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Gold / Silver

Last week again we saw a positive trend in gold and silver prices. MCX Gold made a new record high of 61845 levels and finally closed higher by 1.15% and closed at 60636 levels. International gold also made a new lifetime high of $2081.80 per ounce and finally closed higher by1.32% and closed at $2015 levels. MCX Silver made a new record high of 78292 levels and finally closed higher by 3.86% and closed at 77016 levels. International silver closed higher by 2.42% and closed at $25.64 levels.

We observed safe haven demand and central banks buying activity actually supportive for the gold prices. Although weakness in the dollar and after dovish instances shown by the FOMC in the last meeting also worked as a supportive factor for the bullions.  We are expecting gold and silver to rise further as the unhealthy condition of the US Economy and uncertainty will provide support for gold and silver as a hedge against the uncertainty.

Technically the trend of gold and silver are positive. Gold prices have formed higher top higher bottom formation and silver prices have formed bullish chart structure with a bullish candlestick pattern. Overall trend of gold and silver is positive so we are recommending buy on support levels in gold and silver. For the next week gold prices have an immediate support at 60200 ($2000) levels and then 59700 ($1980) levels, while resistance at 61000 ($2035) levels and then 61500 ($2050) levels. Silver prices have immediate support at  75500 ($25.20) and then 74000 ($24.80) levels, while resistance at 78500 ($26.50) and then 80000 ($27) levels. We are recommending buying in gold and silver and gold may test 61500  to 62000 levels very soon and silver may test 78000 levels to 80000 levels very soon.

Copper

Last week we observed a positive closing in copper prices. Copper increased by 0.11% and closed at 743 levels. Technically copper prices are trading at an oversold zone and now expecting to recover from the oversold zone. Technically copper has immediate support at 730 levels and then 720 levels, while resistance at 755 levels and 765 levels.
We are expecting a bounce back in the copper prices. The demand for copper is expected to rise due to the recovery in the china market as the expectation of an economic bailout package may support the chinese economy. 

Crude Oil

Last week crude oil price corrected sharply and made a low of 5545 levels. At the last trading day of the week prices recovered from the lower levels and finally closed down by 7.12% and closed at 5847 levels. Technically we observed prices have recovered from the oversold zone on the last trading day of the week. Brent crude oil prices corrected sharply by 6.20% and closed at $75.11 levels. Technically prices are trading at oversold zone and expecting a bounce back in the crude oil prices. Fundamentally OPEC+ member are expecting to cut the production further due to lower demand of crude oil which will be positive for the prices. 
Technically the crude oil prices has immediate support at 5500 levels and then 5200 levels, while resistance at 6000 levels and then 6200 levels. Technically prices may recover from the lower levels towards 6000 levels and if it trade successfully trade above 6000 levels then it may test 6200 levels. 

USDINR

We saw a positive week for the rupee. Rupee appreciated by 0.18% and closed at 81.68 levels. The trend of the dollar is looking weak and it may touch 100 to 98 levels very soon. Positive Indian equity market is also supportive for the rupee. Technically the trend of the dollar is down and it has immediate support at 81.40 levels and then 81 levels, while resistance at 82.20 levels. Rupee is expected to appreciate and may test 81.50 to 81 levels very soon.

NCDEX Guarseed

We have seen that last week NCDEX Guarseed prices have closed with a positive note. It increased by 4.02% and closed at 5690 levels. Fresh demand in the physical market on levels are supportive for the NCDEX Guar Seed prices. Technically prices have formed a bullish engulfing pattern which indicates further optimism in the ncdex guar seed prices. It has immediate support at 5400 levels while resistance at 5900 levels. It may test 5800 to 5900 levels very soon.

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