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Below are Views On Weekly Trading Recommendations on Commodities by NS Ramaswamy, Head of Commodities, Ventura Securities Ltd

GOLD:-

MCX GOLD prices have recovered sharply after recording the low of 46330. Prices are now back above the 20 weeks moving average. Key support is now seen at 46700 level. We may see relief rally in prices which may head towards 48000 level in coming sessions.

BUY MCX GOLD AUG IN THE RANGE OF 47200 TO 47300 FOR THE TARGET OF 48000/48500 WITH STOP LOSS BELOW 46600.

CRUDEOIL:-​​​​​​​

MCX CRUDEOIL prices have broken above the key resistance level on weekly chart. The momentum indicator RSI is also showing strength in the momentum on the higher side. We may see prices heading towards 6000 level in coming sessions. Any dip in the prices can be used as an opportunity to create a long position in the counter.

BUY MCX CRUDEOIL JUL IN THE RANGE OF 5500 TO 5600 FOR THE TARGET OF 6000/6300 WITH STOP LOSS BELOW 5350.

NATURAL GAS:-​​​​​​​

As per our last week’s view, MCX NATURAL GAS prices traded with the momentum on the higher side. We may see the trend to continue on the higher side and prices may cross the 300 level in coming sessions. Any dip in the prices can be seen as an opportunity to create long position in the counter.

BUY MCX NATURAL GAS JUL IN THE RANGE OF 265 TO 270 FOR THE TARGET OF 300/320 WITH STOP LOSS BELOW 250.

CASTORSEED:-​​​​​​​

NCDEX CASTORSEED prices have broken above the key resistance of trend line on weekly chart. Prices are likely to head towards 5500/5700 levels on coming sessions. The RSI indicator is also trading in positive zone which further suggests the strength in momentum on the higher side. Strong support level is seen at 4900 level.

BUY NCDEX CASTOR JUL IN THE RANGE OF 5200 TO 5220 FOR THE TARGET OF 5500/5750 WITH STOPLOSS BELOW 4900.

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