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WEEKLY COMMODITY VIEW 31st jan to 5th feb.

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• As far as the Precious Metal, GOLD and SILVER are concerned during last week both the commodities had given exactly the same movement which we had forecasted in our last Weekly Report. It seems to be bottomed out and now it's time to trade both the side as buy on dips at our support level and sell on rise at our resistance level strategy is advisable. Earlier, the trend for both the Precious Metal was weak but looking to the daily chart trend for both the bullions has been improving and likely to remain range bound during this week. The Weekly Range for the GOLD on downside is 19370 and upside range for the same is 20400. GOLD is in oversold zone thus for any long position in GOLD needs certain stop loss because it likely to touch its 200 DMA of 19370. The another Precious Metal SILVER has been improving on daily chart likely to touch 43780 - 44225 by the end of this week and it has good support level of 42310 - 41500 on a weekly basis. Any dips in SILVER would be considered as an opportunity to buy at the same time one may create short at our resistance level with strict stop loss of 44500. SILVER is in decisive zone thus, both side trading is advisable.
• NICKEL has crossed its 9 month high which we had predicted in our Weekly Report and accordingly target achieved. During this week there is still some steam left in NICKEL it may likely to touch 1257 - 1280 and having good support levels for the same come around 1213 - 1186. The rally of NICKEL seems to be completed at the level of 1280 where one should liquidate all long positions. COPPER likely to be consolidate at the level of 440 level for the upside rally of 448 -455 having good support level comes around 439. We advise to initiate long somewhere around at the level of 439.50 with stop loss of 438 for the upside target of 448 -455. We believe stop loss is quite necessary in COPPER because if it breaks the level of 438, we would expect the free fall up to 430 - 422 -410.
• NATURALGAS likely to consolidate between 195 to 205 and any close above 205 may further lead it up to 220 and even 245 in long run. We advise to buy on dips at the level of 198.50 with strict stop loss of 192 or buy when it sustains and closes above 205 for the upside target of 215 - 220.
• US$ - INR seems to be strong on daily chart, we expect it may touch 46.30 and any close above that level may further lead it up to the level of 46.90. We advise to remain long in US$-INR.