Weekly Commodity News Letter 8-3-2016

Bullion:-
While equities consolidate with investors shifting back out of conservative assets, precious metals have held up well year-to-date - gold up almost 17%, silver gained 7%, platinum rebounded 4%.
Base Metal:-
The adjacent chart shows the price movement of MCX zinc continuous contract. In its recent rally, ie from Rs.96.65 to Rs.120, zinc formed an impulse on the upside. After the impulse formation, the commodity entered into a short-term correction mode. It formed a three wave correction and found support near the 20-day exponential moving average. As per the Elliott wave theory, zinc started its next set of impulse in the last few sessions which is subdividing into lower degree waves. It has also surpassed the swing high of Rs.120 and is consolidating there. The daily momentum indicator is in favour of the bulls. From the short- to medium-term perspective Rs.126 and Rs.132 will be the key targets on the upside. On the flip side, Rs.117.50-117.00 will be the key support zone on closing basis
Energy
NYMEX crude oil tumbled down significantly in the last few months. However, the fall looks over at least from short-to-medium term perspective. Thus, till the time the swing low of $28.70 holds, the oil can bounce till $34.82-36.50.

TECHNICAL VIEWS

GOLD (DEC) VIEW
Strategy: Buy On Dips
R1- 29915, R2- 30493 | S1- 27645, S2- 28780
SILVER (DEC) VIEW
Strategy: Buy On Dips
R1- 37750, R2- 39560 | S1- 34130, S2- 35940
COPPER (NOV) VIEW
Strategy: Buy On Dips
R1- 333.72, R2- 340.38 | S1- 304.42, S2- 311.08
CRUDE VIEW
Strategy: Buy On Dips
R1-2900, R2- 2950 | S1- 1876, S2- 1996
LEAD VIEW
Strategy: Buy On Dips
R1- 123.10, R2- 125.35 | S1- 111.50, S2- 113.75
ZINC (OCT) VIEW
Strategy: Buy On Dips
R1- 123.10, R2- 125.35 | S1- 113.52, S2- 115.83
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