Adam Smith Associates - Are commodities get hot read full technical analysis report


Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

Gold
Gold - closed above both the weekly averages, the next resistance at the weekly Bollinger band is at 1302$. Also note that at the 2016 Dec bottom while price was higher than the 2015 bottom the RSI had a lower reading in 2016 over 2015, a reverse divergence. A divergence is a divergence and so this is a positive development as of now



Silver
The Silver fractal has also subdivided where each leg is smaller than the previous one. For this reason we have marked the rise so far as a series of impulse waves. The next projection based on equality in waves iii and i is for a move up to 19.48$


Silver MCX
Silver MCX prices face a similar projection as discussed in the Silver update. Wave III is subdividing and it shows wave iii=i at 45275, with support at the 20dma at 42434


Sugar NCDEX
Have sugar prices finally peaked? Wave 5 can be truncated and we need to watch out for this possibility. One reason to consider it is the complete lack of volume in the recent move up. Last years Sugar rally was backed by a lot of volume which is pretty much absent so far. A retest of the wave 4 low of 3340 opens up if a deeper correction forms. A move below 3778 and 3642 would signal a deeper correction. 



Copper MCX
Copper fell in 3 waves and paused. Now Copper MCX needs to protect the recent low of 388. Doing so would be indicative that wave 2 of 3 down ended and wave 3 of 3 up started. Wave 3 can go to 440 and an extended wave can travel to the upper end of the larger channel eventually. The upper end is near 495.



NICKEL MCX
Nickel took support on the 20dma. A late started it has a lot of catching up to do with the rest of the sector. A retest of the 800 level remains open. Wave 3 circle, should eventually carry it above the wave 1 high of 816



Aluminium MCX
Aluminium prices broke out of a flag into wave iii of 3 . 3=1 points to 135 for the structure. 20dma is at 124.6 as support.




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