Dear Followers, Welcome to our ‘Weekly MCX Commodities Levels’.
We hope that you must be following our weekly levels carefully and making money from the market.
Have a look at our last week’s levels, and what we had given Click here!
Let’s have a look at last week’s market summary:
Bullion: In the Bullion counter, we have seen pressure since the beginning of the week. From its weekly high to weekly low Gold crashed by almost 1700 points. While silver hit most crashed for almost 4450 points. The good thing is that Silver didn’t give a weekly close below 58000 levels. Will it U-turn from here? We will discuss the same in our blog.
Base Metals: Last week base metals commodities gave in a sideways to downside move. In the later part of the week, we have seen pressure in Aluminium, Zinc and Copper. In which Zinc hit the most from its weekly high of 325.95 to weekly low of 301, we have seen a downfall of almost 25 Rs in it.
Energy: Crude Oil and Natura Gas both crashed during the beginning of the week and later showed a bullish move. Crude Oil exactly took reversal from our mentioned reversal zone of 7700—7600 (Made weekly low of 7654) From there it closed the week near to its previous week’s closing levels. On the other hand, Natural Gas crashed below our mentioned support levels of 570. From 570 to 520 (Our 2nd target) gave a clean move of 50 points.
Now, what to expect in the coming week?
Major Events in the upcoming week to look for:
May 17th: Core Retail Sales m/m and Retail Sales Data m/m will release. Also, we have FED Chairman Powell’s speech on the same day.
May 19th: Philly Fed Manufacturing Index, Unemployment Claims and Existing Home Sales data will release
Besides all these Britain, Europe and Canada will release their inflation data which might have some impact on the Global as well as on Indian Market.
Weekly and Intraday Levels of Major MCX Commodities
GOLD
LTP 49873, Gold has a support zone from 49400 to 49150. Below that we may see panic till 48800—48550—48350. From 48300 to 48100 is strong support and reversal zone and we may see a bounce back from those levels.
On the Comex division, we have strong support at $ 1780 and below that, it may touch $1760 to $ 1754 on the downside.
Talking about resistance, MCX Gold has immediate resistance at 50250—50300. Above those next targets would be 50600—50900—51100. From 51150 to 51400 is the stong resistance zone. Cross and sustain above this then only we will see further bullish move in Gold. Else it may take reversal from these levels.
SILVER
LTP 59332, Silver has support at 58000–57900 and below this we may see a heavy selling pressure in it which may push Silver to 57000 and then 56000 levels too.
On the upper side resistance is at 60100 to 60300, Cross and sustain above that will lead Silver to 61500—62050 and then till 62550++ in coming days.
CRUDE OIL (JUNE)
LTP 8388, Immediate resistance is at 8450—8500 above that targets would 8670—8720. Cross and sustain above these levels will lead Crude to 8850 and then 9000. Else we might witness a reversal from these levels.
Downside immediate support at 8125—8040 and we may see a bounce back. But if it crosses these levels then downside targets would be 7850—7700. Very strong support and reversal zone 7650—7550.
NATURAL GAS
Last week too Natural Gas traded in a very big range so we will give Natural Gas levels daily intraday on our blog. Don’t miss to follow that.
LEAD
LTP 180, Downside support at 177 and from there we may see a bounce back in it.
Immediate resistance is at 181.50 above that it may move to 183.50—185. Above 186 it may touch 188—189 again which is a very strong resistance level and one can sell near that.
Buy on dips and Sell on rise would be an advisable strategy in Lead.
COPPER
LTP 752.95, Resistance zone at 760—764. Cross and sustain above that will take it to 774 and then 780++ in the coming days.
Immediate support is at 745, below this we may again see panic till 738—735—732. From 732—728 is a strong support and reversal zone. But if it breaks these levels too then targets would be 720—710 in the coming days.
ZINC
LTP 308.25, Immediate resistance is at 311, above that it may touch 317 and then 322. The fresh upside move we will witness once it crosses and sustains above 322.
Downside support zone 299—293 and one can look for buying opportunities near these levels.
ALUMINIUM
LTP 236.35, Resistance zone at 242—245. From there it may take reversal, but if it crosses and sustains above those levels then it may touch 250—254 in the coming days.
Aluminium has a support zone at 228—223 and it can again take reversal from those levels. One can look for buying opportunities in this zone.
But if it breaks these levels too panic can continue till 215 levels.
NICKEL
No view in Nickel as it has no volume in it.
These are major support and resistance levels of mcx commodities. For Daily levels follow our evening session MCX Levels.
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