Hope you all are getting benefits of our weekly and daily levels of MCX Commodities. Let’s have a look on our previous week’s levels performance. Almost all support and resistance levels worked well. Be it Gold, Silver, Base metals or Crude or Natural Gas. Almost all commodities respected given support and resistance levels or after breaking respective support and resistance levels achieved mentioned further targets.
Now, let’s have a look at weekly support and resistance levels of Major MCX Commodities
Gold struggled to build the previous week’s inflation-fueled rally and closed in negative territory, it tried to regain its traction on Wednesday, but failed to gather enough bullish momentum to move above it’s June highs.
RSI on the four hourly chart slipped below 50 levels staged some technical correction.
For the coming week 48700 will act as a immediate support, any trading action below this may take it towards 48500, 48275. Below this it may slip towards 48100 to 48000 which will act as strong support and reversal zone for Gold. If it breaks that levels then we may see pain till 47750 — 47550.
For upside 49100 will act as a resistance. Above this upside hurdles would be 49320–49380 zone above that it may try to touch it’s last week high of 49610. Any move beyond that will open gates for further targets of 49750–50000.
Silver has finishes the week on the wrong foot, despite falling US bond yields, it remained subdued, trendless throughout the week.
On the technical front, as we have also mentioned last week, Silver has portrays an inverted head and shoulders on the daily chart. However, it would need a confirmation above the neckline though Friday’s price action witnessed a daily close below the neckline.
If we talk about the technical levels. Silver immediate support zone is at 65150 to 64950. Below this level we may see some panic in it till 64500–64150. 63700 to 63500 will act as strong support and reversal zone and can be used as stop loss to buy on dips.
On the upside 66300 will act as immediate resistance zone above that we may see levels till 66860 and then 67240. Any move beyond 67670 will take it 68700 and then 69500 in coming days.
Last week as mentioned in our weekly levels Copper took U turn from it’s resistance levels of 746. During the week it made high 746.80 and then marked low 709 and finally gave closing at 734.35.
Now the immediate support is around 723 levels. Below this next support levels would be 715 and then 705. Below 705, 690–680 will act as strong support and reversal zone.
On the upside strong resistance zone is at 740–750. From there we may see some pressure in Copper. If it breaks that levels then next targets would be 766 and then 775.
Nickel has taken support of 50 EMA on the daily chart, suggesting the lows of 1484 will be the major support in the near term.
Now for this week it has immediate support around 1518–1515 zone. Below that we may see 1499 — 1484 and then 1470
On the upside, above 1534–1535 next target would be 1546–1560 and then 1579. 1580—1585 is the reversal zone for Nickel. If it sustains above that then we may see more rally in this towards 1601–1610–1625++ in coming days/ week.
Last week we have mentioned that Zinc is forming triangle pattern and ready to give one sided big move. Our support levels were 275–274 below that our target was 259. As expected last week it broke it’s support zone and took reversal from our final target. made weekly low of 259.55.
Now, Immediate support is at around 259–258 zone. Below this we may see 255 and then 251. From there we may see some bounce back in it. Buy on dips would be advisable strategy.
On the upper side 269–270 will act as immediate resistance zone. Above that we may see 275–281 and then 285 in coming days.
In our last week’s levels our support zone for Aluminium was 208 and below that we have given target of 203. It broke 208 then made weekly low of 203.65. Touched multiple time that zone and then reversed.
Now, immediate support zone is at 208–206 one can use this dip to buy on lower levels. Strong support and reversal zone at 203–201. Below this we may see panic till 196.
Immediate resistance is at around 213 above that we may see price till 217 and then 220.50–221. Further move will come above that till 228 in coming days.
As expected and mentioned last week we have seen a range bound move in Lead between 190 to 185. But on Thursday it made sudden spike till 196 but immediately came back to 190–189 zone.
Now, this week Lead has immediate resistance zone at 189–191. Above that we may move till 195–196 which will act as strong resistance and reversal zone for it.
Immediate support is around 185 to 184 zone below that we may see 181–179.
Over all lead may again move in a range for this week too. One can buy on dips or Sell on rise keeping strong support and resistance zone as stop loss for respective position.
Crude Oil (December)
Last week we have seen a drastic fall in Crude Oil of around 488 points from it’s weekly high to it’s weekly low.
For this week, Crude Oil has strong support and reversal zone at 5590–5510 and from there we may see some upside move in it. But in case if it breaks these levels then we may see 5410 and then 5360.
Immediate resistance is at 5780–5800 zone. Above that it may move till 5920–5990–6010. From 6010–6080 will act as strong resistance zone and any move above that levels then only we will see fresh rally in Crude oil for 150–200 points.
Natural Gas (Dec)
Natural Gas has immediate support at 368 below that we may see 359 and then 355. 355 to 348 will act as strong support and reversal zone in Natural Gas.
Immediate resistance at 393 above that we may see price till 402–411 and then 420++.
Buying on lower levels would be advisable strategy in Natural Gas.