Major MCX Commodities Weekly Support and Resistance Levels
Gold has closed the previous week at the upper end of its latest range. Technical indicators hold within neutral levels. The Relative Strength Index (RSI) directionless and the Momentum advancing. For the coming week, according to the 4-hour chart, the perspective for the Gold is neutral-to-bullish.
Now as far as levels are concerned for the coming week, Gold has a support zone at around 51680–51540 level. Any sustained move below this level will take it down towards 51270 and then to 51000, but if it manages to close below that level on the daily closing basis then we may see levels of 50800—50500 in the coming days.
Resistance on the upside for the Gold is around 52200 level. Above this we may see levels of 52450–52650. A sustained move above the 52650 would see the upside move towards 52900–53100 and 53400 level.
Silver on the technical front continued to trade below its 50 DMA, which has been acting as a bit of a magnet to the price action in the previous week.
For this week, a sustainable move above the 67200, may take Silver towards 67700—68350 level. A sustainable move above the resistance level of 68500 level may see an upside move towards 69000—69600. The Major Upside resistance to watch out for is 70000, which will also act as a psychological resistance in the coming week.
The downside support base is seen around the 66400 level, below this we may see levels of 66000—65500—-65000. A sustained move below the 65000 may take it downward towards 64300 and then to 63700, where we may see a bounce back.
Crude Oil has witnessed some correction during the previous weeks, For this week, above 7430 we may see the levels of 7560—7680—7830 on the charts. Sustainable trading action above 7900 may take it higher towards 8000 and then to 8150.
The first downside support to watch out for is 7150 level. If Crude ables breaks that level then it may slide towards the 7000—6800 zone, where it may take some support. Any sustained weakness below the 6800 may take it down towards 6600 levels.
Natural Gas has climbed higher during the previous week and also brakes its previous high level but unable to sustain around that level.
Now for the coming week if it maintains to sustain above 496—500, then it will take it towards 515—525 levels. Any sustainable trading action above 525 may take it higher towards 537 and then to 550 levels.
On the downside, Sustainable trading action below 470 may take it downwards towards 450 and then to 440—-420 level. If it is able to close below 420 levels on a daily closing basis, then we may see levels of 400 on the charts.
Copper traded in a sideways trading range throughout the previous week.
Now for this week, 824—830 will act as a resistance zone, a move above this will take it towards 838—844—850 levels. A major upside move can be seen above 850 levels for the upside target move up to 860 and then to 870 levels.
The downside support zone is around 815—810 zone, below this 800 will act as a support level. Any sustained move below 800 will take it down towards 780—765—750 levels.
Zinc has outperformed its other base metals pack and moved higher.
For the coming week immediate support is around 356 levels below this level we may see 350 on the charts, and 348—344 will act as a strong support and reversal zone, where we can see a bounce back. A major downside move can only be seen below 344 for the downside move till 337–332.
On the upside, a sustained move above the 360 level may take it higher towards 367—-372. A sustainable move above 372 makes it higher towards 380.
For the coming week, the 275—273 zone will act as a major support zone, sustainable trading below that level may take it downwards toward 268—-262 levels, where we are seeing a major support level. But if Aluminium ables to break 260 levels then levels of 255—250 can also be seen on the charts.
For the upside, the resistance level to watch out for is around 281 level, a sustained move above this may take it higher towards 287—295—-300 levels.
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