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Below The Quote On Copper, Gold Silver, Crude Oil and Natural Gas By Aamir Makda Commodity & Currency Analyst, Choice Broking

Copper has traded negatively over the course of the week, posted a weekly decline of more than 1%, and managed to close at 698.15. Copper price has ticked higher slightly in intraday however worries about the prospect were for a long period of high interest rates and weak global economic growth. Chinese data showed exports declined less than expected in September. On the Daily chart, Copper price has already started trading below key moving averages of 50, 100 and 200-EMA levels placed at 720.30, 726 and 728 respectively. Here, immediate support would be at 695. If price crosses this support mark, we may expect more decline in Copper price towards 685 – 670 in upcoming week. 

GOLD:

Comex Gold has skyrocketed in the last week, inclined by more than 5% and closed at $1932 level. Friday's spectacular gain in the price of Gold is continuing as geopolitical tensions in the Israeli-Palestinian conflict rise. In uncertain times, traders seek protection in the yellow metal, while the US dollar is also strengthening. On the Daily chart, Gold price has broken through the resistance of the Descending broadening wedge and price has sustained over 50-EMA on Weekly chart placed at 57288. This will be a crucial support mark for the Gold price. If price sustains over this level, we may expect more pullback in Gold price. Key hurdles would be at 60000 – 60510.

SILVER:

Silver prices soared beyond $22.5 per ounce, reaching their highest level in two weeks, as investors worried about the development of the war between Israel and the Islamist group Hamas. Furthermore, despite a small uptick in the US inflation rate for September, the commodity was supported by anticipation of the Fed ending its rising cycle. Simultaneously, the recovery in government bonds benefited solar panel producer equities, improving the outlook for silver as an industrial component. The final price for MCX Silver stood at 71368.The most significant one-day dollar increase since Wednesday, August 23, 2023. Since Wednesday, July 12, 2023, this is the largest one-day percentage rise. Five of the previous six sessions have been advanced. Since Tuesday, September 26, 2023, the highest settlement value has been achieved. Price appears to be giving a breakout from the falling trend line and is currently trading below the 50-EMA and 100-EMA, which are situated on the Daily chart at 71510 and 71910, respectively. The 200-EMA, which is located at 71290, would provide a lot of support on the Daily chart. If we manage to hold below 71500 levels then we can make some quick rise till 73255-74075 levels.     

CRUDE OIL:

Crude oil futures have been traded back & forth over the course of the week, however managed to close on a positive note at 7259. WTI Crude price has inclined by 5.59% in last week in response to escalating military action between Israel & Palestine. On the Daily chart, Crude price has continued its trading on Rising channel formation also we can observe Bullish harmonic formation which signifies upward movement in Crude prices. Price has closed over 50-EMA level on Daily chart placed at 7048 which will be immediate support mark. If price continues this momentum, Crude may go forward for 7500 - 7700 upcoming sessions.

NATURALGAS:

Nat-gas prices fell to a one-week low on Friday and closed substantially lower as warmer weather is predicted in much of the eastern US, while cooler weather is expected in the western US, reducing nat-gas demand for heating and air conditioning. Temperatures in the US will fall, reducing the need for natural gas for heating. According to Maxar Technologies, the remnants of West Pacific Typhoon Bolaven will keep temperatures colder in the West Coast and warmer in the eastern two-thirds of the United States for the next two weeks. The weekly EIA data on Thursday of +84 bcf for the week ended October 6 was neutral for natural gas prices because it was in line with predictions of +94 bcf and the 5-year average for this time of year of +103 bcf. Nat-gas stockpiles were up +9.2% year on year and +4.8% over their 5-year seasonal average as of October 6, indicating sufficient nat-gas supplies. Baker Hughes stated on Friday that the number of active U.S. nat-gas drilling rigs declined by -1 to 117 rigs in the week ending October 13, but slightly above the 19-month low of 113 rigs set on September 8. In September 2022, active rigs reached a four-year high of 166. Active rigs have nearly risen since the record low of 68 rigs in July 2020. On the Daily chart, the price after. Breaking out from an Ascending triangle formation is retracing towards its support area. The price is facing resistance near the horizontal line, which is placed at 292 levels. The critical support levels would be 2650. If we manage to sustain above 250 which it can rise upto 290-310 levels.