Commodities Weekly Technical Analysis by PINC Research
Commodities: Aluminium: Aluminium prices weakened last week and made a low of $2360. A reversal to this downtrend will only occur above a sustained upmove beyond $2445. Strong support will come around $2300 level.
Zinc: Zinc is looking weak and may go down further. Price move below $2200 will take it closer to $2100 level. Strong resistance will come around $2400 level.
Copper: Copper is trading sideways with a negative bias. $9600 level remains a key resistance and support will come around the zone of $9150.
Gold: Gold moved on anticipated lines as per our prediction and made a low of $1310. This precious metal is still in a downtrend and a move below $1310 can see it go all the way to $1280. $1350 which was an important support earlier will now act as a stiff upside resistance.
Silver: Silver is weak in line with Gold however its weakness is comparatively less. Strong support comes around the level of $26.50. A trend reversal to the downtrend will come above $28.00.
Crude oil: Crude oil reached $86 as we had expected it to. The immediate trend is weak and the price can reach $82 or lower too.