Hope you all are following our weekly and intraday levels and minting money from it. Last week too our weekly support and resistance levels of many mcx commodities worked well. Click here to read what we have mentioned last week.
Now let’s have a look what action to be expected in major mcx commodities in upcoming week.
Last week, we have given major support level of 47800 and major resistance at 48300 in Gold. During the week it made low of 47925, while after crossing 48300 it made weekly high of 48785 which was almost our first target after breaching major resistance.
Now for this week, Gold has immediate support at 48250, crossed below that we may see targets of 48120 and then 47950. It has major support and reversal zone at 47850–47750 and might give good bounce back from those levels.
Gold has immediate resistance zone at 48800–48880. Cross above that upside targets would be 49070–49240 and then 49340. Major resistance / hurdle at 49380–49400 zone from there it may give some correction.
Last week, silver’s weekly low was 60050, which was our ultimate support zone. From that levels it gave move of almost 2400 points and made week high of 62447.
Silver LTP – 62148, For this week, Silver has immediate support zone at 61600–61200. If breaks that levels then downside targets would be 60800–60400. Major support would be at 59900 and below that we may see some panic in it.
On the other hand immediate resistance at, 62450–62500. Above that upside targets would be 63050–63230. Major resistance zone at 63500 above that we may see 64450–64650 levels too in coming days.
Last week our immediate support level in Copper was 727 below that our first target was 722 which achieved successfully and bounced back from there. Similarly our immediate resistance was 740 above that our first target was 747. It made a weekly high of 745.60.
LTP – 741.55, Now for this week, Copper has immediate support at 734–733. Breach below this levels targets would be 727 and then 721. It has major weekly support at 717–716 and below that we may see panic till 707.
Immediate resistance at 746 above that upside targets would be 752–756. Major weekly resistance zone at 757–760, from these zones we may see U turn in Copper.
LTP – 282.55, Zinc has immediate support zone at 278–276. If it breaches that levels then we may see downside targets of 273–270.50. Major weekly support in zinc at 268–266. From there it may bounce back.
Immediate resistance in zinc is at 291–292.50. Cross above that upside targets would be 297 and then 306 in coming days.
One can buy on dips at lower levels with strict stop loss.
Our last week’s support in Nickel was at 1550 below that our targets was 1538, 1524 and 1513. During the week it made a low of 1516.40. Almost all target achieved.
LTP – 1548.50, Now for this week, Nickel has immediate support at 1543, break below that next targets would be 1537–1529 and then 1515. Nickel has major support and reversal zone at 1506–1500. From these levels it may bounce back.
Immediate resistance at 1562 above that targets would be 1573–1583 and then 1590. Major upside resistance zone at 1595–1599 levels.
LTP 284.80, Natural Gas has immediate support at 275 below that it may fall till 270 and then 263–262, which is ultimately very strong support and bounce zone for Natural Gas. If it breaks that levels too then be ready for some more panic in it.
On the other hand immediate resistance is at 294 above that it may touch 302–310–318. Natural Gas will witness fresh upside rally only above 320-322, else it may come down from upper levels.
Lead, Aluminum and Crude Oil levels will publish on Monday noon.
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