Commodity Research Report for weekly basis

INDORE, India - March 8, 2016 - PRLog -- Weekly Commodity News Letter 8-3-2016

Bullion:-

While equities consolidate with investors shifting back out of conservative assets, precious metals have held up well year-to-date - gold up almost 17%, silver gained 7%, platinum rebounded 4%.

Base Metal:-

The adjacent chart shows the price movement of MCX zinc continuous contract. In its recent rally, ie from Rs.96.65 to Rs.120, zinc formed an impulse on the upside. After the impulse formation, the commodity entered into a short-term correction mode. It formed a three wave correction and found support near the 20-day exponential moving average. As per the Elliott wave theory, zinc started its next set of impulse in the last few sessions which is subdividing into lower degree waves. It has also surpassed the swing high of Rs.120 and is consolidating there. The daily momentum indicator is in favour of the bulls. From the short- to medium-term perspective Rs.126 and Rs.132 will be the key targets on the upside. On the flip side, Rs.117.50-117.00 will be the key support zone on closing basis

Energy

NYMEX crude oil tumbled down significantly in the last few months. However, the fall looks over at least from short-to-medium term perspective. Thus, till the time the swing low of $28.70 holds, the oil can bounce till $34.82-36.50.


GOLD (DEC) VIEW

Strategy: Buy On Dips

R1- 29915, R2- 30493 | S1- 27645, S2- 28780

SILVER (DEC) VIEW

Strategy: Buy On Dips

R1- 37750, R2- 39560 | S1- 34130, S2- 35940

COPPER (NOV) VIEW

Strategy: Buy On Dips

R1- 333.72, R2- 340.38 | S1- 304.42, S2- 311.08

CRUDE VIEW

Strategy: Buy On Dips

R1-2900, R2- 2950 | S1- 1876, S2- 1996

LEAD VIEW

Strategy: Buy On Dips

R1- 123.10, R2- 125.35 | S1- 111.50, S2- 113.75

ZINC (OCT) VIEW

Strategy: Buy On Dips

R1- 123.10, R2- 125.35 | S1- 113.52, S2- 115.83

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