Dear followers, week after week once again our weekly mcx commodities support and resistance levels hit bull’s eye, and hope you must have booked profit as per our levels and recommendations. Click on the link given below and read what we had mentioned last week in our weekly blog.
Now, let’s have a look at weekly support and resistance levels of Major MCX Commodities along with trading views on the same.
We had given weekly support in Gold at 48250 in our last week’s mcx commodities weekly levels. Below that our target was 48120 and 48950 which was the reversal zone for an entire week. Gold took support from the mentioned zone and gave a good move towards the upside. Hope you must have minted money on both sides.
Now for this week, Gold has strong support and reversal zone at 47790–47770. From there it could bounce back. But if it breaches that level then downside targets would be 47530–47400 and then 47300.
On the other hand, it has an upside resistance zone at 48370–48500 and from there it can cool down. Major upside move will come only if it crosses and closes above 48550 levels for next targets of 48780–48875 and then 48980.
Overall like last week, a range-bound momentum is expected this week too due to Christmas and New year holidays. Buy near support or Sell around resistance may prove a good strategy to work!
Last week we had given Silver weekly support at 61600–61200 zone, during the week it made a low of 61182 and bounced from there (almost from support levels). On the upper side our weekly resistance was 62500 during the week it did not break that too and made a high of 62489. Thus gave good range bound momentum. Hope those who are following us regularly must have churned good profit from this opportunity.
Now for this week, Silver has immediate support at 61800–61790, and below that it may touch 61470 and then 61200. If it breaches 61200–61150 on the downside then the next targets would be 60800–60570.
On the upper side, resistance is at 62500–62520 above that upside targets would be 62810–62990–63300 and then 63440. Major upside move will come only if it breaches and closes above 63500 then an upside move of 800-1000 further move can witness.
The overall range-bound move is expected during the week. Unexpected spike moves can’t be ruled out so trade cautiously.
In our last week’s mcx commodities report, our support zone in Copper (Dec) was at 734–733, Bang on it made a weekly low of 733 on Monday itself and moved only towards the north side during the week. Our last week’s resistance was 746 above that our targets were till 756, Successfully met all targets.
Now for this week, Copper (Jan) has immediate support at 744–742 zone. If breaches that levels then downside targets would be 738–734–731. 729–726 is a very strong support and reversal zone from there it should bounce back.
The immediate resistance zone is at 750–752 above that target would be 757. Strong resistance and hurdle zone is 758–759. If it breaks and closes above that we may witness a fresh upside rally in Copper.
Overall, Be cautious at the resistance zone and try to find out selling opportunities with small stop loss.
In our last week’s report, we had given support in Nickel (Dec) at 1543, and below that our targets were till 1515 (it made a weekly low of 1516.50 and bounce back). On the upper side, our resistance was at 1563 above that our target was at 1573 (during the week it made a high of 1573.20 and reversed). If you are a cautious follower then you must have booked both sides profit from our levels.
Now for this week, Nickel (Jan) has immediate resistance at 1557–1560 above that next targets would be 1568–1573 and then 1582
Downside immediate support zone is at 1539–1536. Below that it may try to touch 1525–1517–1508.
One can buy on dips near 1508–1504, keep SL below 1492. Hold for positional targets.
In our last week’s report, we had given a support zone of Zinc (Dec) at 278–276. On Monday it made a low of 277 and from there gave one-sided up move. Upperside our resistance zone was 291–292.50. During the week it made a high of 291.85 and reversed from there.
Now for this week, Zinc (Jan) has an immediate support zone at 286–284. If it breaches that level then the next targets would be 280–277–275. Very strong support and reversal zone at 274–271 and one can buy on dips with keeping support zone as SL.
Upside resistance is at 292–293 above that next targets would be 296–301–304++
For the last 3-4 weeks Lead was trading in a very narrow range. Last week it has broken that range and gave a good move of almost 12 Rs from its low to high.
In comparison to the December contract January contract still moving in a very narrow range.
Now for this week, Lead (Jan) has a major resistance zone at 187–189. Break above that next targets would be 191.50–193.
Downside support at 184–183. If it breaches that level then we may see a fall of 2-3 Rs in it. 180–178 is very very strong support and reversal zone.
Overall expected to move in a range. Buy near support levels, keep strong support levels as SL, target upside resistance.
This week Aluminum (Jan) has upside resistance at 229.50–230.50 above that targets would be 233–235.50–238.
Downside immediate support zone is at 224.50–223.50. Below that next targets would be 219.50–217. It has strong support and reversal zone at 217–215.
One can buy on dips.
Crude Oil (Jan)
Last week Crude Oil has moved almost 540 points from its weekly low to weekly high.
Immediate resistance is at 5570–5575. Above that targets would be 5630–5665–5698. Cross above 5715–5720, then we will see upside move till 5800-5845.
Immediate support is at 5470–5430 and from these levels, it can bounce back, but if it breaches these levels then downside targets would be 5330–5280 and 5195.
An overall volatile move can be expected in Crude Oil. Stay cautious.
Natural Gas (Jan)
Immediate resistance is at 287–288. A breach above that next targets would be 295–299 and then 305. A fresh rally will come once it breaks 310–311 for a further 15-20 Rs move.
Downside strong support at 265–264 zone. Below that we may see the panic in Natural Gas.
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