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Home » MCX Weekly Update – Major MCX Commodities weekly support & resistance levels along with trade ideas on same.
Basemetal Commodity weekly update Crude & Natural Gas Full Mcx Gold & Silver

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

MCX Commodities Weekly Update 11 to 15 Jan 2021

Weekly Technical Support & Resistance Of Major MCX Commodities

 

 
 

Bullions- Gold (Feb)

 

Technical Chart of MCX Commodities Gold
Technical Chart of Gold

 

In our last week’s mcx commodities update, we had recommended that above 50600 Gold could see upside move till 51100 and then to 52000—52500 levels, where it made high of 51875 and then slipped till 48818.

Gold has broken its major support levels of 49650 and closed at 48967 levels. Also, given closing below 100, 55 and 21 EMA periods and super trend (10, 3) suggesting that trend has turned negative.

Now, what next???

Gold has its support at 48600 and resistance at 50000.

Break and sustain below 48600 will take it to 47500. Close below 47550 will see more and more downside panic till 46600—45000 levels.

Fresh buying will do on a close above 50000 levels.

Trade safely with the levels only.

 

 
 
 

Silver (March)

 

Technical Chart of MCX Commodities Silver
Technical Chart of Silver

 

In our last weekly update, we had recommended that above 70000 Silver could see an upside move till 71700 and further upside move above 71700 where it made high of 71550 but not able to cross 71700 levels and below our previous weekly support level of 67500 crashed till 63719.

Silver has broken its major support level of 65500 and given weekly closing at 64231 levels. Also, trading below technical indicators like Super trend (10, 3) and EMA 21 and 55 periods with downside divergence on RSI (14) on the daily chart suggesting that trend has turned negative.

Now, what to expect??

Silver has its support at 63700 and resistance at 67000.

Break and sustain below 63700 could see downside move till 62300. Close below 62300 will see more and more downside panic till 60600—58000 levels in days to come or else it could test its resistance again.

Fresh buying will do on a close above 67000 levels.

Trade safely with the levels only.

 

 
 
 
Base Metals – Zinc (Jan)

 

Technical Chart of Zinc
Technical Chart of Zinc

 

In our last weekly update of Zinc, we told that Zinc has been trading in a wide range from last 6 to 7 weeks in which it goes near its support level of 212 and take bounce back and every time it went close to the resistance level of 226 it slipped.

Since we had the closing price of Zinc of 214.80 at the time of making the update of last week; we recommended that if Zinc holds its support level of 212 we can expect a bounce-back again till 220—226 levels and that is exactly what happened. It took a bounce back from the level of 214.20 and made high of 226.90 last week.

Now, what next??

Zinc has its support at 220–216.50 and resistance at 224–227.

Break and sustain below 220 will take it to 216.50 and then to 212 levels. More and more downside panic will get to see on close below 212 till 208++ levels.

On the other hand, if it manages to hold its support level of 216.50 then we can expect a rise till 224—227 levels. More and more upside move will get to see on close above 227 till 234—240++ levels.

Trade safely with the levels only.

 

 
 
 
Energy – Natural Gas (Jan)

 

Technical Chart of Natural Gas
Technical Chart of Natural Gas

 

In our last weekly update, we recommended that Natural Gas above 188 will see upside move till 203—208 levels. It made high of 203.20 and the initial target of 203 achieved successfully.

Now, what to expect??

Natural gas has its support at 192 and resistance at 208.

Break and sustain below 192 will see downside panic till 176—170 or else it could test its resistance again.

On the other hand, If it holds its support level of 192 and breaks above 208 then we can expect a rise all the way up to 225—230++ again.

Trade safely with the levels only.

 

 

More will update during market hours…

 

 

Support & Resistance levels of all MCX Commodities will update on daily basis on our Blog, WhatsApp Broadcast & on Our Telegram Channel. Join our Free Update Service on WhatsApp and keep aware about market trends and news. (Click on banner given below)

 

 

Above free information is only for education and knowledge purpose. Kindly read disclaimer on our website before trading / investing.

 

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