Dear Followers, Hope you are following our weekly and intraday technical levels and making money from it! Last week our technical levels worked well in Gold, Crude Oil, Natural Gas and for almost all commodities. To read our last week’s technical levels CLICK HERE!

Now let’s have a look at how Gold and otehr mcx commodities may trade in upcoming week.

Global Economic Eevents to look for this week:

This week China Market is closed on the ocassion of ‘Chinese New Year’.

On 24th Jan 2023 (Tuesday) We have US Flash Services PMI and Flash Manufacturing PMI data.

On 25th Jan 2023 (Wednesday) We have Crude Oil Inventories

On 26th Jan 2023 (Thursady) We have many major US data to look for such as Advance GDP q/q, Unemployment Claims and New Home Sales data but on the same day we have complete trading day off in Indian Markets on the ocassion of Republic Day!

On 27th Jan 2023 (Friday) Core PCE Price Index m/m data to look for.

MCX Commodities Technical Levels

GOLD (FEB)

LTP – 56658

• Support: Gold has immediate support at 56520 to 56400 and Major Support zone at 56050 to 55900.
• Resistance: For this week Gold has resistance zone at 56850 to 57020 and we will see fresh upside move once it cross and sustains above these levels.

SILVER (MAR)

LTP – 68547

• Immediate Support: Silver has immediate support and bounce back zone at 68220 to 67900 and from these levels we may see bounce in prices. But if Silver breach this levels then we may see prices slip towards 67450.
• Major Support: Major Support zone is at 67400 to 67150.
• Immediate Resistance: Silver has immediate resistance zone at 69150 to 69400 and above that we may see rates till 69800–70060.
• Major Resistance:  Zone would be 70100 to 70250, Cross and sustain above that we may see rates till 70650 and then 70900++ in the coming days.

CRUDE OIL (FEB)

LTP – 6620

• Support: Immediate support zone for this week is 6500 to 6450 and Major Support and Reversal zone is 6300 to 6230.
• Resistance: As mentioned last week also Crude Oil has strong resistance zone at 6750 to 6825. Cross and sustain above this will lead to fresh 300 to 400 points rally in it.

NATURAL GAS (FEB)

LTP – 257.20

• Support: NG contract is going to change this week so charts are not very clear. However as per Feb Contract, support and bounce back zone coming at 250 to 238 and one can take only small risk and try to buy around these levels with strict stop loss.
• Resistance: As per charts Feb contract resistance zone coming at 270 to 277. Cross above that will lead prices towards 290–295. A fresh bog move we may see only when NG will cross and sustain above 295. Please refer our daily levels for day to day trading range in NG.

COPPER (JAN)

LTP – 776.10 

• Support: For this week Copper has immediate support zone at 770–767 and Major Support zone at around 760.
• Resistance: Copper has resistance at 788 to 790. Cross and sustain above these levels will take it to 798, 804 and then 810++ in coming days.

ZINC (JAN)

LTP – 295.70

• Support: Zinc has immediate support zone at 284–282 and Major support zone at 274–271.50.
• Resistance: Zinc has resistance at 298 to 300. Cross and close above these levels we will see rates till 310–320++ in coming days. Try to buy above breakout or look for buing opprtunity in dip around 287–285.

ALUMINIUM (JAN)

LTP – 220.60

• Support: Aluminium has strong support and bounce back zone at 216 to 214. One should try to find buy on dips opportunity this week.
• Resistance: Aluminium has resistance at 226.50 to 228. If it cross and sustain above these levels then we may see 235 and 238++ in coming days.

For daily morning and evening MCX Commodities Technical Levels do not forget to Follow our ‘COMMODITY Telegram Channel’