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Gold

Gold prices remained under selling pressure last month and it ended down by around 2 percent. However it started this week on a positive note as prices gave a gap up opening and it is trading around the immediate resistance zone of 47000 level. On Weekly chart prices is trading in a downward sloping channel from past few weeks. Presently it is hovering near the upper band of the channel i.e 47,000. .On weekly chart prices is also trading around 60 days EMA which coincides with 47,000 level. On the other and RSI on weekly has also edged above its reference line after taking support near 40 level. Breakout above 47000 level will be a positive sign for prices and may it may edged higher towards 49000 level in coming few weeks. Spot Gold Prices gave a rounding bottom breakout at $192 in July 2020 and then it corrected down till $1675 in March 2021.The base trend seems to be bullish. Meanwhile, price found its support near $1750 which also coincides with 50 percent Fibonacci retracement of its prior move from $1456 till $2075. ON weekly chart Relative strength index(RSI) sustaining above 50 level favoring the bull case. From the above, we recommend to buy around 1740 (middle band of BB)for the target of 1920 with a protective stop loss below 1675.

Silver

Silver price was also under pressure last month like Gold. Prices settled around 59600 level and was down by almost 7 percent. Prices tested multi month low of 58300 last month. However it is also a industrial commodity and its high in demand which lifted the prices this week from multi month low up till 61300 level. On weekly chart prices has also formed a long legged doji followed by a green candle which is a positive sign for prices. Immediate resistance zone is seen around 62000 level. Breakout above the mentioned level may open the door for 65000/66000 level.

Crude oil

Crude oil prices is on a roll from last few week. Last month prices rallied by almost 10 percent after testing the phycological support of 5000 it closed around 5570 level. Prices continued its bullish momentum this week and rallied higher by mor than 5 percent after it broke the strong resistance zone of 5700 and it is trading around 5850 level. Coming to technical's the momentum indicator RSI on weekly chart is above 60 level and prices is trading above 20 days and 60 days EMA which indicates that overall trend is still bullish for prices. Immediate resistance zone is seen around 5900 level. We recommend traders to buy Crude oil above the mentioned resistance level or at the immediate support zone of 5600 level Nymex Crude oil gave a weekly breakout above $77 level and it is trading near 7 year high. Overall trend is looking positive for prices. Weekly close above $78 level may push prices higher towards $82 level

Nickel

In the month of September, MCX Nickel was the worst performing counter in the base metals pack, down by around 4.10%. From last few months, prices have been trading in a rising channel. Price is respecting the support zone near the lower bands multiple times. Which indicate that prices may continue to trade in this channel with a bullish momentum. Prices are currently trading around the resistance zone of Rs. 1450, Breakout above the mentioned level may push prices higher towards 1500-1520 level on the upside.

Lead

MCX Lead price closed with a gain of nearly 1% in the last month, price is sustaining above 176 level since the price has given breakout from ascending triangle pattern. The price is well placed above 20,60&100 weekly EMA which shows strength in the price. Moreover, the monthly momentum indicator RSI is trading at 65 and it is forming higher highs. It shows bullishness in the prices. As long as price action is concerned price we expect lead to trade in positive territory and any breakout above 184 would push the price higher towards 195/198 levels in coming trading sessions, whereas 176 stands with strong support level on the downside.

Natural gas

MCX Natural gas prices saw one of the biggest gains since 2018 with the gain of almost 35% in the last month, price is forming higher highs since the breakout of the descending triangle pattern. We have observed a bullish crossover with 60 monthly EMA (Exponential Moving Averages) crossing over 100 monthly EMA (Bullish Crossover) which is a positive sign in the prices. Moreover, the monthly momentum indicator RSI is trading at 80 and it is trading in higher highs formation it shows bullishness in the prices. As long as price action is concerned a marginal dips near 420-420 can be seen as a buying opportunity for the upside movement towards 490/500 levels in coming days whereas 390 stands with strong support level on the downside.

Aluminium

Aluminium price continued its bullish momentum last month as well was up by around 7%, price has been forming higher highs and higher lows from inside the rising trend line channel. The price has been seeing pullback after testing near 20 weekly EMA (Exponential Moving Averages) which shows any small correction should be used for buying opportunity. Going ahead, any breakout above 236 would push the price higher towards 250/254 levels in coming days. However, strong support stands 225 levels on the downside

Copper

Copper prices traded with a negative bias last month and was down by more than 3 percent. However it recovered this week and it is up by 3 percent. On Weekly chart prices is trading below the strong resistance zone of 740 near 725 level. Moreover on weekly chart price is trading below 20 days EMA which is a negative sign for prices. If we talk of momentum indicator RSI, on weekly chart price is trading below 60 level which indicate that momentum in not strong for prices as of now. Based on above technical parameters we expect prices to trade sideways in coming weeks. Sell on rise is recommended as long as 740 level is intact on weekly closing basis. Breakout above 740 may push prices higher towards 770 level or else it may drift lower towards 700 level.

Zinc

Zinc prices traded volatile in last month and it closed in green up by 3 percent around 252 level. Zinc prices finally managed to break the strong resistance zone of 252 level and gave a weekly breakout and it is trading near 52 week high of 260 level. Breakout and weekly close above 262 may push prices higher towards 270/275 level.

Cotton

Cotton price saw a big gain of nearly 8% in the last month, the price has been extending monthly gains since the strong resistance breakout seen near 24400 levels. Moreover, the 60 monthly EMA (Exponential Moving Averages) crossed over 100 monthly EMA (Bullish Crossover) which is a positive sign for the prices. Going ahead, any breakout above 31000 level may push the price higher towards 33500/34000 levels in coming days. However, the price may find a strong support near 29000 levels on the downside.

CPO

CPO price witnessed a drop of nearly 5% in the last month, price is trading near the resistance of the pennant pattern. The price saw strong recovery after testing 10 monthly EMA (Exponential Moving Average) which suggests the near term trend remains bullish as long as it holds above the mentioned EMA. Going ahead, any breakout above 1200 would push the price higher towards 1350/1400 levels in coming sessions. On the other hand, prices may find strong support near 1100 on the downside.

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