Major MCX Commodities important support & resistance levels to look for this week
Bullions – Gold (Apr)
Finally Gold has given clear direction after 3 weeks of range-bound trading as this week it has given weekly closing with “Hammer Candle”. On the daily chart, indicators like RSI (14) has given divergence for the upside after hitting oversold zone (30) and break above at (42) also given closing around (50) suggesting perfect reversal.
Now, what to expect??
Gold has its support at 44900 and resistance at 45700.
Break and sustain above 45700 will see an upside rise till 46500—47100 levels in days to come. Three consecutive close plus weekly close above 47100 will take it to 48000++ levels.
Fresh selling will do on a close below 44900 levels.
Trade with the levels only.
Silver (May)
Last week we recommended that below 64500 levels Silver will see downside panic till 63400 and then to 62300-62200 where it made low of 62500 almost close to our final target and bounced back sharply.
Technical Aspect: Silver has made a “Piercing candle” reversal pattern on the daily chart. Also, the RSI standard (14) has given divergence for the upside after hitting the oversold zone at 30 and Silver prices successfully closed above 200 days moving average on the daily chart.
Now, what to expect??
Silver has its support at 63500 and resistance at 65300.
Break and sustain above 65300 will take it to 67000 and then to 68500 in days to come or else it could test its support again.
Fresh selling will do on a close below 63500 levels only.
Trade safely with the levels only.
Base Metals
Base metals trading in a tight range from last few weeks.
Copper
Key support levels are 663–660—652 and resistance levels are 671—675—680.
Break and sustain above 671 will take it to 675 and then to 680 levels. A weekly close above 680 might set the copper direction on the positive side or else it could test its support levels.
On the other hand, if it breaks below 663 then it could see 660 and then 652 levels. A weekly close below 652 will see downside panic till 630 levels.
Trade within the range with given levels only.
Zinc (April)
Key support levels: 215—210
Key resistance levels: 222—225
MCX Commodities Crude oil (April)
Last week we recommended buying Crude Oil in the range of 4350—4300 for the upside targets of 4850—5000 levels, where it made low 4332 and then rose to 4528. Traders holding long as per our levels can hold long with a revised stop loss of 4300.
Now, what to expect??
Crude oil has its support at 4300 and resistance at 4550.
Break and sustain above 4550 will see upside move till 4850—5000++ levels in days to come or else it could test its support again.
Fresh selling will do on a close below 4300 levels.
Trade with the levels only.
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