Dear Followers, Welcome to our ‘Weekly MCX Commodities Blog’.
Hope you are following our weekly and intraday MCX Commodities levels and making money from it.
Let’s start this week’s ‘Weekly MCX Update’
Major Events in the upcoming week:
01st June 2022 (Wednesday): ISM Manufacturing PMI and JOLTS Job Openings Data
02nd June 2022 (Thursday): ADP Non-Farm Employment Change and Unemployment Claims
03rd June 2022 (Friday): Average Hourly Earnings m/m, Non-Farm Employment Change and Unemployment Rate along with Final Services PMI and ISM Services PMI
Now let’s have a look at the technical levels of Major MCX Commodities
Gold(August)
Gold closed the week above the 200-day SMA and the Fibonacci 23.6% retracement of the latest downtrend suggesting that sellers remain on the sidelines.
Now as far as levels are concerned for the coming week, Gold (August) has a support zone around 50750—50600 level, any sustainable move below this level will take it down towards 50200 and then to 50000, but if it manages to close below that level on the daily closing basis then we may see levels of 49750—49400 shortly.
Resistance on the upside for the Gold is around the 51300 level, above this, we may see levels of 51500—-51750. A sustained move above the 51800 would see the upside move towards 52100—-52500 and 53000 in the coming days.
Silver(July)
Silver closed the previous week near its three weeks highs, thus exceeding its weekly gains to about 2.8%.
For this week, sustained a move above the 62500, may take Silver(July) towards the 63000—63600 level. With a sustained move above the resistance level of 64000 level, we may see an upside move towards 64530—65000. The Major Upside resistance to watch out for is 65000, which will also act as a psychological resistance in the coming week.
The downside support base is seen around the 61800 level, below this we may see levels of 61300—60900—-60200. A sustained move below the 60000 may take it downward towards 59400 and then to 58800, where we may see a bounce back.
This week’s Non-Farm Employment Change and Unemployment claims data may impact Gold and Silver prices for short term.
Copper (June)
Strong resistance zone 786-790. Sustainable trading action above this zone will take the copper towards 797 and the 810 levels in the coming days. Fresh upside move above 810 will take it higher towards 822+ level.
On the downside support is around 766 level, sustainable breach below the support level will take it downward towards 757—750—741. Major support is around 740 level, from where we can see a bounce back.
Zinc (June)
Immediate resistance level around 333. Above that, we may see levels 340—345—350 level on the charts. A major upside move can be seen above 350 level for the upside move towards 360++ levels.
On the downside, immediate support is around 324, below this, we may see a level of 317. A fresh downside move can only be seen below 315 for the move towards 310—-303—295.
Aluminium (June)
It has resistance at around 244. A sustainable close above this will see the upside move towards the 250 level. Cross above 250 level then it will touch 258 and then 264++ in the coming days.
On the downside, the support zone is around 244—-237, below this we may see level of 232. Major support is around 230, if aluminum breach that level then we may see levels of 224—-220—215 on the charts.
Lead(June)
It has a resistance level at 185, sustainable trading action above this may take it higher towards 188 and then to 190. A major upside move we will see only if it crosses and sustains above 190 for the upside targets till 194++
Immediate support is around 182, below this level of 180 can be seen on the charts. Sustain move below the 180, may it downwards towards 177 level.
CRUDE OIL and NATURAL GAS
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