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Commodity market Pre-Opening May 14, 2018

Bullions View

Bullions gave a positive close in Friday’s session continuing their strong up move. If we see the daily chart, we can see that the prices had formed a bullish candlestick, while RSI inched above 60 mark. For gold, immediate resistance, however, lies near 31,600, while for silver it is at 40,750. Trigger for further up move would be possible only if the prices sustain above mentioned levels. In today’s trade, we expect prices to remain flat to negative.

Energy View

In line with expectation, crude oil prices continued their uptrend, as the prices gave a gap up opening on Friday’s session. However, we saw some profit booking in the second half in a volatile trading session. We expect this profit booking to extend in today’s session as well. Close below 4,750 could drift prices towards 4,650 mark. Natural gas prices broke its resistance level of 186. If we see the prices sustaining above 190, there are high chances that it could touch 192/194 mark. Failure to sustain the same could drift the prices lower towards 187/185 mark.

Base Metals View
On Friday, we saw some positive move in lead and nickel, while copper and zinc remained sideways. Aluminium, on the other hand, dragged lower. Outlook for aluminium remains negative, as the momentum indicator, RSI has gone below 40 mark on the hourly chart, while for other metals it is above 60 mark, which clearly indicates lack of momentum in aluminium prices.
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