Analyst Speak "Precious Metals Rally On Weak U.s. Labor Market Report"
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Gold MARKET OVERVIEW
COMEX Gold is in a consolidation phase. Last week COMEX Gold was sustaining at higher levels and closed near to its weekly high. In the coming week 1480 $ will act as a major support in COMEX Gold. If COMEX Gold sustains above 1510 $ an ounce then above 1560 $ an ounce it can touch the level of 1575$ an ounce and if COMEX Gold sustains below 1480$ then it can go slightly down and test the level of 1460$ an ounce.
STRATEGY
For the next week traders can use buy on lower level strategy if COMEX Gold sustains below 1460 $ an ounce, then above 1490$ it can test the level of 1505$ an ounce and above 1525$ it can further move upward. Trade by keeping the strict stop losses.
Major support for COMEX Gold in the coming week is 1480$ and 1425$.
Major resistance for COMEX Gold in the coming week is 1560$ and 1590$
Major support in MCX Gold is 21500 and 21100
Major resistance in MCX Gold is 22500 and 22800
Silver MARKET OVERVIEW
COMEX Silver is in a consolidation phase. Last week COMEX Silver was sustaining at higher levels and closed near to its weekly high. For the upcoming week 3500$ and 3300$ are the crucial supports and 3800$ and 4000$ are crucial resistance in COMEX Silver.
In MCX Silver 56000 and 58000 will act as major resistance and 52000 and 50000 will act as major supports.
STRATEGY
Technically COMEX Silver is weak on charts. For the next week traders can use sell on higher level strategy if Silver sustains below the level of 3800$ an ounce, then below 3600$ an ounce it can go down and can test the level of 3510$ an ounce. Trade by keeping the proper stop losses.
Copper MARKET OVERVIEW
Copper is in a consolidation phase and traders should use the strategy of buy on lower levels. Last
week COMEX Copper was sustaining at higher level and closed near to its week high. If next week
COMEX Copper does not sustains above the level of 447 then below the level of 437 Copper can test the level of 430. In MCX Copper sustains below 432 then it can test the level of 425 if it does not break the level of 439 on the upside.
STRATEGY
For the upcoming week 446 and 460 will act as major resistance and 425 and 415 will act as major supports in COMEX Copper. For MCX Copper major resistance would be 440 and 450 and supports would be found at 410 and 400.
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