Weekly Technical View of Major MCX Commodities
Bullion – Gold (Dec)
We have seen Gold trading range-bound since got crashed by covid-19 vaccine news and EMA 21 and 55 periods both contracted at the same 50700 levels since 28th Sep 2020 on the daily chart indication of the decline of volumes but holding above 100 periods EMA.
Moving on to technical levels….
Current data suggests that gold is likely to trade within the range unless and until it gives breakout and closing of the levels as mentioned below:
Key Levels:
Support Levels: 49700—49500—49200.
Resistance Levels: 50450—50700—51300.
Gold has its major support at 49200 and major resistance at 51200. Major moves depend on these two levels. Else it will continue to trade between the ranges.
Below 49200 could give downside move till 48000—47000 levels. On the other hand, above 51300 could give upside move till 52500—53500++ levels.
Trade with the levels only.
MCX Commodities – Silver (Dec)
We have seen Silver trading range-bound since got crashed by covid-19 vaccine news and EMA 21 and 55 periods both contracted at the same 62600 levels since 7th Oct 2020 on the daily chart a kind of indication of the decline of volumes but holding above 100 periods EMA.
Moving on to technical levels….
Current data suggests that Silver is likely to trade within the range unless and until it gives breakout and closing of the levels as mentioned below:
Key Levels:
Support Levels: 61500—60700—59000.
Resistance Levels: 63300—64300—66500.
Silver has its major support at 59000 and major resistance at 66500. Major moves depend on these two levels. Else it will continue to trade between the ranges.
Below 59000 could give downside move till 57000—56000 levels. On the other hand, above 66500 could give an upside move till 69700—71500++ levels.
Trade with the levels only.
Base Metals – Nickel (Dec)
Nickel held its support level of 1170 strongly and bounced back sharply at the end after an almost whole week of range-bound trading end up with a strong candle on the daily chart.
It has been trading above Super trend (10, 3) and EMA 21 and 55 periods which is rising sharply with the price which is indicating more positive upside in it.
Support at 1190 and Resistance at 1215.
Break and close above 1215 will take it to 1245—1265 levels in days to come else it could test its support level of 1190 again.
(Traders can buy Nickel around 1210—1205 for the upside targets as mentioned above)
Fresh selling will do on a close below 1190 levels.
Trade with the levels only.
Energy – Natural Gas (Dec)
Natural Gas crashed below its major support level of 220 as prices penetrated below EMA 21 and 55 periods at 222 levels. Currently, it has been trading below EMA 100 periods and above 200 periods which suggests that likely to trade in the negative to sideways in the coming days.
Natural gas has its support at 202 and resistance at 215.
Break and close below 202 will see downside panic further till 185–180 levels, more and more panic will do on a close below 180 levels or else it could test its resistance level of 215 again.
Fresh buying will on a close above 215 levels.
Trade with the levels only.
More will update during market hours…
Traders can trade safely with levels in given MCX Commodities. More will update on daily basis on our WhatsApp broadcast, Telegram Channel and Blog don’t miss to follow the same.
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