Dear followers, Hope you all are enjoying our weekly and intraday levels of MCX Commodities and getting benefit out of that. Last week too our levels worked well. Click here to see what we had mentioned in our last week’s blog.
Important Events / Data to look for in the coming week
29th March 2022 (Tuesday) : 07.30 PM : JOLTS Job Openings
30th March 2022 (Wednesday) : 05.45 PM : ADP Non-Farm Employment Change
01st April 2022 (Friday) : 06.00 PM : Average Hourly Earnings m/m, Non-Farm Employment Change and Unemployment Rate
News/development related to Russia and Ukraine war front
Gold spent the previous week in the positive territory. Now for the coming week, geopolitical issues would keep influencing gold, and any risk-off market mood should benefit gold.
Now as far as levels are concerned for the coming week, MCX Gold (May) has support around 52200 level, any sustained move below this level will take it down towards 52000 which will act as psychological support, but if it manages to close below that level on the daily closing basis then we may see levels of 51800—51400. Multiple support is seen in Gold around 51400 levels, breach of the would expose 51200 and then 50700.
Resistance on the upside for the Gold (May) contract is around 52600 level, above this, we may see levels of 52800—-53000. A sustained move above the 53000 would see the upside move towards 53250 and 53600 levels.
Overall the trend of the Gold seems to be upside biased till it is sustaining above the support level, and any dip towards the support zone can be used as a buying opportunity.
MCX Silver Prices has stabilized to the upside amid a broadly subdued tone across the market during the previous. Our mentioned upside target, in our last week’s report, has also been achieved successfully.
For this week, a sustained move above the 69200, may take Silver (May) towards 69700—70000 level. Above the psychological resistance level of 70000 level, we may see 70500—71000. Major Upside move above the 71000 level for the upside move till 71600 and then to 72500 level
The downside support base is seen around 68400 level, below this we may see levels of 67700—67200. A sustained move below 67000 may take it downward towards 66600 and then to 66000, where we may see a bounce back.
During the previous week, Crude seems to be sideways with upward bias during the previous week, and all the dips are being bought by the traders.
For this week, above 8750 we may see the levels of 8900—9000 can be seen on the charts on the upside. Sustainable trading action above 9000 may take it higher towards 9250 and then to 9400. We may expect some consolidation around 9400—-9500 zone.
The first downside support to watch out for is 8500 level, if Crude (April) ables break that level then it may slide towards 8320—8220 zones, where it may take some support. Any sustained weakness below the 8200 may take it down towards 8000 and then to 7750 levels.
Natural Gas has climbed higher during the week, and also achieved our mentioned targets in our last week’s blog.
Looking at the price action, we see that Natural Gas has broken high of 2nd February 2022 . Now for the coming week if it maintains to sustain above 412—408, then it will remain positive for this week also. Any sustainable trading action below 400 may take it down towards 390 and then to 375 levels. Major support for the short term in Natural Gas is around 360.
Sustainable trading action above 425 may take it higher towards 442 and then to 460 level. If it ables to close above 460 levels on a daily closing basis, then we may see previous highs on the charts.
MCX Copper has respected our last week’s mentioned support and resistance level, beautifully.
Now for this week, 825—830 will act as a resistance zone, a move above this will take it towards 835—850 levels. Major upside move can be seen above 860 levels for the upside target till its previous all-time high of 887.
Downside support is around 806—800 zone, below this 780 will act as a support level. Any sustained move below 780 will take it down towards 760—740 and then to 710 levels.
Zinc has successfully achieved the upside targets mentioned in our last week’s blog.
For the coming week immediate support is around 332 levels below this level 330 will act as a support, 327—323 will act as a strong support and reversal zone, where we can see a bounce back.
For upside, a sustained move above 340 level may take it higher towards 350—-363 and then to 370 levels.
Aluminium has witnessed both side movements in the previous week.
As far as levels are concerned for the coming week 283—277 zone will act as a major support zone, sustainable trading below that level may take it downwards toward 270—-265 levels, where we are seeing major support level. But if Aluminium is able to break that level then 250—240 can also be seen on the charts.
For upside, the resistance level to watch out for is around 295 level, sustained move above this may take it higher towards 300—310—-320 levels.
Lead is moving in a very narrow range for the past few weeks while Nickel has very lesser volumes due to trade restrictions. Therefore we will update the support and resistance levels of both commodities on daily basis.
So keep following our blog for daily technical levels and strategies of MCX Commodities.
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