Dear followers, Hope you all are enjoying our weekly and intraday levels of MCX Commodities and getting benefit out of that. Last week too our levels worked well. Click here to see what we had mentioned in our last week’s blog,
Last week since the beginning of the week we have seen pressure in the Gold and Silver counter which pushed the precious metals to touch their weekly low. But after the Fed Fund rate decision and the FOMC meeting, we have seen a bounce back in both the counters.
US FED had increased the interest rate by 25 bps and said to increase the interest rate 6 more times till the end of this year. Bank of England too increased the interest rate by 25 bps.
Now, for the upcoming week, all eyes would be on Fed Chairman Powell’s speech which is scheduled on Monday (21st March) and Wednesday (23rd March) evening.
We are expecting a sideways to downside move in Gold and Silver prices this week too.
Now, let’s see weekly major support and resistance levels of MCX Commodities
Last week, Gold has broken the ascending trendline coming from early February and closed the last three days below the 20-day SMA point to a bearish shift in the technical outlook. Also, the Relative Strength Index (RSI) on the daily chart fell below 50 for the first time in more than a month suggesting that sellers started to dominate Gold’s prices.
Now for this week, Gold has immediate major support around 51000 level below this more weakness can be seen below 50500 and then to 50000. With the daily close below 50000 we can see levels of 49550 on the downside from there we may see a bounce back in it. But if it fails to hold that level then further downside targets would be 49000 and furthermore panic can be seen.
Immediate upside resistance is around 52050—52300, above these levels it may try to touch 52700—53150 and then to 53650. Sustain above 53750 then we may levels of 54600 on the upside.
The price action in MCX Silver has been very resultant during the previous week.
For the coming week, a break below 67000 will take it downwards towards 66200 and then to 65400. Major support and reversal zone for the Silver for the upcoming week is around 65000—64500, from there it may take reversal.
While on the upside, 69200 will act as a major resistance level, a sustainable move above this or a daily close above this level will take it towards 70000—70500 and then to 71500 levels in the coming days. 71500—72500 will act as a reversal zone.
After some profit booking from the high’s in Crude Oil from 1-2 weeks, last week we have seen a rebound from the lower levels.
Now for the coming week, a sustainable move above the 8000 levels will take it higher towards 8250—8400 and then to 8600 levels. Above 8650, the next upside level to watch out for is 8800. Sustainable closing above the 8800 will take it higher towards 9000 and then to 9300 in the coming days.
As far as downside levels are concerned, below 7600 immediately crude may see downwards level of 7200. Sustainable closing below 7150 may take towards 6800 and then to 6400 levels.
Natural Gas has formed a double bottom kind of pattern at around 342–340 levels, after joining the low of March 9 and March 15’ 2022 respectively.
For the coming week, we may see some bullish action above 381 for the immediate upside move till 398. Sustainable trade above the 400 will take it higher towards 425—455 levels in the coming days.
Supports for the coming week will be around 346–340 zone. Any sustainable closing below these levels may take it downward towards 320 and 290 levels in the coming days. For there we may bounce back in Natural Gas prices.
Last week Copper has taken support around 785 levels and closed higher as we have seen buying in it from support levels.
Now for this week, 820—840 will act as a resistance zone. Any sustainable move above this will take it towards 860 levels. Major upside move we will see above 860 levels for the upside target till its previous all-time high of 887. Above this levels of 900 and 935 can be seen in coming days.
Downside support is around 780 level, below this 760 will act as a support level. Any sustained move below 760 will take it down towards 720 and then to 700 levels.
Not much movement is seen in Zinc during the week.
For the coming week immediate support is around 309 levels. Below these levels 300 will act as a support, any sustainable move below this will take it towards 290 and then to 280 levels.
For upside, a sustained move above 325 level may take it higher towards 336 and then to 350 levels.
MCX Aluminum has taken multiple support around 262 levels. As far as levels are concerned for the coming week 262—260 zone will act as a major support zone. Sustainable trading below that level may take it downwards toward 250 levels, where we are seeing a major support level. If Aluminium ables to break those levels then 240—230 can also be seen on the charts.
For upside, the resistance level to watch out for is around 280 level, sustained move above this may take it higher towards 290 and then to 300 levels. Above 300 immediate upside target to watch out is 320 level. Major upside move we will see above 320 level for the upside target till 345+ level.
Nickel and Lead technical levels we will provide on daily basis so follow our daily levels and updates.
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