Commodities and Precious metals

Commodities and Precious metals - updates

Published: Tue, 07/16/19

The Truth About The Markets

The dollar has been stuck in a range for a long time and this has lead to divergent trends between various commodities. However it is a matter of time that the DXY breaks out and the CRB index aligns the commodities pack. It will be important. Right now we are dealing with the noise that comes with inter market divergences. Here are the recent updates published to subscribers on MCX metals.

Silver Mcx

Similar techniques used on silver mcx as on silver. Rising channels. the smaller one goes to 38975, and the larger one to 41740 where several tops formed in the past. 37756 is the 20dma and immediate support.

silver160719a

Gold Mcx

Gold Mcx prices are near the top end of the channel at 35150. So this could be a resistance for a while. Unless we close above it prices may correct or consolidate. In other words gold and silver could deviate from each other.

gd160719

Euro

If wave ii ended at the 20dma yesterday then iii=i from yesterdays high is at 1.107, and as long as we are making lower lows the trend is down.

euro160719

Lead Mcx

Lead wave ii high is at 158, so as long as we are below that wave iii down is next.

aluminium 160719

Zinc Mcx

Zinc now has a positive divergence on RSI, the fall is in late stages of the move or in wave v. We are getting close to the lower trendline. The 20dma at 198 is the ideal reversal level as it has been the resistance for the entire move down so far. There is also no reason why prices cannot keep falling from below the 20dma so that needs to be watched. If bounces to 198 fail then we head lower again.

zinc 160719

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Rohit Srivastava
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