Dear Followers, Hope you must be following our weekly and intraday MCX Commodities levels and getting benefit from that. Here are our this week’s Major MCX Commodities weekly support and resistance levels. Have a look!
Last Week’s Recap
Last week we have seen selling pressure in almost all MCX Commodities. We have seen this turmoil after the FED’s indication of aggressive interest rate hikes in futures also, along with fear of recession in Major Economies of the world.
In the Base Metals counter ZINC and COPPER hit worst during last week. ZINC, From its weekly high of 304.50 to its weekly low of 274, has shed almost 30 Rs which is an almost 10% decline. COPPER too broke its 52-week low.
In Bullion counter, we have seen one-sided selling in SILVER.
On the other hand, GOLD witnessed a range-bound trade during the week but on Friday after Govt. of India increased the import duty on Gold by 5% (Earlier it was 7.5% and now it has increased to 12.5%). We have seen a sharp up move in Gold prices however on the Comex division GOLD broke its important support level of $1800 during the week but managed to give weekly closing above that level.
Still, fear of Sell on rise in bullion counter is expected to be there in the coming week too.
This Week’s Important Data and Events
In the coming week, Wednesday (06th July 2022): would be the day to keep an eye on. On that day we have Final Services PMI, JOLTS Job Openings, ISM Services PMI Data along with FOMC Meeting Minutes.
Thursday (07th July 2022): ADP Non-Farm Employment Change, Unemployment Claims Data along with Natural Gas & Crude Oil inventories.
On Friday (08th July 2022): We have Average Hourly Earnings m/m, Non-Farm Employment Change, and Unemployment Rate Data to look for.
Technical View of Major MCX Commodities
Copper (July) has immediate support around 670 levels any sustainable trading action below this may take it downwards towards 662—-655 and below this it may slide further towards 650 levels. The crucial level to watch for is 650, if the ongoing downtrend continues for the week ahead, it may take a halt around that level. Break of this will lead to further downside.
Upside resistance is around the 685—690 level, sustainable trading action above this may take it higher towards the 700—-713—-720 level. A fresh upside move can only be seen above the 720 level for the upside move towards 730++ levels.
Aluminum (July) has a resistance level of around 213 level. A sustainable close above this will see the upside move towards 218 and then to the 222 level. Cross above 222—225 zones then it will touch 230 and then 237++ in the coming days.
On the downside, the support is around 205, below this, we may see the level of 200. Major support is at 200–199 zone, if it breaches that level then we may see levels of 194—-187—181 on the charts.
Zinc achieved our previous week’s downside levels successfully, traders who have followed must have minted money in it.
It has an immediate resistance at 290. Above that, we may see 295—–300—–307 levels on the charts. A major upside move can be seen above 310 level for the upside move towards 316++ levels.
On the downside, immediate support is around 273, below this, we may see the level of 267—262. A fresh downside move can only be seen below 260 for the move towards the 255—-250 level.
Lead (July) for the coming week, the resistance level will remain at 178, sustainable trading action above this may take it higher towards 181 and then to the 184 level. Around 184 is the strong resistance zone and from there we may see a downward move in it.
Immediate support is around 173, below this level of 171 can be seen on the charts. Sustain move below the 168, may push it downwards towards 165 level.
Gold has given a downward sloping trendline breakout on the charts, with the big green marubozu candle. Technically this pattern shows the control of bulls.
As we have mentioned in our previous week’s blog; a sustainable break from the 51200 will lead to further upside in the coming days. That strategy has worked well.
Now in the coming days, Gold has a support zone around the 51300—50880 level. Any sustained move below this level will take it down towards 50600—50400—-50180. If it manages to close below 50000, which is a crucial support level and also acts as a psychological support level, then we may see levels of 49750—49400 in the coming days.
Resistance on the upside for the Gold is around the 52200–52300 zone. Above this, we may see levels of 52500—-52800. A sustained move above the 52900—53000 would see the upside move towards the 53500—-54000++ in the coming day.
In the Comex division, Gold has a resistance zone at $1845 to $1852. Downside support zone is at $1785–$1780.
Silver has continued its downside trend and continued to make lower higher and lower lows on the chart. Our mentioned downside target was achieved successfully.
Sustained a move above the 58500, may take Silver towards its immediate upside target of 59000—59600—-60000 level. A sustained move above the 60000 level on four hourly closing basis may take towards 61600 and then to 62000 level.
The immediate downside support base for this week is seen around the 57500 level. Below this we may see levels of 57000—56500—-56000. A sustained move below the 56000 may take it downward towards 55400 and then to 54800.
Crude Oil has a wide trading range during the previous week, mostly impacted by the Global news.
For the coming week, it has resistance around 8900–9000 level, sustainable trading action above this may take it higher towards 9100—9200 levels. A major upside move we can see on a sustainable close above the 9200 level for the upside target of 9400 and then to 9650++ levels.
It has immediate support around 8250–8150 zone. Below this, we may see 7950–7850 and then 7750. From 7750 to 7650 we have a good support zone and Crude might bounce from those levels.
Natural Gas is in a downtrend, our previous week’s mentioned targets were achieved successfully.
Now for the coming days downside, immediate support is around 440–435 zone. Below this we may see the level of 418—405. Major support is around 400 if NG breaks that level then we may see the level of 385 and then to 360 on the downside.
Upside resistance is around 490—510. A sustainable breach above the resistance level will take it towards 525—-535 and then to the 545 levels.
Above 545, NG will likely approach 575++ levels on the charts.
Trade safely with levels. More will update daily during market hours. For daily levels visit our blog, and telegram channel regularly.
Click on the image given below to get notifications of all of our Updates, Levels, and Recommendation on your WhatsApp.
We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read the disclaimer on our website before investing.