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

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

MCX Commodities weekly levels 25 Apr

 

Major MCX Commodities support & resistance levels for upcoming week

 

 

Gold (June)

 

Technical Support & Resistance of MCX Gold
Technical Chart of Gold

 

In our last week’s MCX Commodities update, we recommended that above 47700 MCX Gold will see an upside rise till 48600—49300 levels where it made a high of 48429 close to our initial target and slipped.

Now, what to expect??

Gold key support levels: 47350—47000—46500 and key resistance levels: 48050—48600.

Break and sustain below 47350 will see further downside panic till 47000. More and more downside moves will get to see on a close below 47000 till 46500++ levels.

Fresh upside rally we can expect in gold on a close above 48600. Above 48600 it could test 49700—50000++ levels.

Trade with the levels only.

 

 

 

Silver (May)

 

Technical Support & Resistance of MCX Silver
Technical Chart of Silver
 

Last week we recommended in MCX Silver that above 69300, it could test 70900 and further upside move on a close above 70900, where it made high of 70425 and slipped.

Now, what to expect??

(Note: 70900 level work as major resistance)

Silver key support levels: 68300—67800—66000 and Silver key resistance levels: 69700—70450—70900.

Break and sustain below 68300 will take it to 67800. Close below 67800 on a daily basis will see more and more downside move till 66800—66000 levels or else it could test its resistance again.

Fresh upside rally we can expect in Silver on a close above 70500—70900 levels. Above 70900 it could test 72500—73000++ levels.

Trade safely with the levels only.

 

 

Base Metals

 

Our weekly recommendation in Copper once again proven great as we recommended that above 720 copper will see 733—746 levels on the upside, where it skyrocketed above 720 and made a high of 735.90 and our initial target of 733 achieved successfully with a gain of 13 rupees.

 

 

Nickel (May)

 

Technical Support & Resistance of MCX Nickel
Technical Chart of Nickel
 

We observed last week that while other base metals were making higher highs, Nickel stuck in the range but in the end, it gave closing with “hammer candle” on the weekly chart and with a bullish candle on the daily chart which is showing strength for the upside and could break its range for the upside in the upcoming week.

A technical indicator like the super trend (standard 10, 3) standing below the trading price on the daily and trading above 200 days moving periods supporting our positive view in it.

Now, what to expect??

Nickel has its support at 1205 and resistance at 1255—1277.

Break and sustain above 1255 will take it to 1277. A close above 1277 on a daily time frame will give more and more upside move till 1300–1315 levels in days to come or else it could test its support again.

On the other hand, if it breaks below 1205 levels, it could test downside levels of 1190—1170.

Trade safely with levels only.

 

 

Energy

 

Last week we recommended that Natural gas above 202 will see an upside move till 211 and then 220—225 levels, where it made a high of 208.70 and also we are holding long in it from the level of 192.

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 215–223.

Break and sustain above 215 will see an upside move in Natural Gas till 223. A close above 223 on a daily time frame will see more and more upside move till 230—235++ levels in days to come or else it could test its support again.

Fresh selling will do on a close below 205 levels.

Trade with the levels only.

 

 

Traders can trade safely with levels in above mentioned MCX Commodities. To get real time FREE Commodity market updates on your WhatsApp, click on the banner given below.

 

Commodities 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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