Silver Updates

As we have predicted in out last week report that Silver prices might bounce back till 54800 levels and id did the same .

Silver Updates Today : Short term positive bias over all.. consider support 57310...resistance 58483 watch out. 

Silver traded flat to positive getting support from crude and base metal and settled at +0.37 up at 57919, as investor concern eased that Greece may become the first euro country to default, paring demand for the precious metal as a haven. Silver also dropped. Cash silver weakened as much as 1 percent to $38.14 an ounce. Greece will probably get the loans needed to avoid default, Fitch Ratings said yesterday. 

Trading Ideas:

Silver trading range is 56814-59032.

Silver rebounded smartly on renewed buying by stockists and speculators on the back of rising global trend.

Silver is having resistance at 58476 and support at 57367 level.

In spot silver is getting resistance at 38.80$ and support is at 37.40$ level.

Silver rebounded smartly on renewed buying by stockists and speculators on the back of rising global trend.Silver is having resistance at 58476 and support at 57367 level.

In spot silver is getting resistance at 38.80$ and support is at 37.40$ level

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Crude Oil Tips :
Technically, Crude Oil, which had given bullish breakout from an otherwise bearish pattern of "Rising Channel" in Daily/ Weekly Charts had the target of $114-$115 which is already achieved. 

Now it can test the breakout level around $93-94 and if that support is also violated, a strong support exists between $88-$90 which should be held if Crude has to remain in intermediate uptrend. Crude is already oversold after declining sharply from $114.83 to $94.63, weekly loss of $20. A pullback move can take Crude to $103-104 before declining again.

GOLD TIPS :
Technically, In last 5-6 months, Gold has made an "Inverted Head & Shoulder" pattern with Resistance at $1450-$1452 which is already violated with heavy volumes setting a target of $1575-$1600 which is likely to be achieved in coming weeks/ months. 

However if Gold re-enters this pattern by going below $1450, the bullish targets will get nullified. The policy should be to buy on declines with broad SL of $1440 on closing basis. (From 5T-180411). Gold achieved the target of $1577 and declined sharply from 1577 to 1462 during last week and made "Higher Bottoms".The level of 1450-1460 is important, if violated can trigger further fall towards $1385.  

SILVER  TIPS :
Technically, Silver touched a Life Time High on 25th April 2011 when it touched a high of $49.82. The sharp rise from $26.30 (on 28th January 2011) to $49.82 (On 25th April 2011) i.e. more than 75% rise in just 65 Trading Sessions can be attributed to tensions in Egypt, Libya, earth Quake & tsunami in Japan. 

Presently, Silver is extremely overbought and ripe for corrective decline. It may be noted that Silver had given bullish breakout from an otherwise bearish "Rising Wedge" pattern having resistance around $39.02 setting a target of $47.5-48 which may be achieved in coming days.

After achieving the bullish Targets, Silver declined sharply to touch an Intraweek low of $33.03 and now it can recover to $38-$39 in coming sessions. (From 5T-090511)  Astrologically, Silver may open high on Monday but there is a possibility of good decline for first 2-3 days however Silver may recover in mid-week before declining again from 2nd Half of 27th May 2011. (This is preliminary analysis. More accurate analysis with Buy/Sell recommendations will be provides to Commodity Subscribers during Market Hours) .

Gold climbed to its highest level in nearly two weeks yesterday and closed up by +0.6% at 22301 after a raft of unsettling news on indebted euro zone nations such as Greece and Italy dented investor confidence. Gold rose even as most other commodities tumbled under pressure from the dollar, which strengthened against the euro. Bullion's resilience signaled its appeal as a hedge against the mounting crisis in Europe.

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For Crude Oil Tips : supplies, where as in other hand OPEC said oil prices are more in line with market conditions after last week’s 14.7% collapse, and maintained its 2011 demand forecast. The world will need an average of 29.87mln bls of crude a day from OPEC’s 12 members this year, about 400k a day more than last year because of “roaring” economic growth in China, the group said in its monthly market report today. U.S. crude stockpiles climbed 2.95mln bls last week to 367.2 million, the API said. 

Now technically market is trading in the range as RSI for 18days is currently indicating 36.04, where as 50DMA is at 4820 and crude is trading below the same and getting support at 4357 and below could see a test of 4264 level, And resistance is now likely to be seen at 4609, a move above could see prices testing 4768.

Copper dropped to a five-month low and settled -3.17% down at 391.1 on concern that China may continue monetary tightening after inflation spread beyond food, damping the demand outlook in china. The data yesterday supported our view that tightening policies won't ease in the near future, Copper may see further downside given China's economic outlook and technically also trading well below 9000$ can could dip till 8480$ as next important support level. 

China's inflation is spreading beyond food, with non-food inflation climbing 2.7% in April, the fastest pace in at least six years, while overall consumer prices rose 5.3%. China's industrial production gained 13.4% last month from a year earlier, the least since Nov and slower than 14.8% in March. The PBOC has raised the reserve requirement ratios seven times and the interest rates four times since October last year to mop up the excessive liquidity.For today's session market is looking to take support at 386, a break below could see a test of 381 and where as resistance is now likely to be seen at 400.7, a move above could see prices testing 410.4.

Trading Ideas:

Copper trading range is 381-410.4.

Copper crumbled as signs of a growth slowdown in China signaled sustained softness in demand

Copper is taking resistance at 400.70 and support is seen at 386.

Copper daily stocks at Shanghai exchange came down by 200 tonnes.

inc yesterday traded with the negative node and settled -1.73% down at 95.65 after data released yesterday that China’s CPI during April rose by 5.3% YoY, compared with the median forecast of an 5.2% increase, pushing down LME zinc prices overnight during the Asian trading hours. Later, the Standard and Poor’s said Portuguese banking sector may need more government support, a signal that Portugal will be likely downgraded sovereign rating.

Nickel yesterday traded with the negative node and settled -2.43% down at 1092.7 tracking LME nickel which opened at USD 24,900/mt and closed at USD 24,299/mt, down by USD 601/mt from a day earlier, with the highest price at USD 24,950/mt and the lowest price at USD 24,100/mt. LME base metal prices closed with losses on Wednesday, due to stronger US dollar and concern that China's slower economy growth will cause weak demand for base metals.

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Natural gas yesterday traded with the negative node and settled -0.05% down at 208.2 but overall trading firm jumping to a 14-week high amid speculation warmer-than-normal weather and declining production would widen a stockpile deficit. The U.S. EIA said last Thursday that total U.S. natural gas storage in the week ended April 22 stood at 1.685 trillion cubic feet, 0.6% below the five-year average.

Inventories fell below the five-year average for the first time since the week ended Feb 25. Stockpiles were 11% below 2010 levels, the widest year-on-year deficit since early August 2008. For today's session market is looking to take support at 206.2, a break below could see a test of 204.3 and where as resistance is now likely to be seen at 210.4, a move above could see prices testing 212.7.

Trading Ideas:

Natural Gas trading range is 204.3-212.7.

Natural gas ended flat after jumping to a 14-week high amid speculation warmer-than-normal weather

Natural gas looks to test support at 206.20 and resistance is seen at 210.40.

Inventories fell below the five-year average for the first time since the week ended February 25.

Aluminium yesterday traded with the negative node and settled -0.53% down at 121.9. On May 2nd, ISM announced the index of the manufacturing sector was 60.4% during April, higher than the expected 59.5%. The US dollar index opened at 73.01 and closed at 73.15 after hitting a low of 72.72, up 0.17%. The US President Obama said Bin Laden was killed in a firefight during a “targeted operation” that Mr. Obama ordered in Pakistan, and market players expected that the stabilized situation in Middle East will increase crude oil supply, and crude oil for June delivery slipped 41 cents to settle at USD 113.52/bbl on NYMEX as a result.

LME market was closed on Monday for a holiday. For today's session market is looking to take support at 121.4, a break below could see a test of 121 and where as resistance is now likely to be seen at 122.3, a move above could see prices testing 122.7.

Trading Ideas:

Aluminium trading range is 121-122.7.

Aluminium yesterday traded with the negative node and settled -0.53% down

Aluminium is taking resistance at 123 and support is seen at 120.80.

Aluminium daily stocks at Shanghai exchange came down by 1940 tonnes.

Crude Palm oil yesterday traded with the negative node and settled -0.35% down at 519.6 driven by weak spot market trend on subdued demand. Malaysia's palm oil exports in April increased by 14% compared with the previous month to 1.26 million metric tonnes.

In yesterday's trading session Crude Palm oil has touched the low of 517.7 after opening at 519.3, and finally settled at 519.6. For today's session market is looking to take support at 517.8, a break below could see a test of 516 and where as resistance is now likely to be seen at 521.3, a move above could see prices testing 523.

Trading Ideas:

Crude Palm Oil trading range is 516-523.

Crude Palm oil yesterday traded with the negative node driven by weak spot market trend on subdued demand

Resistance for crude palm oil is at 521.30 level

Support for crude palm oil is at 517.80 level.

Crude palm oil prices in spot market dropped by 0.60 rupees and settled at 520.70 rupees.