels on the downside. Rallies towards 570—575 zones can be sold into by traders.

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Thursday, 24 December 2015

Mcx Commodity Market Base Metals News


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Copper:
Copper prices continue to trade sideways. Price have immediate support between 312—311 zones. Sustenance below these levels will trigger a correction towards 307.50/305.50 levels. Counter needs to break above immediate resistance at 316 to test 317.60/319.90 levels.


Zinc:
A decisive breakout above 101.50 levels will see Zinc rally towards 101.90/102.80 levels. Failure to sustain at higher levels will see prices slip towards 99.60 levels again. A daily close below 99.50 will push prices lower towards major support at 97.90—97.60 zones.

Commodity Market Energy News For Today

Crude Oil (Rs/Bbl):
Jan. Crude Oil prices can test its immediate resistance zones between 2459—2480 zones. Fresh selling can be seen as prices enter these areas. A break below 2386 will push prices lower towards support at 2327/2276 levels. A daily close above 2495 will be the first sign of a near term reversal in the counter.

Natural Gas (Rs./Mmbtu):
Natural Gas can bounce higher until prices stay above 122 levels on a closing basis. Areas between 128—129 are strong resistance zones for the counter. The pullback rally will advance towards 132/133 levels once prices breakout above 129 levels. A daily close below 122 will push prices lower towards 118.80/117.50 levels again.

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Commodity Market Updates on Gold and Silver

Gold:
Gold will retrace further if prices start to trade below 25100 levels. Prices will test 25000/24920 levels in that case. The counter needs to sustain above 25250 to rebound towards 25400/25450 areas. Any major upside is likely only on a daily close above 25500. Until then 24750 to 25500 will be the broad trading range for the counter.

Silver:
Silver can test its immediate support around 33850 levels. A decisive breakdown below this support will push prices lower towards major support zones between 3350 —33150 zones. Pullback rallies from current levels will see prices test resistance around 34340 levels. The pullback rally will resume only once prices breakout above 34500 levels decisively.

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Wednesday, 23 December 2015

Commodity Market Energy News For Today

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Crude Oil (Rs/Bbl):
Failure to break below 2400 will see crude oil prices drift higher towards 2460/2500 levels. Selling can be seen as prices approach higher levels. Sustenance below 2400 will push prices lower towards 2366/2330 levels. Weakness at higher levels can be sold into by day traders. The broader technical setup for the counter continues to be negative.

Natural Gas (Rs./Mmbtu):
Natural Gas witnessed a strong bounce once prices started to trade above 123 levels yesterday. Sustenance below 125 will see prices correct towards 124—123 zones. Reversals from lower levels should be used to go long in the counter. Momentum above 128.50 will see prices rebound towards 131/132.50 levels. The outlook for the counter will be positive until prices stay above 123 on a closing basis.

Commodity Market Updates on Gold and Silver

Gold:
Gold prices closed with a gain of 1.21% yesterday. Momentum above 25420 levels will push prices higher towards 25525/25623 levels. Intraday outlook for the counter will stay positive until prices stay above 25200. A decisive breakdown below this support will push prices lower towards 25080 levels.

Silver:
We expect Silver prices to test its immediate resistance between 34500—34600 zones. A daily close above 34600 will open upside targets of 35150/35390 levels in the counter. Intraday dips will find support until prices hold on above 33870 levels. A decisive breakdown below this level will push prices lower towards 33450/33300 levels.

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Mcx Commodity Market Base Metals News

Zinc:
We reiterate that Zinc needs to sustain above 101.50 for prices to advance higher towards 102.40/103 levels. Sustenance below 99.75 will push prices lower towards 98.65/97.90 levels. Traders can look to go long if prices start to show momentum above 101.50 levels today.

Copper:
Copper can move higher until prices sustain above 312 levels. Momentum above 318 will see prices advance towards 320.50/321.65 levels. Fresh selling can come in as prices approach higher levels. A daily close below 312 will see prices correct towards 306.50/305 levels.

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Tuesday, 22 December 2015

Commodity Market Updates on Gold and Silver

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Gold
In the last week, prices rebounded sharply on the upside after bottoming out near $1045-1050 zone. On upside, immediate resistance is located at $1080-1089 and further at $1098 levels. In this week, prices are expected to trade on bullish note.

MCX Gold Oct daily chart. It suggests that prices have bottomed out from 24750 levels. Positive divergence on RSI suggests short term upside reversal in the prices. It is expected to rebound on the upside till 25480 and further till 25750 level. On flip side, immediate support is located at 24750 levels. Hence, trend is likely to remain bullish for this week.

Silver
It suggests that prices are taking support somewhere near 13.65 levels. On upside, it has immediate resistance at 14.30 levels. Any trade above this could take prices towards $14.65 and $15 levels. On downside, prices are expected to find support near $13.65 levels.

MCX Silver daily chart. On last Friday. Prices sharply recovered on the upside after bottoming out near 33030 levels. In the near term, further strength above 34470 will take prices towards 35360 levels.


Commodity Market Energy News For Today

MCX Crude oil. It suggests that prices are trading in steep downtrend channel. However, It is expected to take support near 2270 levels with potentially rebound on the upside till 2540 -2580 levels. Momentum indicator RSI is expected to turn back on the upside. Hence, trend is likely to change on the upside.

MCX Natural gas. It suggests that prices have made a short term bottom near 115 levels. Friday’s Doji candle followed by today’s strong upside candle with positive divergence on RSI suggests pending recovery in the near term. Prices are expected to recover at least till 127.60 and 130 levels. On downside, 115 would be immediate support levels.

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Mcx Commodity Market Base Metals News

MCX Copper chart. It suggests that prices are finding support near 300 levels on the down side. Whereas, immediate resistance is located at 321.80 levels. In this week, prices are expected to retest 321.80 and further strength could take it towards 328.50 levels. Hence, bias is expected to trade for higher levels.

Lead In the medium term, prices are trading in sideway zone. On downside, immediate support is located at 111.40 and further at 107.20 levels. Whereas, resistance on upside is located at 116 levels. Hence, prices are expected to remain in this zone.

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Monday, 21 December 2015

Commodity Market Updates on Gold and Silver

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Gold:
Gold prices closed below its immediate support at 24926 levels yesterday. Intraday pullback rallies will meet resistance between 24930—25000 zones. Sustenance below 24740 will see prices correct towards 24583/24451 levels. The counter needs to sustain above 25100 to rebound towards 25260/25300 levels.


Silver:
Intraday view on silver will remain negative until prices stay below 33500 levels. Until then pullback rallies will face resistance between 33350—33450 zones. Sustenance below 33000 will lead to a major breakdown in the counter towards 32500 levels. A daily close above 33500 will be a positive sign for the counter.


Mcx Commodity Market Base Metals News

Copper:
Copper prices have managed to rebound and can now test its resistance zones between 312.80—314 zones. Selling can be see as prices approach these zones. Intraday view will remain positive until prices hold on above 307.40 levels. A break below this support will push prices lower towards 302.75 levels.

Nickel:
Nickel prices have bounced from the lower end of its trading range at 570 levels. Prices can test its resistance at 594 levels going forward. A daily close above 594 will open upside targets of 603.50/608 levels for the counter. The outlook for the counter will remain positive until prices hold on to support at 570 on a closing basis.

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Commodity Market Energy News For Today

Crude Oil (Rs/Bbl):
Crude Oil prices will weaken further if prices start to trade below 2300 levels. Prices will correct towards 2278/2245 levels in that case. The counter needs to sustain above 2340 levels will see prices bounce towards 2370/2380 levels. A break above 2380 is required for prices to rebound further towards 2440 areas. The broader technical outlook for the counter remains negative.

Natural Gas (Rs./Mmbtu):
Natural Gas prices are trading down with a cut of 3.27% currently. Prices can now test its major support at 112.30 levels from here on. Intraday outlook for the counter will remain negative until prices stay below 120. Intraday rallies towards 118—119 zones can be sold into by traders. Any major reversal in the counter is likely only above 123.50.

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Friday, 18 December 2015

Commodity Market Updates on Gold and Silver

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Gold:
Gold could trade range bound to weak. Strong US Dollar could also keep gains limited. Investors await cues from key data due today. Support is at 1056.3. Resistance remains at 1070.0. MCX Gold could remain range bound to weak, tracking weak overseas prices. Strong Rupee could keep gains limited. Support is at 25206 and 25075. Resistance is at 25438 and 25540.


Silver:
Silver could trade range bound to weak. Strong US Dollar could keep gains limited. Support is at 14.00 and 13.81. Resistance is at 14.20. Investors await cues key data due today. MCX Silver could remain range bound to weak, tracking weak overseas prices. Strong Rupee could keep gains limited. Support is at 33620 and 33337. Resistance is at 34185 and 34438.

Commodity Market Base Metals News for Today

Lead:
Lead prices can correct up to 107.60—107.15 zones. Intraday pullback rallies towards 111/111.50 levels is likely but selling can drag prices lower. We don’t expect to break below 107 levels. A sharp bounce is likely if prices enter 107.50—107.15 areas.

Nickel:
Intraday outlook for Nickel will remain negative until prices stay below 580. A decisive break below 570 will push prices lower towards 559.50/555 levels. Sustenance above 580 will push prices higher towards the higher end of the trading range at 594. A daily close above 594 will be positive for the counter.

Aluminium:
Aluminium prices will weaken further if prices start to trade below 98 levels. Prices will correct towards 96.50 areas in that case. Intraday resistance on pullbacks is seen around 98.60 levels. A re-test of major resistance between 101.50—102 is likely only once prices break above 100 levels.

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Natural Gas and Crude Oil Report

Crude Oil (Rs/Bbl):
Crude Oil prices have retraced back to its support around 2327 levels. Sustenance below this level will push prices lower towards 2278/2250 levels. The counter needs to show momentum above 2375 to rebound towards 2426/2450 levels again. Until then, intraday rallies will face resistance between 2360—2375 zones.

Natural Gas (Rs./Mmbtu):
Natural Gas prices will move higher only once prices breakout above 123 levels. Momentum above this level will trigger a pullback rally towards 126 levels. Failure to sustain above 123 will see the downtrend resume towards 117.10/113 levels. Next major support is placed around 113 areas.

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Thursday, 17 December 2015

Commodity Market Base Metals News for Today


Copper:
Copper prices closed below its trend line support around 311 levels yesterday. Intraday pullback rallies will face resistance around 311.80—313.50 areas. Weakness below 307 will push the counter lower towards 305/303.90. A daily close above 314 is required of prices to re-test 320/321.65 levels.



Aluminium:

Sustenance below 98 will push aluminium prices lower towards 96.80/96 levels. Intraday outlook for the counter will remain negative until prices stay below 99 levels. The broader view for the counter will remain negative until prices stay below 102.10 levels on a closing basis.


Commodity Market Updates on Gold and Silver

Gold:
Further weakness in Gold is likely only if prices start to trade below 25150 levels today. Prices will correct towards 25000/24926 levels on a decisive breakdown below this support. Momentum above 25425 will push prices higher towards 25610/25714 levels.

Silver:
Silver prices can test its resistance between 33750—33800 zones. A near term reversal in the counter is likely only on a daily close above 34000 levels. A daily close below 33100 will lead to a breakdown in the counter. Until then 33400—33150 zones will act support on dips.

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Natural Gas and Crude Oil Report

Crude Oil (Rs/Bbl):
The pullback rally in crude oil will continue only once prices start to trade above 2550 levels. Until then rallies will face resistance around 2525—2550. Intraday support for the counter is seen between 2440— 2420 zones. A daily close above 2550 will push prices higher towards major support zones between 2616/2650 zones.

Natural Gas (Rs./Mmbtu):
Natural Gas prices are trading down with a cut of 2.50% currently. Sustenance below 120 will see prices slip towards 116.60/112.80 levels. The counter can witness a sharp intraday pullback rally towards 123.55/125 zones if prices show momentum above 122.50 levels.

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Wednesday, 16 December 2015

Natural Gas and Crude Oil Report

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Crude Oil (Rs/Bbl):
Dec. Crude oil prices managed to bounce from its swing lows at 2327 levels yesterday. Sustenance above 2475 will help the counter bounce further towards 2515/2540 zones. A re-test of 2327 levels will be seen only if the counter starts to trade below 2397 levels. Until then prices will trade between 2397 to 2540 zones.

Natural Gas (Rs./Mmbtu):
The view for Dec. Natural gas prices will remain negative until prices stay below 129 levels. Sustenance below 125.50 will push the counter lower towards 123.50/121.40 zones. Sustenance above 129 will trigger a pullback rally towards 131.50/132.50 levels.


Commodity Market Updates on Gold and Silver

Gold:
Gold prices are trading below its immediate support around 25300 levels. Prices can weaken towards 25190/25144 levels from here on. A daily close below 25150 will see prices re-test its recent swing lows at 24926 levels. Counter needs to breakout above 25320 levels to rebound towards 25450 areas again.

Silver:
The outlook for silver will remain weak until prices trade below 33800 levels. Sustenance below 33380 will push prices lower towards 33150 levels. A sharp bounce cannot be ruled out in case prices test this support. Momentum above 33800 will help the counter rebound towards 34050/34200 zones.

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Commodity Market Base Metals News for Today

Copper:
Copper prices are trading below its support between 314—314.50 zones currently. The intraday view for the counter will remain negative until prices stay below 315. A decisive break below 312 will see prices slip further towards 310/308.50 levels. Sustenance above 315 will help the counter rebound towards 318 levels.

Lead:
The rally in Lead will resume once prices start to trade above 116.65 levels. Until then intraday rallies will face resistance between 116.25—116.50 zones. A break below 115 will see the counter slip towards support around 114 levels. A daily close below 114 will trigger a correction towards 112.40 areas.

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Tuesday, 15 December 2015

Commodity Market Updates on Gold and Silver

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.

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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 3416 —34292 areas. Pullback rallies into these zones will find resistance. A daily close above 34300 is required for a reversal in the counter.

Natural Gas and Crude Oil Report

Crude Oil (Rs/Bbl):
Dec. Crude oil prices have hit a fresh swing low of 2368 levels today. The counter needs to sustain above 2395 to rebound towards 2430/2445 levels. The counter though will face fresh selling at higher levels. We expect prices to move lower towards 2278/2245 levels over the coming sessions. Weakness after pullback rallies should be sold into.

Natural Gas (Rs./Mmbtu):
Dec. Natural gas prices are trading down with a cut of 4.4% currently. Prices should test its immediate support at 127 levels. Further downside in the counter is likely only if prices start to sustain below this support. Until then prices will consolidate between 127—129.50 and rebound towards 131.50/132.80 levels. A daily close below 123 will open downside target of 124.50/121.40 levels.

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Commodity Market Base Metals News for Today

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.

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Monday, 14 December 2015

Commodity Market Updates on Gold and Silver

Gold prices bounced on Friday, erasing earlier losses as the dollar and U.S. Treasury yields fell, but was still on track for a seventh weekly drop in eight as investors positioned themselves for a likely U.S. rate rise next week.

Options data shows that investors have boosted bets that the gold price will soon drop to $1,000 an ounce while assets in SPDR Gold Trust, the top bullion exchange traded fund, are at their lowest since September 2008.

Silver fallen to the lowest since August 2009 at $13.76 per ounce, was headed for a seventh weekly loss in eight weeks. U.S. consumers showed some muscle in November at the start of the holiday shopping season, suggesting enough momentum in the economy for the Federal Reserve to raise interest rates next week for the first time in nearly a decade.

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Commodity Market Base Metals News for Today

Copper marched to a two-week high on Friday, with investors closing out bearish positions as the dollar weakened and following comments that the economy of top metals consumer China may be on the mend.

Copper was set for a second weekly gain while battery metal lead touched its highest level in 1-1/2 months.

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Natural Gas and Crude Oil Report

Oil prices extended their freefall on Friday, flirting with 11-year lows, after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year. Brent and U.S. crude's West Texas Intermediate (WTI) futures fell as much as 5 percent on the day and 12 percent on the week as mild prewinter weather and a plummeting U.S. stock market added to the toll on oil prices.

U.S. Natural gas futures fell almost 9 percent this week after dropping below the psychologically important $2 support level on forecasts of continued mild weather that is likely to keep heating demand low through late December.

Speculators bet gas futures still have further to fall. Some of the most active American style options on the were the January puts with strike prices of $1.75, $1.90. Open interest in the contracts was near all-time highs.

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Friday, 11 December 2015

Base Metals News on Commodity Market

Copper:
Copper prices couldn’t sustain at its intraday highs at 314.30 levels yesterday. Failure to trade above 313 levels today will be a sign of weakness and the counter will slide lower towards 306 levels as the progresses. The counter needs to break above 315 to rally towards 317.50/319 levels. Until then the outlook will be negative for copper.


Zinc
Zinc prices retraced after testing its resistance around 103.50 levels yesterday. Failure to trade above 102.55 will see prices weaken towards 101.10/100.70 levels. Momentum above 102.55 will see prices rebound towards 103.65/104 levels again. Areas between 104.60 to 100.10 is likely to be the broad trading range for the counter.

Aluminium:
Sustenance below 99 levels will push Aluminium prices lower towards support areas around 98. A daily close below 98 will result into a breakdown towards 96.55/95.80 levels. Areas between 100.10—100.60 are strong resistance zones for the counter.

Gold and Silver Commodity Market Updates

Gold:
Failure to break below 25387 will see Gold prices consolidate between 25450—25400 levels and bounce back towards 25614/25700 levels again. Sustenance below 25387 will see prices weaken towards 25250/25150 levels. Any major upside is likely only on a daily close above 25800 levels.


Silver:
Silver prices couldn’t sustain at its intraday highs at 34799 levels yesterday. Any major downside in the counter is likely only if prices break down below 34150 levels decisively. Until then counter will find support between 34300—34150 zones. The counter will witness momentum only once prices trade above 34600. A daily close below 34150 will open downside targets of 33850/33600 levels for silver.

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Commodity News on Natural Gas and Crude Oil

Crude Oil (Rs/Bbl):
Dec. Crude oil prices moved lower post the inventory data yesterday. We reiterate our negative view on the counter until prices stay above 2650 levels. Prices can slide lower towards recent swing lows at 2462 levels again. Intraday pullback rallies will face resistance between 2550—2570 zones. A daily close below 2460 will see prices slip towards 2278 areas.

Natural Gas (Rs./Mmbtu):
The outlook for Natural Gas prices will remain negative until prices stay below 142.50 levels. Failure to breakout above this level will see prices slide towards 135.50 again. A daily close below this level will open downside targets of 133/127.50 levels for the counter. Momentum above 142.50 will trigger a pullback rally towards resistance zones between 145.50—147.80 zones.

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Thursday, 10 December 2015

Gold and Silver Commodity Market Updates

Gold:
Gold prices managed to rebound from its support at 25400 levels yesterday. Further upside though is likely only if prices sustain above 25625 levels today. Failure to do so will see prices slide lower towards 25400 levels again. A decisive breakout above 25625 will see prices move higher towards 25800 areas again.

Silver:
Silver will trade with a negative bias until prices trade below 34750 levels. A break below 34200 will open down side targets of 34000/33900 levels. Momentum above 34750 will help the counter rebound towards 35000 levels again.

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Commodity News on Natural Gas and Crude Oil

Crude Oil 
Dec. Crude oil prices managed to rebound from its lows at 2462 levels yesterday. Sustenance below 2520 will see prices slip towards 2480/2460 levels again. The counter needs to show momentum above 2575 to test resistance around 2610/2650 levels. The current breakdown has a downside target of 2278 levels.

Natural Gas
Natural Gas prices will continue to pullback higher until prices stay above 138.40m levels intraday. Until then dips towards 139—138.50 will act as support. Prices can advance towards 142 levels in that case. A break below 138 will see the counter weaken towards 135.50 levels again. A daily close below 135 will open downside target of 127 levels for the counter.

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Base Metals News on Commodity Market


Copper:
Copper prices managed to hold on to its support levels around 306 yesterday. Further upside in the counter is likely only if prices breakout above 315 levels. Counter can advance towards 317.50/319 levels in that case. A decisive break down below 310 though will see prices correct towards 306/304.50 levels again.

Lead:
Lead prices are currently approaching resistance at 114.60 levels. If the momentum persists then prices can advance further towards 115.65/116.25 levels. Intraday outlook for the counter will turn negative only once prices break below 113.40 levels decisively. Weakness at resistance levels mentioned above can be used by traders to go short. A daily close below 113.40 will see prices move lower towards 111.80 levels.

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Monday, 7 December 2015

Gold and Silver Commodity Market Updates

Gold:
Gold prices managed to rebound from its intraday lows at 24926 levels yesterday. The counter needs to trade above 25360 to rebound towards resistance zones between 25500—25550 levels. Failure to trade above this level will see prices retrace towards 25000—24900 zones again. A near term reversal will fall in place once prices close above 25550 on a daily closing basis.


Silver:
Silver prices recovered from its intraday lows at 33753 and closed with a gain of 0.62% yesterday. The counter needs to decisively breakout above 34580 to rebound towards 34900/35050 levels. Weakness at higher levels can be sold into by traders. Support is seen between 33940—33750 zones.

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Commodity News on Natural Gas and Crude Oil

Crude Oil (Rs/Bbl):
Dec. Crude oil prices rallied after taking support around 2700 areas yesterday. Momentum above 2810 will push the counter higher towards 2855/2895 levels. The intraday outlook will remain positive until prices stay above 2745 levels. A break below 2745 will push the counter lower towards 2700/2680 levels again.

Natural Gas (Rs./Mmbtu):
Natural Gas prices have managed to hold on to its support around 144 levels. Further upside in the counter is likely only if prices trade above 149 levels. Prices will rally towards 151/152.80 levels in that case. Failure to trade above 149 will see prices retrace lower towards 144/143 levels again.

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Base Metals News on Commodity Market

Copper:
Momentum above 312 will see copper prices rally towards 315.80/317 zones. Fresh selling can be seen as prices approach higher levels. A break below 308.50 though will put the counter under pressure and prices in that case can slide towards 305/304 zones again. A decisive breakout above 317 will open upside targets of 323/326 levels for copper.

Zinc:
Further upside in Zinc is likely only if prices sustain above 104.25 levels. Prices will rally towards 105.45/106.10 levels in that case. Sustenance below 102.65 will lead to weakness towards 101/99.80 levels. A daily close below 99.90 will see prices slip towards recent swing lows at 97.90 levels.

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Friday, 4 December 2015

Today's Gold and Silver Commodity Market Updates

Gold:
Sustenance below 24900 will lead to further weakness in Gold. Prices will slide towards 24660/24548 levels in that case. Intraday pullback rallies can be seen from lower levels but the counter will face resistance around 25010—25050 areas. Traders should look to sell into weakness after pullback rallies.

Silver:
Silver should slide lower towards 33620/33410 levels gradually. Intraday pullback rallies will face resistance between 34100/34200 zones. Traders can look to sell into intraday pullback rallies towards these zones. A near term reversal will be seen only if prices close above 34580 levels.

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Natural Gas and Crude Oil Report

Crude Oil
Dec. Crude oil prices moved lower post the inventory data yesterday. Failure to trade above 2730 will lead to further weakness in the counter and prices will slip towards 2657/2639 levels. Sustenance above 2730 will help the counter rebound towards 2765/2780 areas.

Natural Gas
Natural Gas prices continued trade weak as mentioned in our previous updates. Prices though are trading around its immediate support at 144 levels. A decisive breakdown below 144 will push prices lower towards 141.50/137.70 levels. Pullback rallies from current levels will see the counter rebound towards 148/149 areas.

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Commodity Market News for Base Metals

Copper
Copper move lower once prices broke below its trading range at 308 levels yesterday. Sustenance below 305 will push prices lower towards 301 levels. Pullback rallies will face resistance between 307.50—308 zones. A near term reversal in trend will fall in place only on a decisive breakout above 312 levels.

Zinc
The intraday view for zinc will remain negative until prices stay below 103 levels. Sustenance below 101.90 will see prices slip towards 99.90/98.70 levels. The counter needs to break above 103 to rebound towards 104.70/105 areas again.

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Thursday, 3 December 2015

Today's Gold and Silver Commodity Market Updates

Gold:
Momentum above 25400 will see Feb. Gold prices rebound towards 25500/25550 levels. Fresh selling can be seen as prices approach higher levels. The broader technical setup for the counter remains negative. A break below 25200 will see prices slide towards 25080/24940 levels. A daily close above 25550 will trigger a rally towards 25850/25900 zones.


Silver:
Silver will trade with a negative bias till prices trade below 34580 levels. A daily close above this level will help the counter rebound towards 34900 levels. A break below immediate support at 34100 will see prices slip towards 33760/33500 levels.

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Natural Gas and Crude Oil Report

Crude Oil
Dec. Crude oil prices will slide lower until intraday rallies stay below 2855 levels. A decisive breakout above 2855 will help the counter rebound towards 2910 levels. A break below 2755 will open downside targets of 2700/2680 levels for the counter.

Natural Gas
We reiterate our negative outlook for Dec. Natural gas until prices trade below 153 levels. Intraday rallies will face resistance between 151.30--152.50 zones. Sustenance below 147 will push prices lower towards next support at 144 levels. A daily close above 153 will be the first sign of a reversal.

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Commodity Market News for Base Metals

Copper:
Copper prices should slide lower towards immediate support at 308 levels. A break below this support will see prices slide towards next support between 304.80—304 zones. A decisive break out above 312 will trigger a pullback rally towards 316.70/318 zones. Until then traders can look to sell into rallies towards 311—312 zones.

Zinc:
Failure to break below 103.50 will see Dec. Zinc prices rebound towards 104.75 levels again. Sustenance above 104.75 will see prices rebound further towards 106.50 levels. A break below 103.50 will see prices slide towards 102.90/101.90 levels again.

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Wednesday, 2 December 2015

Today's Gold and Silver Commodity Market Updates

Gold prices need to sustain above 25550 levels to rebound towards 25730/25800 levels. Until then, intraday rallies will face resistance between 25500—25550 areas. A decisive breakdown below 25300 will push prices lower towards 25100 levels. The broader technical outlook for the counter remains bearish.


Silver prices have strong resistance between 34500—34600 zones. The intraday outlook for the counter will be negative until prices trade below 34600 levels. A decisive breakdown below 34250 will see prices correct towards 34035/33900 levels. A daily close above 34600 will see prices rebound towards 34910/35050 areas.

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Natural Gas and Crude Oil Report

Crude oil prices are trading around its immediate support areas between 2800 2780. A decisive breakdown below 2780 will see prices correct towards 2709/2690 levels. Upside momentum will be seen once prices start to trade above 2855 levels. The counter can rally towards 2902/2925 levels in that case.

Natural gas prices will remain negative until prices stay below 153 levels. Intraday rallies will face resistance between 152—153 levels. A break below 147.50 will see prices correct towards next support at 144. A daily close above 153 will see prices rebound towards 156.50/157 levels.

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Commodity Market News for Base Metals

Copper prices need to trade above 312 levels to rebound towards 315.30/318.90 levels. Intraday support for the counter is seen around 307 levels. A break below this level will push prices lower towards 304.40/302 levels. Traders can look to sell into weakness at higher levels between 311—312 levels.

Zinc prices can slip lower towards its immediate support at 102 levels.Further downside is likely only if prices start to trade below 101.90 levels. The counter will correct towards 99.80/98.90 levels in that case. Resistance is seen between 104.9 —105.40 levels.

Lead prices can continue to rebound higher if prices hold on to support at 109.30 levels. Momentum above 110.30 will push prices higher towards next resistance areas placed at 111.50 levels. Sustenance below 109.30 will see prices weaken towards 108.60/108 levels.

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Tuesday, 1 December 2015

Today's Gold and Silver Commodity Market Updates

Gold:
Sustenance below 24950 will lead to further weakness in Gold prices. The counter will slip towards 24800/24650 levels in that case. Intraday pullback rallies towards 25125/25150 can be seen in the counter. The outlook though will remain negative until prices stay below resistance at 25300 levels.

Silver:
Silver prices will remain range bound until counter holds on to support around 33150. Dips will find support between 33250--33150 zones. A decisive breakdown below 33100 will lead to a breakdown towards 32550/32050 levels. Resistance is seen at 33950--34200 zones.

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