Daily News Letter – 16th Oct 2018 Commodity Market


Gold  : Oct. 32071

 Strong bullish view and holding above 31500  buy on decline strategy and up side open towards 32000-32300-32500 in short term.  Trend Reversal 31600

Silver : Dec –  39135

Last two weeksit was strong come back and week to week basis almost added 1000 points and we were bullish above 36000  and almost gained more than 3000 points.  Bullish trend and any dip to buy side. Trend Reversal 38700.  

Crude Oil – Sept    5272

Last week Brend oil price tumble on bvack of higher invesntory and weakness in USA equity market.  Higher and more and more supply likely correction continue.  However, decent support in NYMEX at 80 dollar once it will break some more weakness, but trend is very positive side.  Consider support 55200  once break down more selling likely, upper side resistance 5300 and stay above over all buying likely.    Major resistance 5520 which is 61.85% of 7784 to 1805.

Copper —Sept   457

Copper Mcx- As comex copper is showing that the prices for copper should move towards lower side and it is expected that the movement  in copper mcx would also be similar. And 470 would act as a major resistance for Mcx Copper.  Down side 450 watch out and break down major weakness

Nickel –Sept  927

Over all trend is bearish with consider support 900-8880 range and upper side resistance 865-870, once stay above real blast on card.   Ready for big move once stay above 970 non stop target 1000-1025 likely.

Natural Gas –Sept.  239

As we were continue writing a bullish but higher level strong profit booking see and finally week to week basis it was coll off 18 points.   Over trend is bullish and time for consolidation

Aluminum –Sept.  150.55

Some recovery seen from a lower level and almost made a low last week 144 mark.  Now higher level resistance and supply zone is 150-152 range once successfully stay above, it will move like rocket.  Holding above 150   looks good and buy on decline strategy. Ready to break out.

ZINC –  Sept.  194

Bullish trend but unableto cross 205 and heavy profit booking seel.  Now time to sell on rise strategy and as long as below 205 weakness towards 190-185-180 also in near term

LEAD – Sept.  1154.50

Finally it has broken resistance level and made a high 156.50. Very bullish view and buy side.

www.3mteam.in   

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