Dear Followers, Welcome to our ‘Weekly MCX Commodities Blog’.
Hope you are following our weekly and intraday MCX Commodities levels and making money from it.
Our weekly levels worked perfectly well and respected our given support and resistance levels.
Please click here to read what we had given in our last week’s Weekly Blog Update.
Now, what to expect in the coming week:
Major Events in the upcoming week.
24th May 2022 (Tuesday): Fed Chairman Powell’s Speech
25th May 2022 (Wednesday): FOMC Meeting Minutes
25th May 2022 (Thursday): Prelim GDP q/q and Unemployment Claims
26th May 2022 (Friday): Core PCE Price Index m/m
LTP 50829, Gold has an immediate resistance zone at 50960 to 51170. Above that, it may touch 51500, 51760, and then 52040++.
On the downside, the immediate support zone is from 50350 to 50150. From there it may take a bounce and move towards upside again. But if it breaks these levels too then it may touch 49810 and then 49550. Any sustainable move below 49550 will take Gold down towards 49240 in the coming days.
Buying from lower levels is a suggestable trading strategy in Gold.
This week’s FOMC meeting minutes and market sentiments will play crucial roles in Gold and Silver prices.
LTP 61407, Immediate resistance zone at 61900 to 62050, any sustainable move above these levels will take Silver to 62550 to 63000.
The fresh major move will come in Silver once it sustains and close above these levels.
On the downside support zone is at 60500 to 59950. Chances are very high that it will reverse from these levels.
But if it breaks these levels then may touch 59150 and then 58200 in the coming days.
LTP 771.60, Strong resistance zone at 778 to 780.50. Any fresh move above these levels will take copper to 790—795 and then further till 810 in the coming days.
While on the downside immediate support zone is at 765—759. Any sustainable move below 759 will take copper to 750—745 and then 739 in the coming days.
LTP 319.20, Immediate resistance zone is at 322 to 325. Above that, we may again see a fresh bullish move in Zinc till 331 and then 336++ in the coming days.
On the downside, immediate support is at 314 below that it may touch 311 and then 307. A further bearish move we will witness once it closes below 307 for a further 5 to 6 rs downside move.
LTP 248.40, Immediate resistance zone is at 250 to 252.50. Cross and sustains above these levels then it will touch 258 and then 264++ in the coming days.
On the downside support zone is at 244 to 241 from there it may bounce back but if breaks these levels too then it may touch 234 and 230 in the coming days. Very strong support is at 228
LTP 184.20, Resistance is at 185 to 186 above that targets would be 188 to 189.
Support is at 179 to 178 below that it may touch 176 and then 174.
Overall moving a range only. Buy near support and sell near resistance is an advisable strategy.
Nickel has no volume in it.
CRUDE OIL and NATURAL GAS
Crude Oil and NG have very big trading range also reacting very volatile so will publish technical levels of the same on daily basis on our blog. Keep visiting our website and following us!
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