Commodity market outlook for August 07, 2018

Bullions View

 

Gold prices have been trading in a declining channel formation since the past few weeks. Recently, it has taken support near the lower band at 29,550 levels and inched higher. Hence, we expect prices to move higher towards the upper band levels of 29,880. While it breaks the upper band resistance of 29,880 levels, it could inch higher towards 30,050 levels.

 

Energy View

 

Crude oil prices are trading in a broad range of 4,600-4,830 levels. The bias remains positive for this week. We expect prices to rally towards the upper band and if broken, a 300 points upside can be witnessed in the short-term. Prices are stuck near the upper band of the broadening pattern. Hence, as long as the upper band levels of 197 is capped on the higher side, profit-booking can be expected.

 

Base Metals View

 

Copper prices are trading near their crucial support levels of 414. If it breaches 414 levels, we could see a fall of Rs4 in quick time followed by a fall of Rs10. Hence, the 414 levels should not be taken out on a daily closing basis for copper to remain in positive trend. Aluminum, on the other hand, took support near 138.50 levels and inched higher as per our expectation. We saw some positive move in nickel and lately in lead as well.

Source: https://www.indiainfoline.com/article/news-top-story/commodity-market-outlook-for-august-07-2018-118080700441_1.html

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