Commodities Technical Analysis

Commodities Technical Analysis

Aluminium has remained weak but seems to be getting support at the $2000 level. We prefer to wait & watch but retain our positive bias for the overall trend.
Aluminium ($2023)
Supports 2025 2000
Resistances 2100 2140

Zinc prices continue trading below its 200 DMA(2166). The present movements are in line with our view that a consolidation is taking place in the trend. Our overall bias remains positive.
Zinc ($2050)
Supports 2025 1950
Resistances 2125 2175

The price of Copper has bounced from its 200 DMA (7090). It can rise to $7500 again. The overall trend retains a bullish momentum. We continue with our positive bias on the metal.
Copper ($7305)
Supports 7200 7100
Resistances 7325 7500

Gold prices have been very volatile this week. The $1250 area remains a significant resistance. We do not see a significant directional thrust developing in this chart in the near future.
Gold ($1236)
Supports 1220 1200
Resistances 1250 1280

The price of Silver rose sharply this week. But it remains in a trading range. A broad consolidation move is playing out in the metal over the medium term. The prices can range between $17.5 - 19.5 in this period.
Silver ($18.96)
Supports 18.50 18.00
Resistances 19.25 19.50

Crude oil
The price of Crude Oil has bounced after hitting a low of $70.75. This can be a minor bottom at present and a recovery can now take place. However, the overall trend remains weak. Significant resistance can be encountered around $76 - 77, which is where its 200 DMA is presently located.
Crude Oil ($73.08)
Supports 72.75 71.50
Resistances 73.75 74.75

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