Major MCX Commodities this week’s (27th June to 01st July 2022) weekly support & resistance levels.
MCX Commdoities – GOLD (August)
Gold posted a loss for the second straight week, near term technical outlook reveals that buyers remain on the sidelines.
It has a support zone around 50500—50400 level, any sustained move below this level will take it down towards 50200—50000. If it manages to close below 50000, which is a crucial support level and also acts as a psychological support level, then we may see levels of 49750—49400 in the coming days.
Resistance on the upside for the Gold is around the 51200 level, above this, we may see levels of 51500—-51800. A sustained move above the 51900—52000 would see the upside move towards the 52500—-53000 levels.
SILVER (September)
Silver during the previous week, fall from highs weighed by a buoyant greenback amidst a mixed market mood. Majorly recession fears and a robust greenback drag the prices down.
For the coming week, a sustained move above the 61000, may take Silver (September) towards its immediate upside target of 61500—62000. Further, a move above 62000 level on four hourly closing basis may take towards 62600 and then to 63000 level.
The immediate downside support base for this week is seen around 59400. Below this, we may see levels of 59000–58500–58000 on the technical charts. A sustained move below the 58000 may take it downward towards 57400 and then to 56800, where we may see some bounce back.
Overall all the base metals were in a downtrend throughout the previous week. Now for the coming week ahead, we are expecting the following levels in Base metals commodities:
COPPER (July)
It has immediate support around 687 levels any sustainable trading action below this may take it downwards towards 680—-671 and below this, it may slide further towards 657 levels.
The crucial level to watch for is 650, if the ongoing downtrend continues for the week ahead, it may take a halt around that level. Break of this will lead to further downside.
Upside resistance is around the 703—707 level, sustainable trading action above this may take it higher towards the 715—-722—-729 level. A fresh upside move can only be seen above the 730 level for the upside move towards 745++ levels.
ALUMINIUM (July)
It has a resistance level of around 212 level. A sustainable close above this will see the upside move towards 218 and then to the 222 level. Cross above 222—225 zones then it will touch 230 and then 237++ in the coming days.
On the downside, the support is around 207, below this, we may see the level of 201. Major support is around 200, if aluminum breach that level then we may see levels of 194—-187—181 on the charts.
ZINC (July)
It has an immediate resistance as well as a psychological level of around 300. Above that, we may see level 307—–315—–322 level on the charts. A major upside move can be seen above 325 level for the upside move towards 335++ levels.
On the downside, immediate support is around 290, below this, we may see the level of 282—275. A fresh downside move can only be seen below 275 for the move towards 270—-265—260.
LEAD (July)
For the coming week, the resistance level in Lead will remain at 178, sustainable trading action above this may take it higher towards 181 and then to the 184 level.
Immediate support is around 175, below this level of 173 can be seen on the charts. Sustain move below the 171, may it downwards towards 168 level.
After a massive downside correction, natural gas seems to be moving in the oversold territory, as per the daily RSI.
NATURAL GAS (July)
Now, for the coming week, Natural Gas (July) has the support of around 480 and a resistance level of around 510.
A sustainable breach above the resistance level will take it towards 522–532 and then to the 540 levels.
Above 540, NG will likely approach 565++ levels on the charts.
Any breach below the support level of 480 will take it down towards 460—440—420. Major support levels are around 400.
Overall we are expecting some bounce towards the upside.
Crude Oil Weekly levels we will publish on Monday.
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