Here's a look at some profile charts :
Gold Oct Future :
Gold operated a 31580 to 32095 and back to 31513 last week.
Profile chart shows a composite POC which is in balance and a move from there on Friday. The POC is near 32200- 32300.
Price will continue to be weak in the short term below this 32300 level. Once crossed on a 30 minute closing basis we can expect Gold MCX to get to new highs.
Immediate support lower is at 31313 and 31113.
We believe one of those two levels should be hit early in the week.
31113 is the place where aggressive long positions can be tries with a tight SL.
Silver Dec Future :
Unlike the Gold chart above, the Silver chart shows it still clinging to the composite profile,though just below the value area.
The correct way of looking at the above statement would be to say that silver is a tad bit stronger than gold though both are showing signs of profit booking or weakness. This could be only short term though.
Silver will remain weak below 63700 LVN. Last week's' low of 63111 is minor support but a clear break of that should bring the lower LVN near 62230 in play.
62273 is also the point from where Silver MCX rose from on the 13th after Ben's QE3 or should we say QE infinity!
Crude Oil October :
Crude broke down big last week on rising inventories and the House of Saud's assurance to the market to control the run away price. Ay Comex $94 has been breached which should put the market technically to the $ 88 handle.
The Profile chart above shows a balance appearing after the big imbalance of 400 points. The market tries to rise above the balance high at 5035 but failed on poor follow through buying. It was then pushed to the lows at 4960.
Going forward the market will trade in this balance zone till we see a decisive break below the purple line at 4950.
There is minor support at 4929 below which 4890 and 4859 are possible.
CopperM November :
Copper trading above the balance profile on the left and failed to break above it.. The balance was created between 10- 14th Nov. Sellers then took over and we had a trip through the balance area and below.
Copper is seen some long liquidation in the past session and is now poised to test 442.5 .Weakness will continue till it closes above 449.5 now.
Natural gas :
Natural Gas is again balancing after the big move lower from 171 levels.
The POC around 156 will cap upsides , but a move above it is likely to bring 160 immediately.
Support is 151 and 148.25.