Commodity outlook by Tradebulls Securities: Sell gold, buy zinc

Commodity outlook and trading ideas by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls.

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Market news:

Gold and Silver: Bulls speculators took a breather after 5 week strong run. The gross bullish position fell by -6597 contracts, while short position advanced by 7586 contracts indicating that bulls are clearly booking profit. Silver has outperformed gold this week and continues to do so. Finally, silver has breached $15.50 on the upside and next target comes at $16.

Yesterday’s better than expected core retail sales of US prompted selling in gold and US Dollar index also tested 97 levels. Weak Euro and Pound are pushing US dollar stronger which is creating headwinds for gold. We believe going next week, silver should be on investor’s radar as sentiment is changing in silver. The reason for holding long gold hasn’t gone away but we could see some nervous long in the market as prices are struggling to make a new high. If we are selling, it’s not because we are creating a short position but only reducing our exposure.

Crude oi: The prices saw intraday fall of 3 percent on July 18 after US-Iran tension subsided. We don’t expect a large correction in crude oil prices as US inventory is expected to show dropdown after the Gulf of Mexico had to...read more

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