Silver
March future closed at 57729 losing some gains on 24th Dec. Nevertheless
the trend and momentum still remains down but indicators showing signs of recovery
and also Double Bottoms were furnished near $29.61 in Silver Spot. The support on monthly chart of 57187 still remains intact and the recent lows were also placed
near (57187) at 57223 so one can expect a technical bounce till 58400/58815 with
extension till 59372. Only a break below 57,000 one can witness a sharp fall
which will negate the above view and also the double bottom.
Gold
Feb future closed at 39854 and remains in downtrend. However weekly supports were mentioned at 30409 level and lows were formed at 30370 which is very close to 30400 and it bounced back from these levels which is again suggesting and confirming a technical bounce back. On hourly charts, 30750-30800 is the support area and if upholds then expect prices to rally till 31020 with extension till 31167. Buy and hold long with stop loss
below 30750 and expect 31020.
Crude
Oil Jan future closed at 4909 and lows were formed near 4878 which remains a
good support but momentum indicating some bearishness. Below 4877 we may
see slide in crude oil prices till 4828/4807. However on hourly charts 4972 remains
top now and next major move can be expected only above the top of 4989 till then
side ways to downside pressure is likely on higher levels. Stay aside till further confirmation or
trade with levels.
Natural
Gas Dec future closed at 184.9 after a gap down opening. However, hourly chart suggests downside momentum. Bearishness still persists with oversold signs. Fresh shorts can be added
in the range of 189.2-190.3 area and expect prices to correct till 180-173 in coming
days. Tough resistances are seen at 194-197.
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