Dear readers and followers, Team Indian Market View wishes you a very Happy and Prosperous New Year! May God bless you with lots of happiness, an abundance of health, and wealth.
Hope you all are enjoying our weekly MCX levels and getting benefit out of that. Last week too out of 9 commodities in 7 commodities our weekly support and resistance levels worked very well. To read what we had given last week (Click here!)
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Now, let’s have a look at how major commodities are going to react in the first week of New Year 2022.
In our last week’s update, we had clearly mentioned that Gold has resistance at 48370–48500 zones. For the entire week, it could not cross that level and fell drastically from there. On the downside, we had given support at 47790 below that our target was 47530 (made low of 47577). On both sides, our levels worked well.
Gold LTP 48099. Now, for the coming week, it has immediate support at 47770 and below that, we may again see some downfall till 47570–47550. The major support zone is at 47520–47410 and it can take bounce from that level. But if it breaches that level too then we may see panic till 47260 and 47130.
If we talk about resistance then it has a strong hurdle and resistance zone at 48350–48500 zone. If it crosses and sustains above that level then the next targets would be 48790–48885 and then 48990.
Buy on dips with small SL can be a great strategy to work in the upcoming week.
For last week our support zone in Silver was at 61800 and below that our targets were till 61200. During the week it made a low of 61227 and bounce back. Our resistance zone was 62500 above that our targets were till 63300. During the week it made high of 63239. Almost both sides our targets hit very well.
Silver LTP 62660. Now for this week, Silver has immediate support at 62100. Below that it may go till 61750, 61400 and then 61170. One should buy around these levels and keep support SL below 60500 which is very strong support and reversal zone.
On the upper side resistance zone is at 63250–63525 zone and can reverse from upper levels. But if it breaches that levels then next targets would be 64250–64530–64680. From these levels it should cool down. Fresh strong rally will come only above 65250.
Last week we had given support zone in Crude Oil at 5470–5430. On Monday itself it made a low of 5458 and from there gave one-sided rally. Hope you have minted money from it.
Now, for this week MCX Crude Oil has a support zone at 5540 to 5460. From there it could bounce back. But if it breaches those levels then downside targets would be 5380–5325–5280. 5250 to 5200 is a very strong support and reversal zone and Crude Oil should bounce back from these levels.
On the upper side, resistance is at 5700. Above that, it may touch 5775–5830-5900. 5940–5990 is a very strong hurdle and resistance zone.
One can go for sell on rise on upper levels this week.
Last week we have clearly mentioned that above 310–311 only we will witness fresh rally in Natural Gas. It made a weekly high of exactly 311 and crashed from that level. Our weekly support was 265–264, it made a low of 265.50 on Friday and bounce back from there.
Now, for the coming week it has immediate support at 262–260 levels. Below that next target would be 253–249. Very strong support and bounce-back levels are 246–242.
On the other hand, immediate resistance is at 283–284, break and sustain above that levels will take it to 290–301 and then 310 levels. The fresh rally we will witness once it crosses and sustains above 315 levels.
One can look for buying opportunities on dips around support levels.
Last week we had given resistance zone in ZINC at 292–293. During the week it made high of dot 292 and from there it fell to 283.
Now for this week, Zinc has an immediate support zone at 285–283. If it breaches that level then the next targets would be 277–272. Very strong support and reversal zone is at 270–268 at and one can buy on dips with keeping support zone as SL.
Upside resistance is at 289–292 above that next targets would be 296—300—305++.
Last week we had mentioned strong resistance and the hurdle zone for Copper is 758–759. During the week it made a high of 758.55 and fell drastically from there till 740 which was very close to our given support zone. Hope you have enjoyed our pinpoints levels.
Now for this week, MCX Copper has immediate support at zone 743–739. If breaches that levels then downside targets would be 733–726. Further, 724–720 is very strong support and reversal zone from there it should bounce back.
On the upper side immediate resistance zone is at 752—758 above that targets would be762—768 and then 773. Strong resistance and hurdle zone is 773–776. If it breaks and closes above that then we may witness a fresh upside rally in Copper.
Last week we had given resistance zone in Nickel at 1557–1560. On Tuesday it made a high of 1561.50 and from there it started falling down, making a weekly low of 1526 which was almost our first target after breaking our weekly support of 1536. Hope you all have minted good money on both sides move-in Nickel. Breaking above 1560 our upside targets were 1568–1573 both achieved successfully too.
Now for this week, Nickel has immediate resistance around 1574 level, sustainable trading action above this will see the upside move towards 1595–1606 level. If the Nickel will able to break the resistance zone of 1595—1606 level, then we may see the upside target of 1620.
On the downside, immediate support zone is at 1550–1530. Below that it may try to touch 1515—1500.
This week, Aluminium has upside resistance at 227—231, above that targets would be 235—238—243.
The downside immediate support zone is at 223–220. Below that next target would be 215. It has strong support and reversal zone at 210—213.
One can buy the dip.
Last week Lead hs showed very limited move. From a weekly low of 185 to a weekly high of 187.50. It moved in a very limited range.
Now for this week, It has a major resistance zone at 188–192. Break above that next targets would be 196–200.
Downside support at 184–180. If it breaches that level then we may see levels of 176–172 .168–170 is a very strong support and reversal zone.
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