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Home » Gold still looks positive on charts… Any sharp downside panic will be buying opportunity in it.

Gold still looks positive on charts… Any sharp downside panic will be buying opportunity in it.

bullion base metal

Gold

Weekly chart of Gold

 

Last week, we recommended buying in Gold in a panic with stop loss below 40650 levels. It skyrocketed and made a high of 42790 levels

Now, what to expect???

Support at 42100 and resistance at 42900

We will remain cautious in Gold at upper levels until and unless we will find healthy correction in it. The overall trend is positive but wait for the perfect entry-levels.

Below 42480… we will see panic till 42250—42100 levels. More and more downside panic will see on a close below 42100 levels. Two consecutive close below 42100 will take it to 41800—41650 and then to 41300 levels again.

Else it could test its resistance level of 42900 again. Two consecutive close above 42900 in Gold will take it to 43500—43800 and then to 44500 levels in days to come.

Monday’s opening will be a key trend decider. News of almost 3000 tonnes of Gold in Uttar Pradesh may affect sentiments for time being long with it INR will play a vital role in the upcoming week. We have seen a dominant picture from bull riders and now we will see a good fight between a bull and bear which is good for jobbers and intraday traders. Traders can trade safely with levels only and wait for confirmation. More will update during market hours through our WhatsApp, telegram, blog and other social media platforms. Enjoy trading with Indian Market View.

 

Silver

 

Weekly Chart of Silver

 

We have released a report on Silver and hope you all minted money in it. We clearly indicated that Silver has crucial support at 45000 and if Silver unable to breach its support level of 45000 then we will see unexpected levels in days to come. It made a high of 48589 in this week.

Now, what to expect???

Silver has support at 48000 and resistance at 48600—49000.

We are heading towards 61000 levels… Yes 61000😇😇

Close above 48600 will take it to 49000 levels. Three consecutive close + weekly close above 49000 will see a nonstop rally in Silver till take it to 55000 and then to 58000—61000 levels in days to come.

Else it could test its support level of 48000 again. Break and close below 48000 will take it to 47300—46800 levels. We will stay cautious in the range between 47300—46800 levels because this range is a perfect buying range for positional traders with a strict stop loss below 45000 on a closing basis.

We are heading towards the upside target level of 61000. So physical traders can hold or accumulate in panic from current levels with stop loss below 45000 on MCX division.

 

Copper

Weekly chart of Copper

 

This week, we have seen negative bias trading in Copper. It made a high of 436.85 and a close of 427.75 and finally settled around 430.30.

Now, what to expect???

Support at 427 and resistance at 437

Break and sustain above 431.50 will take it to 434—437 levels. More and more upside rally will see on a weekly close above 437 else it could test its support level of 427 again. Break and close below 427 will take it to 421—418 levels.

In Copper, 418 act as major support. Three consecutive close + weekly close below 418 will be a double-dip for Copper prices. Here, chances are unlikely to breach its support level of 418 in near terms until and unless any major negative news comes out from global economies, especially from China.

Traders can trade safely with levels only… More levels will update during market hours. Stop loss is the only god for this market.

 

Crude Oil

Weekly chart of Crude Oil

 

We have seen positive bias trading in Crude oil and successfully breached its resistance level of 3850.

Now, what to expect from here onward???

Support at 3750. If Crude oil unable to breach its support level of 3750 then we will see rally till 3930—3980 levels. More and more upside rally will see on a close above 4000 levels.

Three consecutive close + weekly close above 4000 will be a sign of trend reversal in Crude oil.

Our positive view will negate on a close below 3750 levels. Close below 3750 will take it to 3620—3550 levels again.

Nimble traders can buy Crude oil in panic around 3800 with stop loss below 3750 on a closing basis for the upside target of 3930—3980.

More will update during market hours!

 

Weekly Levels on Zinc, Lead, Nickel and Natural Gas is only for our subscribers. For queries related to the market… Feel free to call your RM during market hours.

 

 

Previous bullion base metal update !

 

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