Commodity prediction for 1 December 2014

Commodity prediction for 1 December 2014

Gold dec future closed at 25765 with almost 2% drop. Another short selling bought send gold prices towards lows. Here below 25,900 keep bearish view for target 25,500 and below. For long-term investors every downside is opportunity for small-small accumulation.

Silver dec. expiry future closed at 34,460 with almost 4% drop on heavy selling. In intraday almost 1500 rupee range seen and closed near lows on fresh selling from investors. On downside, 34k is psychological support and if silver prices gives closing below it then expect 32k to 28k levels in medium to long terms. For long-term physical buying investors this downside are accumulation opportunities.

Mcx aluminium dec. future closed at 125.85 with loss. Here expect correction to continue up to 125 and if close below it then downside up to 123 is expected. For short sellers 127 is stop loss.

Mcx copper future closed at 398.8 with loss. Copper prices below 400-rupee level are bearish sign and these open chances of testing previous lows of 380 to 375 rupees. Here stay short with stop loss above 408 levels.

Mcx lead future closed at 127 with loss. On chart, 125 and 124 are strong supports while 128.5 is strong resistance. Traders can stay short with stop loss of 128.5 for downside target in intraday.

Mcx nickel future closed at 1008 with loss. In intraday nickel, future hit high at 1026 while low was at 997. Total almost 30-rupee range seen. Here 980 is strong support and this downside move may test this level.

Mcx zinc future closed at 137.9 with loss. Below 138 stay short and expect target of 136 rupee in intraday. 138 to 141 is strong consolidation zone so any bounce back in that zone means range bound moves by this base metal future.

Mcx crude oil future 4220 with loss. In intraday oil, future hit high near 4350 while low was near 4200. Total 150-rupee range was seen. As oil already in heavily oversold territory we may see bounce back ahead. For intraday 4280 is stop loss for short sell.

Mcx natural gas future closed at 261.7 with gain. On Friday, we had seen 7-rupee range and positive closing. Here stay long with 255 as this fresh reversal may show up side up to 272.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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