Base metals fell badly last week & recovered some from their extreme supports. Some bounced from their long term trendline & some made double bottom hence taken support at previous support area. However there is no strength in the bounce back & trend is still down. We might see some retracement but overall trend is still down. Although all are weak but Aluminium seems weakest.
Although Gold & Silver has risen but there is no strength, no volume, no increase in Open interest. Moreover trend is not clear so I advised clients not to trade in it until things become clear. Will wait and watch.
Natural Gas as mentioned last week has entered a new downtrend. Even on weekly charts its pretty weak. Any bounce can be used to initiate shorts.
Crude is also losing its strength & a trading range is being developed. So until it regain its strength buy near support & short near resistance.
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