The week gone by worked differently for metals and energy.
Here is an update :
CrudeOil October Future :
Crude Oil went sideways for three days as it consolidated the move from 4603 from end of last week.
Profile chart above shows the balance developing and the end of the imbalance from 4603.
This balance is developing around a previous high volume region at 4880. Hence the probability of a bigger move from here is good.
On the charts, 4942 and 4836 represent short term resistance and supports respectively.
A breach of 4942 can create upsides to 5051 and 5138. On the other hand a break below 4836 will bring 4733 and 4675.
The composite HVN at 4880 will be the stop loss as and when the break comes
Natural gas October :
Natural gas broke out from 174 to hit 192 in 2 good moves during the week.
Charts show some longs booking higher, but the uptrend is still intact and valid.
The region of 185.50 to 186.7 is now short term support as NG seeks levels of 197 and 207 higher.
179.5 is the high volume zone in the chart above and big support for the instrument going forward.
Copper November :
Copper got rejected at the high volume zone of 439.5 on Thursday ending the mini uptrend which began on 08/10.
Friday's profile showed value developing lower.
Chances of a revisit to 431 are ON in copper. reversal of momentum is only above 443 now.
Gold Dec :
Gold moved in a 300 point band all of last week.
Charts show loss of upside momentum even though sellers have not been able to push it lower below 31050.
Profile picture above is sideways with No trend.
31454 on a closing basis is a minimum condition now for aggressive upsides.
Fundamentally as Gold approaches the big festival season, the demand for physical gold is bound to drive prices higher during the month.
31584 and 31774 are short term targets.
Silver December :
Silver moved down on Thursday and Friday erasing all the gains it made on Mon , Tues and Wednesday.
The net result was a flat performance for the week
63240 is an HVN and the point from where price got rejected this week. The instrument will be weak as it trades below this HVN.
Support lower is now at 60587.