Commodity Report August 14

Precious Metal

GOLD OCT:International Spot Gold had opened for the week at $1307. Prices made a high of $1309but could not sustain thoselevels and droppedto $1280. Recovery in the US economy and higher GDP data boostedthe dollar, which is a negative for the Bullions. Prices gave a weekly closing at $1293. MCX Gold Oct opened for the week at 28,075. During the week, prices made a low of 27,840 and moved higher from those levels towards anew high of 28,281. Forthe week, prices closed 0.67% higher at 28,222. Weakening rupee strengthenedthe MCX gold prices. In this week,pricesmight continue the uptrend. Buy on dips is recommended untillevels of 28100. Prices may take support near levels of 27700.

 

Recommendation

Entry Level

Target

Stop- Reversal Point

BUY

RANGE 28100-28130

28600-28750

27700

 

SILVER SEP:International Spot Silver opened for the week at $20.66. Prices made a weekly high of $20.81 and corrected back to $20while trading range bound. Further, we did not see any big movement in international silver prices. MCX Silver Sept opened at 44,390 levels and made a low of 44,065. During this week, prices made a high of 44,800. Finally, this week’s prices have closed 0.33% higher at 44,427. Priceswere flat during the week.  In this week, some demand could be seen if prices cross the resistance level of 44800.

Recommendation

Entry Level

Target

Stop- Reversal Point

BUY

ABOVE 44800

46000-46300

43700

 

 

 

Energy Products

 

CRUDE AUG:MCX Crude Oil Aug opened for the week at 6,125,as prices made a high of 6,149. During the week, prices failed to sustain the higher levels and fell sharply lower toa week’s low of 5,938 and finally,closing2.86% lower at 5,974. In this week, prices may take support near levels of 5930. A risky trader can buy Crude Oil above levels of 6010 with stop loss (closing level) below 5930. It may provide a pullback until 6150-6220 levels. If prices provide a daily closing below levels of 5930,we may expect them to dropto 5750-5700 levels.

Recommendation

Entry Level

Target

Stop- Reversal Point

BUY ABOVE

6020

6150-6220

5930(Daily Closing)

 

NATURAL GAS AUG:MCX Natural Gas Aug opened for the week at 228.60 and made a low of 226.10. During this week, prices moved sharply upwardstowards levels of 238 but couldnot sustainthose levels,finally closing2.27% higher at 233.90. In this week,if pricessucceed to crossthe previous week’s high,we may expect themto pullback until 248-256 levels.

Recommendation

Entry Level

Target

Stop- Reversal Point

BUY ABOVE

238

256

224

 

 

 

Non Ferrous Metals

 

COPPER AUG:MCX Copper August opened for the week at 431.35 and in the starting of the week, pricesmade a low of 427.70.However, prices could not holdon to lower levels and moved sharply upwardstowards levels of 439.40,finally closing0.76% higher at 435.25.In this week, correction untilthe429-431 levels would provide a buying opportunity for traders.

Recommendation

Entry Level

Target

Stop- Reversal Point

BUY

429-431

438-440

424

 

NICKEL AUG:MCX Nickel Augopened for the week at 1149.40 and made a low of 1112.10. Pricespulled back after making the low. Theyhad formed a Dragonfly Doji on the daily chart in which pricesclosesat theiropening level,which is almost the high level as well. As pricesremain range bound between 1110 and 1150 levels, traders should wait for the breakout. Small traders can do churning in this range.

Recommendation

Entry Level

Target

Stop- Reversal Point

BUY ABOVE

1150

1120

1195

SELL BELOW

1110

1170

1140

 

RECCOMENDATIONSON OTHER COMMODITIES:

Recommendation

Entry Level

Target

Stop- Reversal Point

LEAD AUG

BUY

135-135.50

140-141.50

132

ZINC AUG

BUY ABOVE

145.20

152

140

ALUMINIUM AUG

BUY ABOVE

122.90

119.50

125.50-127

 

Note – applicable for 4th to 8th August 2014

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing.

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