Review:Commodity and Bullion Gold price Prediction for August 21

Summary: Three of the four predictions were profitable. Oil,Gold , Soyabean but not jeera. In Soyabean however it would have been better to buy futures after morning correction rather than short in morning-which also gave good profits by 11 am.

 

Review of weekly commodity prediction( aug 16-21)  will be provided later

 

1. Crude oil: Oil may be volatile today. Buy futures if oil corrects in morning which may peak in afternoon. Buy futures again if oil corrects in late afternoon. ( trading time on NCDEX/MCX from 10-5 pm is considered- same for gold)
 

after morning correction oil continued to rise amidst choppiness giving good profits

2. Gold: Short gold futures if it opens with gain. There may a steep correction or fall in morning Gold can correct again in late afternoon after a rise in afternoon. a volatile day
 

shorting futures would have given good profits. Correction however was not steep and no correction in afternoon.Gold rose suddenly after 5pm .chart 2 . This chart shows till 2-3 pm to highlight volatility

3. Soyabean :Short Soyabean futures as price is expected to fall most of the day

 

shorting soyabean in morning gave profits but prices did not fall throughout the day and better strategy could have been to buy. Soyabean futures remained below yesterdays' closing till about 3 pm which is not evident from chart . chart 3

4. Jeera: Buy on every correction. Futures trade may be volatile
 

Wrong prediction. Even in a volatile trade it woudl have been better to short.chart 4

 

Soyabean futures remained in correction mode ( i.e. below yesterday's closing till afternoon before rising in late afternoon