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Home » Weekly Update – Major MCX Commodities weekly support and resistance levels (26th Oct to 30th Oct 2020)
Basemetal Commodity weekly update Full Mcx Gold & Silver

Weekly Update – Major MCX Commodities weekly support and resistance levels (26th Oct to 30th Oct 2020)

MCX Commodities Weekly Levels 26 Oct to 30 Oct 2020

 

 

Weekly Technical View of Major MCX Commodities

 

Gold (Dec)

 

Technical Chart of MCX Commodities Gold
Technical Chart of Gold
 

Last week we recommended that Gold will likely trade in a rising channel line with a support level of 50100 on the downside and with the resistance of 51400 on the upside. It bounced back from the lower and made an exact high of 51454 and slipped to the level of 50535. Hope you enjoyed our last weekly update.

Now, what to expect???

Gold has its major support at 50500 and resistance at 51650.

Break and close below 50500 could see downside panic again till 49800–49600 levels or it will continue to trade in the channel line and could test 51500—51600 levels on the upper level. Immediate resistance at 51050.

Fresh upside move or rally we could see if it manages to give close above 52200 levels.

Trade with the levels only.

 

 

MCX Commodities Silver (Dec)

 

Technical Chart of MCX Commodities Silver
Technical Chart of Silver
 

Last week we recommended that Silver will likely to trade in rising channel line with a support level of 59800 on the downside and with the resistance of 64200 on the upside. It bounced back from lower level 61177 to the level of 64070 as indicated in the update that it could test 63500—64200 levels.

Now, what to expect???

Silver has its major support at 61100 and resistance at 64200.

Break and close below 61100 could see downside panic till 56000–55500 levels or it will continue to trade in the channel line and could test 63500—64200++ levels again on the upper level.

Fresh upside move or rally we could see if it manages to give two consecutive close plus weekly close above 64200 levels.

Trade with the levels only.

 

 

Base Metals

In our last week’s update, In Nickel we recommended buying around 1042 for the upside target of 1175—1190 levels, it made high of 1187 and almost our both targets achieved in it.

Now, What to expect in Base metals, this week?

 

 

Zinc (Nov)

 

Technical Chart of Zinc
Technical Chart of Zinc

 

We have seen continuous upside move in Zinc from the level of 145 till 199.90 and then it took correction to the level of 180.80, where it took the support of 100 and 200 days moving average and bounced back and now it is trading above 199.90 for a fresh rally.

Also, 100 and 200 days moving averages gave crossover on the daily chart, trading above super trend (10, 3) and RSI (14) given divergence for the positive move all supporting our positive view in it.

Zinc has support at 196 and resistance at 203.

Break and close above 203 will take it to 210—215 levels in days to come else it could test it’s support level of 196 again.

Fresh selling will do below 196 levels.

Trade with the levels only.

 

Last week we recommended buying in Natural Gas,  above 216 level we predicted a positive move till 237—245 levels. It has made a high of 225.70 and still trading above 216 level. Traders holding as per our level can revise stop loss below 205 on closing basis.

Now, what next??

 

Natural Gas (Nov)

 

Technical Chart of Natural Gas
Technical Chart of Natural Gas

 

Natural gas has its support at 234 and resistance at 244–248.

Break and close below 234 will take it to 224—215 levels or else it could test its resistance level of 248 again.

(Risky traders can buy Natural gas in panic around 215—210 with the stop loss of 199 on closing basis.)

Two consecutive close plus weekly close above 248 will take it to 265—270 levels in days to come.

Trade with the levels only.

 

Traders can trade safely in given mcx commodities with levels only. Daily levels of all mcx commodities will publish throughout the week on our Website, WhatsApp broadcast and Telegram channel.

 

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We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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