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I have been of the view that Gold made a long term bottom in Dec 2015 and the fall this year is a retracement of that first rally. The Weekly Gold MCX chart below shows wave 2 completed in A-B-C and the start of wave 3 Up. Wave 3 has the implications of a move equal to wave 1 at least. 3=1=35450 as the potential level that we can achieve in a third wave rally in the next 6 months. 3rd waves can also extend where 3=1.618*wave 1 = 41000. These would be beyond the all time high of 35075 made in 2013. During the wave 2 correction Volumes were consistent with the trend i.e. declining on the way down and not rising. Volumes should expand on the way up Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article is purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

Nickel saw some big moves yesterday. I presumed it had bottomed out last week with the rest of the metals but apparently that was wrong. However daily momentum remains in buy mode and yesterdays bullish candle pattern with a long lower shadow shows buying coming in at lower levels. So adjusting the wave count, wave 2 might have ended at yesterdays low of 661, near the Oct swing lows. The next move should attempt to go above the 725, and once above that Nickel should retest the wave 1 high of 816 made in November Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article is purely of the author - Mr Rohit Srivastava - a leading technical analyst.

Soy Meal Continuous has been consolidating for 3 months in a narrow range after the initial move up. The next move higher may now have started. Yesterdays move broke out of the trend line of the highs and closed above it. Soy prices should move from 310 to 420 near the previous high in the 3rd wave on the CBT exchange. Staying above the 315 and 325 short term supports should be bullish for Soy. Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article is purely of the author - Mr Rohit Srivastava - a leading technical analyst.

Crude fell over the last week to the lower Bollinger band and has started higher. A move above 53.20 would breakout of the small falling channel and start the next move higher. The move would have the potential of testing the 62-66$ mark. 50.75 and 52.70 are support levels. The 40 day exponential average [40dema] the green line is a support for prices holding which on a closing basis I would expect the start of a new rally to new highs. Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article is purely of the author - Mr Rohit Srivastava - a leading technical analyst.

The process of Silver making a bottom has been slow. A year ago too we saw the same. Even as it makes higher bottoms the hourly chart shows corrective moves that are all part of a possible running pattern. A running pattern is a consolidation that is slightly rising in nature. Today morning we are at the lower end of the running pattern at 16.66$. So this support holding it should provide the spring board to start wave 3 up to 17.25. Below 16.66 we would see a deeper retracement in the metal. Adam Smith Associates Pvt Ltd provide trade & commodity finance to its domestic and international clients. The views expressed in the articles are of the author - Rohit Srivastava a leading Technical Analyst with over 18 years of experience

Adam Smith Associates Pvt Ltd is in the business of arranging trade finance and providing consultancy, advisory, structuring and management services relating to trade finance transactions. The activities cover origination, execution and documentation. We work with corporations as well as banks both in India and offshore and handle complex trade finance structures. We have strong focus on commodity finance. Adam Smith Associates is based out of Delhi. We have branch at Indore. We have affiliates in Singapore, Dubai and Hong Kong. For more details visit Adam Smith Associates website The Adam Smith® advantage: 1) Track record of over 18 years. 2) Strong transactional support to corporates and banks. 3) Seamless execution 4) Strong partnerships with corporates, banks and trading companies. 5) Pioneer of various financing structures pivoted on trading of commodities. 6) Customized and personalized solutions. 7) Highest confidentiality standards. Services Off