Commodity space- The precious metals Gold and Silver gave an upside breakout. Silver gave a base triangle breakout. We are upbeat on Nickel and Copper as well.

GOLD

Short term- The gold made a minor double top at $1,321.50 levels in the daily chart. As we recommended earlier, short only below 1,237.70 levels, now the safe buy will be triggered above $1,321.50 levels. On the upside, if the metal breaches the minor top at $1,321.50, it can fly up to $1,330.70 and $1,334.60. A week close above $1,330.70, we can expect a short-term rally up to $1,361.80, $1,392, $1,448 and $1,486 levels. On the down side, it has strong support at $1,299 (50-week Sma) and $1,277 (breakout level).

Week June 23-27

In Asia's session the metal opened its trading at slightly bearish mode, trading below the minor top and the 50.0 fib level currently trading at $1,312.70 levels. Today we are bullish only above $1,316. Traders can buy at $1,316 for targets $1,321 and $1,330 (above $1,321.50 only next up move). On the down side, the metal has support at $1,309 (200-day Ema), $1,305, $1,302, $1,299 levels. A break below $1,299, the bears will tighten their grip to drag up to 1,286.70-1,283.50-1,282 levels. The daily momentum oscillators indicate an overbought sign.

S1 $1,299, S2 $1,286, S3 $1,282.

R1 $1,321.50, R2 $1,330.70, R3 $1,334.60.

Intraday- cmp $1,312.

For an intraday basis, we are bullish only above $1,316, until traders can sell for $1,310, $1,306, $1,303 and $1,299 levels. The initial resistance made at $1,312.50, above this, $1,316. Strong up move will be intact above $1,316 for $1,321 again. At the level of $1,309.50, we can see a steep fall up to $1,306 and $1,303 or even $1,300.