Metals and Currencies Commodities Weekly Technical Report August 17, 2015 - Angel Commodities

By  Paul Ploumis 17 Aug 2015  Last updated at  01:20:57 GMT

NSE USDINR AUGUST (CMP – 65.13)

NSE USDINR August as seen in the weekly chart above has opened the week with gap down at 63.92 levels and during this week open and low were the same levels. During this week prices have rallied sharply and made a weekly high of 65.47 levels. At the end trading session of the week prices have corrected from higher levels towards 65.09 levels. This week prices have closed above the previous week’s closing of 64.06 levels and finally closed 1.68% higher at 65.13 levels. Technically, prices have formed “big Bullish Candlestick pattern” which indicates further strength.
For the next week we expect prices to find support in the range of 64.70 – 64.80 levels. Trading consistently below 64.70 levels would lead towards the strong support at 64.40 levels and then finally towards the major support at 64.00 levels.
Resistance is now observed in the range of 65.80 – 65.90 levels. Trading consistently above 65.90 levels would lead towards the strong resistance at 66.30 levels, and then finally towards the major resistance at 66.80 levels.

NSE USDINR August Trading levels for the week
Trend: Up
S1 – 64.70 R1 – 65.80
S2 – 64.40 R2 – 66.30
Weekly Recommendation: Buy NSE USDINR August between 64.70 – 64.80, SL- 64.40, Target – 65.80 /65.90

MCX GOLD OCTOBER (CMP – 25,768 / $ 1,114)

MCX Gold October as seen in the weekly chart above has opened the week at 24,885 levels and at the same day it made a low of 24,879 levels. During this week prices have rallied sharply and made a weekly high of 26,034 levels. Later on prices corrected from higher levels towards 25,740 levels. This week prices closed above the previous week’s closing of 24,895 levels and finally closed 3.51% higher at 25,768 levels. Technically, prices have formed “big Bullish Candlestick pattern” which indicates further strength.
For the next week we expect Gold prices to find support in the range of 25,400 – 25,300 levels. Trading consistently below 25,300 levels would lead towards the strong support at 24,800 levels and then finally towards the major support at 24,500 levels.
Resistance is now observed in the range of 26,200 – 26,300 levels. Trading consistently above 26,300 levels would lead towards the strong resistance at 26,600 levels, and then finally towards the major resistance at 26,900 levels.

MCX / Spot Gold Trading levels for the week
Trend: Up
S1 – 25,400 / $ 1,098 R1 – 26,200 / $ 1,132
S2 - 24,800 / $ 1,070 R2 - 26,600 / $ 1,150
Weekly Recommendation: Buy MCX Gold October between 25300 – 25400, SL- 24800, Target – 26200/26300

MCX SILVER SEPTEMBER (CMP – 35,429 / $ 15.24)

MCX Silver September as seen in the weekly chart above has opened the week at 33,957 levels during this week open and low were the same levels. As expected during this week prices have rallied sharply and made a weekly high of 36,290 levels. Later on at the end trading session of the week prices corrected from higher levels towards 35,360 levels. This week prices closed above the previous week’s closing of 34,031 levels and finally closed 4.11% higher at 35,429 levels. Technically, prices have formed “big Bullish candlestick pattern” which indicates further strength.
For the next week we expect silver prices to find support in the range of 34,500 – 34,600 levels. Trading consistently below 34,500 levels would lead towards the strong support at 33,800 levels and then finally towards the major support at 33,200 levels.
Resistance is now observed in the range of 36,600 – 36,700 levels. Trading consistently above 36,700 levels would lead towards the strong resistance at 37,500 levels, and then finally towards the major resistance at 38,000 levels.

MCX / Spot Silver Trading levels for the week
Trend: Up
S1 – 34,500 / $ 14.80 R1 - 36,700 / $ 15.80
S2 - 33,800 / $ 14.40 R2 - 37,500 / $ 16.20
Weekly Recommendation: Buy MCX Silver September between 34500 – 34600, SL – 33800, Target – 36600 / 36700

MCX COPPER AUGUST (CMP – 338.60 / $ 5,156)

MCX Copper August as seen in the weekly chart above has opened at 329.55 levels and same day it made a weekly low of 328.65 levels. From the starting of the week prices have rallied sharply and made a weekly high of 342.10 levels. This week prices have closed above the previous week’s closing of 329.70 levels and finally closed 2.70% higher at 338.60 levels. Technically prices have formed “Bullish Engulfing candlestick pattern” which indicates further weakness.
For the next week we expect Copper prices to find support in the range of 330 – 332 levels. Trading consistently below 330 levels would lead towards the strong support at 323 levels and then finally towards the major support at 318 levels.
Resistance is now observed in the range of 345 - 347 levels. Trading consistently above 347 levels would lead towards the strong resistance at 352 levels, and then finally towards the major resistance at 358 levels.

MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 330 / $ 5,070 R1 – 345 / $ 5,300
S2 – 323 / $ 4,960 R2 – 350 / $ 5,390
Weekly Recommendation: Buy MCX Copper August between 330 – 332, SL – 323, Target – 345 / 347

MCX CRUDE SEPTEMBER (CMP – 2,843 / $ 42.23)

MCX Crude oil September as seen in the weekly chart above has opened the week with gap down at 2,865 levels and at the starting of the week prices have made a high of 2,977 levels. Later on as expected prices could not able to sustain on higher levels and corrected sharply and again made a new contract low of 2,805 levels. This week prices have closed below the previous week’s closing of 2,875 levels and finally closed 1.11% lower at 2,843 levels. Technically prices have formed “Bearish candlestick pattern” which indicates further weakness.
For the next week we expect Crude oil prices to find support in the range of 2,750 – 2,720 levels. Trading consistently below 2,720 levels would lead towards the strong support at 2,650 levels and then finally towards the major support at 2,600 levels.
Resistance is now observed in the range of 2,920 - 2,950 levels. Trading consistently above 2,950 levels would lead the rally towards the strong resistance at 3,040 levels, and then finally towards the major resistance at 3,120 levels.

MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1 – 2,720 / $ 40.40 R1 – 2,950 / $ 43.80
S2 – 2,650 / $ 39.00 R2 – 3,040 / $ 45.00
Weekly Recommendation: Sell MCX Crude Oil September between 2920 – 2950, SL – 3040, Target – 2720 / 2700

MCX NATURAL GAS AUGUST (CMP – 182.70 / $ 2.80)

MCX Natural Gas August as seen in the weekly chart above has opened the week with gap up at 180.50 levels and entire the week open and low were the same levels. As expected during this week prices have rallied sharply and made a weekly high of 191.30 levels. Later on prices could not able to sustain on higher levels and corrected towards 181.50 levels. This week prices closed above the previous week’s closing of 179.40 levels and finally closed 1.84% higher at 182.70 levels.
For the next week we expect Natural Gas prices to find support in the range of 176 - 178 levels. Trading consistently below 176 levels would lead towards the strong support at 172 levels and then finally towards the major support at 168 levels.
Resistance is now observed in the range of 188 - 190 levels. Trading consistently above 190 levels would lead towards the strong resistance at 195 levels, and then finally towards the major resistance at 201 levels.

MCX / NYMEX Natural Gas Trading levels for the week
Trend: Sideways to Up
S1 - 178 / $ 2.70 R1 - 188 / $ 2.88
S2 - 172 / $ 2.60 R2 - 195 / $ 2.98

Courtesy : Angel Commodities

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