gold weekly predictions
mcx gold future this week closed with gains of 0.46% at 29740.this week mcx gold future made lows near 29445 while high was 30139.total 700 points weekly volatility and reversal signs.
after last 2 week sharp fall this week some stabilization in comex gold prices with some short covering and weak rupee supported domestic gold prices.
on weekly chart,mcx gold future now closed above 12 month average of 29800 and heading towards 6 month average of 30600.below 12 month average next major support is 2 years average of 27800.
on indicators side,mcx gold weekly cci is –174 and deeply oversold while weekly rsi is 47 and off the lows.
here global crisis will support gold’s safe heaven and also fed QE going to support speculative buying while on domestic front weak rupee add up much more premium here!!above 29800 one can hope for new highs in 2013 on domestic front!!
silver weekly predictions
mcx silver future this week closed with flat gains of 0.31% and closed at 53867.on above weekly chart silver prices taken support of 2 years average and showing signs of upside retracement.
this week mcx silver future made low near 52621 while high was 54739.total 21 points weekly volatility and recovery momentum.
for next week watch 54500 as strong resistance and if cross that and holds above this then it will be investment opportunity with upside 8-12% targets in longer terms.
below 54500 trend remain down and next major supports are 50,000 and then 47,000.while above 54500 major resistances are 57,000 and then 57500.
on indicators side,mcx silver weekly cci is –208 and in oversold state while rsi is 42 and with bearish divergence.
aluminium weekly predictions
mcx aluminium future this week closed at 107.75 with loss of 1.42%.this week mcx aluminium future made high near 108.85 while low was 104.8 so total 5 rupee move which is almost 5% with bearish trend and momentum.
this was second big losing week for aluminium prices and with heavy volatility.mcx aluminium long term trend is down and momentum also at bottom.
for next week on upside 108.5 is major resistance and 2 years average level then 109.5 and 110 are resistances and 12-6 month averages respectively.on downside 103 and then 100 will be major support and target levels if trade below 108.5.
on indicators side mcx aluminium weekly cci is –59 and with bearish divergence while rsi given fresh sell signal in this week.
copper weekly predictions
mcx copper future this week closed with gains of 1.73% at 431.1.this week mcx copper low was 417.75 while high was 431.4.total 13 rupee move and recovery on account of short covering.
mcx copper future take support of 2 years average at 418 and now trading just above 12 month average support of 430.on upside 438 is 6 month average and resistance level for next week.
on indicators front,mcx copper weekly cci is –87 and with bearish divergence and rsi is 49 and showing recovery.
technically mcx copper still bearish trend and traders must watch 430 on closing basis.below that one can expect 418 to 410 levels once again.
lead weekly predictions
mcx lead future this week closed at 124.25 with loss of –.68%.this week mcx lead future made high at 125.25 while low was 122.3.so 3 rupees weekly move and continuation of correction.
this was second week of correction and mcx lead future prices touched 6 month average this week.
for next week outlook remain weak and on downside 122 is first support and 6 month average then comes 118 which is 12 month average support.on indicators side,mcx lead weekly cci is +18 with bearish divergence.rsi is 55 and formed bearish divergence.
nickel weekly predictions
mcx nickel future this week closed with gains of 0.34% at 921.4.this week mcx nickel future made lows at 888.8 while high was 925.5.total 38 rupee movement and some technical bounce back.
mcx nickel long term trend and momentum both strong bearish and below 965 every major bounce back is selling opportunity.for next week we may see continuation of bounce back 940-945.which is 6-12 month averages as well as resistance levels.above that 965 is 2 years average and major trend decider level.
on downside 880 and 855 are major support and may be downside targets for next week.
on indicators,mcx nickel weekly cci is –56 and with bearish divergence while rsi is 47 and still bearish.
zinc weekly predictions
mcx zinc future this week closed with loss of 1.12% at 111.45.this week mcx zinc future hit low at 110.65 while high was 114.25.4 rupee move and second losing week for zinc prices.
for next week ,110 is first downside support of 6 month average and then 107 is 12 month average.in last 105 is 2 years average level and last support of this uptrend.on indicators side mcx zinc future weekly cci is +48 and with bearish divergence while rsi is 53 and still above support.
for next week mcx zinc future below 110 turn sell so watch for that if happen we may see 108-105 in next 1-2 weeks.on upside 114.5 and 118 are strong resistances for now.
crude oil weekly predictions
mcx crude oil future this week closed with loss of 1.12% at 5017.this week mcx crude oil future made highs near 5104 while low was 4986.this week was second week of losing and now mcx crude oil prices are near major 12 month average.
on upside 5040 is 6 month average and major resistance while on downside 4980 is medium term support and 12 month average.below that 4750 is 2 years average and major long term support.
on indicators side,mcx crude oil weekly cci is 41 and with bearish divergence while rsi is 51 and near fresh sell signal on weekly chart.
Natural gas weekly predictions
mcx natural gas future this week closed with gains over 8% and at 192.this week mcx natural gas future low was 178 while high was 194.5.total 16.5 rupee rally from bottom and continuation of long term trend.
for next week outlook remain bullish and strategy remain buy near supports.on upside 202 and 218 remain strong resistances zones and on downside 180 and 174 are medium to long term supports while 184 is short term support.
as natural gas taken support of 2 years average that was buy signal for investors and in long run we can now expect 230-255 level in next 2-3 months time period.
mcx natural gas weekly cci is –7 with bullish divergence and rsi is 55 with same.