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Home » Weekly Update – Major MCX Commodities technical support & resistance levels along with trading strategies on same.

Weekly Update – Major MCX Commodities technical support & resistance levels along with trading strategies on same.

MCX Commodities Weekly Levels 3 to 8 May 2021

 

 

Major MCX Commodities support & resistance levels for upcoming week

 

 

Bullions – Gold (June)

 

MCX Commodities Gold
Technical Chart of Gold

 

Our last weekly update on Gold proven great as we recommended that below 47350 levels it will see downside panic till 47000 and then to 46500 levels, where it made low of 46462 and both our downside targets achieved successfully.

Now, what to expect??

Gold key support levels are 46400–46200—45700 while key resistance levels are 47000—47300–47650.

MCX Gold traded and closed around its important support level of 46500. Also, trading around the support level of 38.2% of Fibonacci retracement of its rally from 43300 to 48429, suggesting that gold could take a U-turn from the range of 46500—46300.

If Gold holds its support level of 46400 then we can expect a rise till 47000—47650. More and more upside move will get to see on a close above 47650 till 48500++ levels.

Fresh selling will do on a close below 46200 on a daily time frame could see further downside panic till 45800—45700 levels.

Trade with the levels only.

 

 

Silver (July)

 

MCX Commodities Silver
Technical Chart of Silver

 

Our last weekly update on Silver (May contract) proven great as we recommended that below 68300 levels, it will see downside panic till 67800 and then to 66000 levels, where it made low of 66971 and both our initial downside targets achieved successfully.

Now, what to expect??

Silver key support levels are 67800—66800 while key resistance levels are 69200—70000.

If Silver holds its support level of 67800 then we can expect a rise till 69100—70000++ levels in days to come or else it could test its support again.

Fresh downside panic will do on a close below 66800 on daily basis.

Trade safely with the levels only.

 

 

Base Metals – Nickel (May)

 

Commodities Nickel
Technical Chart of Nickel
 

Our weekly recommendation in Nickel again proven great as we recommended that above 1255 Nickel will see 1277 and then to 1300—1315 levels on the upside, where it made high of 1320 and all our targets achieved in it with a gain of 60 rupees.

Now, what to expect??

Nickel still looks positive, Support at 1280 and Resistance at 1320.

Break and sustain above 1320 will take it to 1360—1375 or else it could test its support again.

Fresh selling will do on a close below 1280.

Trade safely with levels only.

 

Energy

 

Now, it has been three weeks where we recommended buying Natural gas from 192 levels and almost we caught the whole rally in it. This last week we recommended buying above 215 for the upside target of 223—230 and then to 235, where it made 222.90 and our initial target achieved in it.

Now, what to expect??

 

Natural Gas (May)

 

Technical Chart of Natural Gas
Technical Chart of Natural Gas

 

Natural gas has its support at 205 and resistance at 224

Break and sustain above 224 will see an upside move till 240. And then to 250—260 in days to come or else it could test its support again.

(Traders can buy Natural gas either above 224 or on dip around 210.)

Fresh selling will do on a close below 205 levels.

Trade with the levels only.

 

 

 

Traders can trade safely in above mentioned mcx commodities with given levels only. To get real time MCX commodities updates, news and recommendations on your WhatsApp. Click on the banner given below.

 

MCX Update on WhatsApp

 

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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