Bullions View
Prices gave a gap up opening in the previous session and remained positive throughout the session, even though the move was small. The outlook remains positive as the structure is positive. COMEX gold and silver also inched higher early in the session with gains of over half percent. MCX silver needs to give a close above 37,000 levels to gain momentum, while gold has started moving in the upward direction. However, RSI is still ranging between 60-40 levels giving no clear view on the direction. The favored view remains bullish.
Energy View
Crude oil prices took support at 4,550 levels and inched higher in the previous session. Once it breaks 4,650, Dow theory would be confirmed, and we could then expect some strong positive move in crude oil, which would head prices towards 4,780. Outlook for natural gas still remains bearish as prices are not surpassing its previous highs, while at the same time, it is touching new lows.
Base Metals View
We saw lead remain weak, while other metals inched higher during the previous session. Outlook for lead remains bearish, while copper and zinc would continue to remain bullish. Immediate resistance for copper lies near 413.50, while for nickel, it is at 955. If we see lead move above 140, the outlook may change to positive.
Prices gave a gap up opening in the previous session and remained positive throughout the session, even though the move was small. The outlook remains positive as the structure is positive. COMEX gold and silver also inched higher early in the session with gains of over half percent. MCX silver needs to give a close above 37,000 levels to gain momentum, while gold has started moving in the upward direction. However, RSI is still ranging between 60-40 levels giving no clear view on the direction. The favored view remains bullish.
Energy View
Crude oil prices took support at 4,550 levels and inched higher in the previous session. Once it breaks 4,650, Dow theory would be confirmed, and we could then expect some strong positive move in crude oil, which would head prices towards 4,780. Outlook for natural gas still remains bearish as prices are not surpassing its previous highs, while at the same time, it is touching new lows.
Base Metals View
We saw lead remain weak, while other metals inched higher during the previous session. Outlook for lead remains bearish, while copper and zinc would continue to remain bullish. Immediate resistance for copper lies near 413.50, while for nickel, it is at 955. If we see lead move above 140, the outlook may change to positive.
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