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Home » Weekly Update on MCX Commodities – Blood bath is going on in Gold. Be cautious in Silver at upper levels.
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Weekly Update on MCX Commodities – Blood bath is going on in Gold. Be cautious in Silver at upper levels.

Gold and other MCX Commodities weekly levels

Gold & other Major MCX Commodities weekly support and resistance levels.

 

MCX GOLD

 

Technical Chart of Gold
Technical Chart of Gold

 

Overview: Overall gold is making successively lower lows and lower highs on the daily chart and headed toward the south direction. On Friday, bears smashed the 45800 level which was the key support level and now we got the clear cut breakout levels.

Technical Analysis:– From the technical perspective, we can see that the gold is moving and trading in a downtrend channel and making successively lower lows and lower highs. Yesterday we got a major breakout as Gold breached its crucial support level of 45800 which is pushing the pair to the downside. Odds are in favor of bears and our bias remains bearish on the yellow metal as long as the 46800 level remains unbeatable on a closing basis.

45600 will act as a key support level in Gold followed by a very strong support level of 45200—44900 while key resistance level is 46800.


Trade idea:-
Based on the chart and studies, we can suggest to our subscribers that to go for selling around 45800 levels for the downside target of 44500—44000 levels with the tight stop loss above 46800 levels on a closing basis.

 

Silver

 

Technical Chart of Silver support & resistance
Technical Chart of Silver

 

Overview: By having a first look only bears are visible or we can say that a red blood bath is on full momentum. The bears got the charge from 70700 levels to 66500 levels and still, bears have full control in the game and heading towards the south direction.

Well, the way bears are reacting it seems like they are doing a mind-blowing job for the time being and recently they have given us a fabulous breakout of the uptrend line. The bears are leading in the game for the past couple of days and they made a fabulous counter-attack from the 70700 levels.

Technical Analysis:


From a technical perspective, we can see that a short-term downtrend line has been posted and an intermediate level uptrend line has been breached out which is providing us a bearish signal. The key support level followed by a very strong support level of 63500—62500 levels while resistance level followed by 70800 levels.

Trade Idea:- Based on the chart and studies, we can suggest our readers go for sell Silver below 68500 levels for the target of 65800—64500 levels with the tight stop loss of 72000 levels on a closing basis.

 

Copper

 

Technical Chart of MCX Copper support & resistance
Technical Chart of Copper

 

By analyzing the daily technical chart, we can see that copper performed so well on both sides. As we can see that earlier it was making successively higher highs and higher lows, and then it slipped from 737 to 702 mark. Well, it seems like bears got the revenge within a single day and we had seen a blood bath in the copper from the top.

Now the question is that has copper changed the trend or it’s just a profit booking???

 

Well, the correction is over as after applying the Fibonacci retracement line and we can see that it has retraced almost 38.2% and we have received a small bullish signal to start the journey.

Technical Analysis:

 

Well it would be not an easy task for bulls as well as for bears to make money. We may see a tug of war between bulls and bear as it’s a consolidation phase. In MCX Copper the key support level followed by a very strong support level of 700—685 while the resistance level is 725—740.

Trade Idea:- Based on the chart and study, we suggest to our readers to buy Copper above 710 for the upside target of 725 and 740 with a tight stop loss of 700 level.

 

 

 

Crude Oil

 

Technical Chart of MCX Crude Oil support & resistance
Technical Chart of Crude Oil

 

By analyzing the daily chart, we can see that mcx crude oil is making successively higher highs and higher lows by taking the support of an uptrend line. Well, the primary as well as the secondary trend is up. So in an uptrend market, we always suggests that buying on dips will be the best profitable strategy. The picture indicates that bulls are leading in the game and approaching towards the north direction.

Technical Analysis:


A shooting star candlestick at the top of the day at key resistance level is suggesting us to keep a bearish view on the crude oil from an intraday point of view. It’s just a start we will get further bearish signals below 4588 levels. It seems like bears have snatched the bite from the bull’s mouth and it’s time to sell the crude oil with a good risk and reward ratio. Key support level in Crude oil are 4430—4400 level and key resistance level are 4680.

Trade Idea:- Based on the chart and studies, we suggest to our readers to go for selling around 4600 levels for the down side target of 4430—4400 level with the tight stop loss of 4680 levels on a closing basis.

Be cautious at lower levels near to support as over all trend is positive. Above recommendation is just a swing or can say a momentum trade.

 

 

Traders can trade safely in Gold and given other MCX Commodities with levels only. More news & updates will send during market hours.

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