Wednesday, 1 August 2018

Commodity market outlook for August 01, 2018

Bullions View 
In the previous session, we saw that prices remained under pressure but failed to give the close below their psychological support levels. Gold prices managed to give a close above its lower band support level of 29,770. At the same time, silver managed to hold its support of 38,000 levels. Going forward, we could see a volatile trading session as crucial US data is expected in the evening. Hence, bullions should be traded cautiously with strict stop loss.
Energy View
In yesterday’s session, we saw weak trade in crude oil where prices didn’t hold up above its resistance level of 4,830. They drifted lower below its uptrend line support level of 4,750. Also, the momentum indicator, RSI fell below the 40 mark on hourly charts adding bearishness to the prices. However, today oil inventories would further guide on the upcoming prices movements. Meanwhile, as per yesterday’s move, outlook will remain bearish.
Base Metals View

We saw some positive movements in zinc, lead and copper, while aluminum remained in a range and nickel traded sideways to positive. Initially, prices traded negatively but later they recovered. The chart structure for zinc and copper looks positive, but aluminum can be bought above the 143 mark.


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