Bullions View
Bullions inched higher on Friday, which initially witnessed a gap down opening but later went higher. Prices took support from a lower band of the declining channel formation formed on hourly charts and inched higher, while silver initially slipped below its support of 37,880 levels but failed to remain lower and moved higher giving positive close on Friday’s session.
For now, as long as silver is trading above 37,750 levels, the outlook remains bullish for upside target of 38,600 mark.
Energy View
Crude oil prices slipped lower on Friday; however, there has been no change in outlook, which is positive. As long as 4,600 mark is protected on the lower side, we still believe that prices could move towards the 4,830 mark in the coming few sessions.
The momentum indicator, RSI is above the 40 mark, which is again giving a positive sign that prices have the potential to trade higher.
Base Metals View
All the other metals remained in a small range on Friday’s session, with only nickel and zinc gaining over 1%. Chart structure of nickel is strong along with copper, while zinc is trading below its resistance of 182.30 levels. If we see zinc moving above 182.30 levels, it could head higher towards 184 levels going forward.
Aluminum, on the other hand, is trading above its multiple support levels of 138.50, below which outlook may turn bearish.
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