Weekly Update On Major MCX Commodities
MCX Commodities Bullions – Gold (Feb)
In our last weekly update, we had recommended that below 48600 Gold could see downside move till 47500 and then to 46600—45000 levels. Also, indicated on the chart that it will take bounce back or correction and then fall back as it rose till 49570 and then fall back and gave weekly closing at 48702.
Now, what next???
Gold has its support at 48500 and resistance at 49600.
Break and sustain below 48500 will take it to 47500. Close below 47500 will see more and more downside panic till 46600—45000 levels.
Fresh buying will do on a close above 49600 levels.
Trade safely with the levels only.
Silver (March)
In our last weekly update, we had recommended that below 63700 Silver could see downside move till 62300 and then to 60600—58000 levels. Also, indicated on the chart that it will take bounce back or correction and then fall back as it rose till 66848 and then fall back and gave weekly closing at 64764.
Now, what to expect??
Silver has its support at 63600 and resistance 67000.
Break and sustain below 63600 could see downside move till 62300. Close below 62300 will see more and more downside panic till 60600—58000 levels in days to come or else it could test its resistance again.
Fresh buying will do on a close above 67000 levels.
Trade safely with the levels only.
Base Metals
In our last weekly update, we had recommended that below 220 Zinc could see downside move till 216.50 and then to 212–208 levels with a resistance of 224. It made low of 213.15 and gave weekly closing at 213.45.
Copper (Jan)
Last week we have seen range-bound trading in Copper between 603 and 617 levels and gave weekly closing on a negative note at 605.10.
Copper has turned negative for the time being as it has been trading below the technical indicators like Super trend (10, 3) and 200, 100, 55, and 21 EMA periods on four hourly charts and also seen divergence on RSI (14) for the downside.
Copper has its support at 602 and resistance at 611–617.
Break and sustain below 602 will take it to 590 and then to 585–580 levels in days to come or else it could test its resistance again.
On the other hand, if it manages to hold its support level of 602 and breaks above 611 then could rise till 617. Close above 617 could take it to 632++ levels.
Trade safely with the levels only.
Energy – Natural Gas (Jan)
Last week we have seen range-bound trading in Natural gas with huge volatility and in a big range of 190 and 212.70 but given weekly closing on a positive note at 200.30.
Technically Natural gas looks positive on the chart as it has been trading above 200, 100, 55, 21 EMA periods and super trend (14).
Now, what to expect??
Natural gas has its support at 188 and resistance at 205.
Break and sustain above 205 will see upside move till 225—235 or else it could test its support again.
(Risky traders can buy Natural gas around 200—195 for the upside target of 215—225 and 235 with support and stop loss below 188.)
Fresh selling will do below 188 levels.
Trade with the levels only.
Traders can trade safely with levels in above mentioned MCX Commodities. More will update during market hours on our Blog, Telegram Channel and WhatsApp Broadcast. Click on the banner given below to join our FREE WhatsApp Update Service.
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