10:36 PM
Analyst
Gold recovered last week but was limited by 1268.7 resistance as well as 4 hours 55 EMA and weakened again. Outlook remains bearish and deeper fall is still expected. . However, we'd point out that gold is now in an important support zone of 1155.7 and 1200. A break above 1268.7 will indicate bottoming and would turn outlook cautiously bullish for rebound back to 55 days EMA (now at 1380.2).
Silver attempted to recover last week but was limited below 20.175 resistance and weakened again. Near term outlook stays bearish and below 18.185 will extend the larger decline from 35.445 towards next key level at 15.00, however, note that silver is now sitting in a key long term support zone of 14.65/19.50 and might bottom inside this zone. A break above 20.175 resistances would turn outlook cautiously bullish for a rebound back to 55 days EMA (now at 22.141).
Crude oil rose sharply last week and took out 100.42 resistances firmly. The development confirmed resumption of whole rise from 77.28. Further rally is now expected to head back to 110.55/114.83 resistance zone. On the downside, break of 100.94 is needed to indicate short term topping.
Natural gas consolidated around 55 weeks EMA last week but recovery was rather weak. Near term outlook stays bearish and deeper decline is expected. Fall from 4.444 is possibly correcting whole up trend from 1.902 and would target 100% projection of 4.308 to 3.710 from 3.983 at 3.386 next. Though, a break above 3.710 supports turned resistance will indicates short term bottoming and bring stronger rebound.
MCX Tips Today
@ Sell MCX Gold Aug below 25940 Targets 25900, 25860 Stop Loss 26000.
@ Sell MCX Silver Below 40050 for Sep delivery Targets 39950, 39850 Stop Loss 40200.
Silver attempted to recover last week but was limited below 20.175 resistance and weakened again. Near term outlook stays bearish and below 18.185 will extend the larger decline from 35.445 towards next key level at 15.00, however, note that silver is now sitting in a key long term support zone of 14.65/19.50 and might bottom inside this zone. A break above 20.175 resistances would turn outlook cautiously bullish for a rebound back to 55 days EMA (now at 22.141).
Crude oil rose sharply last week and took out 100.42 resistances firmly. The development confirmed resumption of whole rise from 77.28. Further rally is now expected to head back to 110.55/114.83 resistance zone. On the downside, break of 100.94 is needed to indicate short term topping.
Natural gas consolidated around 55 weeks EMA last week but recovery was rather weak. Near term outlook stays bearish and deeper decline is expected. Fall from 4.444 is possibly correcting whole up trend from 1.902 and would target 100% projection of 4.308 to 3.710 from 3.983 at 3.386 next. Though, a break above 3.710 supports turned resistance will indicates short term bottoming and bring stronger rebound.
MCX Tips Today
@ Sell MCX Gold Aug below 25940 Targets 25900, 25860 Stop Loss 26000.
@ Sell MCX Silver Below 40050 for Sep delivery Targets 39950, 39850 Stop Loss 40200.
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