Weekly commodity report 04 08 aug 2014 by epic research

WEEKLY COMMODITY REPORT 04-AUG TO 08-AUG-2014

WEEKLY COMMODITY REPORT 04-AUG TO 08-AUG-2014

BULLIONS WEEKLY TECHNICAL LEVELS GOLD(AUG) MCX DAILY CHART

TRADING STRATEGY:

During this week prices rose sharply upwards the contract gold futures for Oct delivery traded at resistance for Spot gold is at $1293 and bias remains weak as long as held below the same. Immediate support is $1278 and sustained break below could target $1267-1261.

For the next week we expect gold prices to break the Resistance and close above this level than it Oct test new level of 28400 .

Support is now tacking around this rang in the range of 28050 levels. Trading consistently below 27980 levels would lead towards the strong support at 27980 levels.

BUY GOLD (OCT) ABOVE 28100 TGTS 28300/28600 SL BELOW 27900 SELL GOLD (OCT) BELOW 277900 TGTS 27700/27500 SL ABOVE 28150

WEEKLY PIVOTAL S1

27869

S2

27517

CLOSE

28222

R1

28427

R2

28633

WEEKLY COMMODITY REPORT 04-JULY TO 08-AUG-2014

BULLIONS WEEKLY TECHNICAL LEVELS SILVER (JUL) MCX DAILY CHART

TRADING STRATEGY

NO Major movement in SILVER MCX last week . Short term trend is up, mcx silver High @ 44750. Silver, Strong weekly supports are now placed at $19.80-19.10 followed by 19.80 whereas $21.30-22.05 will act as strong resistances weekly sideways to positive move could be seen BUY SILVER (SEP) ABOVE 44700 TGTS 45500/46000 SL 44200 SELL SILVER (SEP) BELOW 44000 TGTS 43300/42200 SL 44440

WEEKLY PIVOTAL S1

44061

S2

43695

CLOSE

5974

R1

44796

R2

45165

WEEKLY COMMODITY REPORT 04-AUG TO 08-AUG-2014

ENERGY WEEKLY TECHNICAL LEVELS CRUDE OIL (JUL) MCX DAILY CHART

TRADING STRATEGY:

Some upside could be in Crude oil on back of short covering, but short term bias remains weak as long as 6090 is held on upside. Weekly support is at 5955 and sustained break below could target 5915-5880. Selling on rise is advisable, but our view could negate if it breaches above 6090.

BUY CRUDEOIL (AUG) ABOVE 6100 TGT 6300/6450 SL BELOW 5900 SELL CRUDEOIL (AUG) BELOW 5900 TGT 5760/5600 SL ABOVE 6060

WEEKLY PIVOTAL S1

5891

S2

5809

CLOSE

5974

R1

6102

R2

6231

WEEKLY COMMODITY REPORT 04-AUG TO 08-AUG-2014

BASE METALS WEEKLY TECHNICAL LEVELS COPPER (JUN) MCX DAILY CHART

TRADING STRATEGY:

MCX COPPER traded with positive bias in the previous session, but failed to breach above recommended resistance of Rs.438-439 and closed at Rs.436.10. Supports are placed at Rs.432.50 - 430 whereas resistance is pegged at Rs.438. Sustainable breach above resistance will confirm positive move and could target Rs.442-444. Buying near supports is advisable.

BUY COPPER (AUG) ABOVE 436 TGT 441/452 SL BELOW 427 SELL COPPER (AUG) BELOW 427 TGT 421/415 SL ABOVE 436

WEEKLY PIVOTAL S1

428.2

S2

421.4

CLOSE

435

R1

440.6

R2

446.2

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