Commodity Report on Weekly Technical Analysis

Posted: May 9, 2014 in Uncategorized

Gold

Gold price opened flat for the week and traded in a good volatility as Ukraine was the major tension as the data of Trade Balance affect the export demand and the currency demand directly with the commodity hence the prices of gold got the major change and for the coming week gold can break the levels for the upside until it breaks the major support of 1275 where the up side break out would come at 1315.
Silver

Silver opened little lower than the previous close The trade deficit in March narrowed to USD39.5bn from USD42.3bn February. The BEA’s assumptions in the first estimate of Q1 GDP looked for a narrowing of the trade deficit in goods, with exports increasing and imports decreasing. & weak chines data supported the price of silver to come down and the silver fall from 19.700 and breaking the support level it came to 19.200 a major down fall for the week was noticed on silver chart we expect the silver price to trade in the range of 18.500 to 20.200 for the coming trading sessions.
Crude

Ukraine is the biggest issue for the price change In Crude Oil for these days as Dozens of people were killed in a fire and others were shot dead when fighting between pro- and anti-Russian groups broke out on the streets of Odessa on Ukraine’s Black Sea coast. A Libyan government deal to reopen major oil ports controlled by rebels looks likely to unravel as the appointment of a new Islamist-backed prime minister fuels distrust that is eroding support for the accord. So the crude price seems to move down to the range of 97 else a low chance of upside can be there if the issues over Russia settle down.
WEEKLY RANGE FOR COMEX

COMMODITY S1 S2 R1 R2
GOLD 1275 1250 1310 1350
SILVER 18.50 18.00 19.80 20.50
CRUDE 98.50 97 100.50 101.50
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