Weekly commodity profiles

Here's a look at some profile charts as of the close on friday- 28th Sept


Gold Dec Future :


Mp Gold 3 Weekly Commodity Profiles


Gold exhibited range bound behavior all of last week. The Euro zone crises and the strengthening rupee put a lot of traders off from taking new long positions last week.


The chart above shows a sideways trading range which in all likelihood will continue in the current week.


Traders should not play for a trending move and be quick to take small profits when they appear. The market is expected to stay slightly weak below the 31600 level.


Silver Dec Future :


Mp Silver 3 Weekly Commodity Profiles


Silver was unable to move past 63300 last week multiple times.


The POC at 62500 is the first level of support and the market will be weak below that.


However the broader market will be subdues and in a range all of this week. A closing above 62970 will mark change and signal a move above 63300 possibly.


Crude Oil Oct :


Mp Crude 1 Weekly Commodity Profiles


Crude Oil  is exhibiting signs of bottom formation which can be confirmed only within a move above 4905 during the week.


Should that move happen we are likely to see a visit to the previous balance area at 4989 as shown in the chart above. The medium term trend will change once this level of 4989 is taken out in Oct futures.


Would update charts of copper and Natural gas later in the evening.