Gold and other Major MCX Commodities weekly support and resistance levels.
We have seen a sharp upside rally in base metals while bullion’s slipped from the top as every one is seeing good recovery post covid-19 pandemic or can say that lockdown specially in Asian developing countries. Even unenthusiastic number from the house of US too did not pushed yellow metal higher. Overall Gold is in a consolidation phase, any negative news from developed economies could trigger an opportunity for buyers at lower levels.
Now let’s have a look on technical support and resistance levels of Major MCX Commodities.
Overview – Gold provided zig-zag movement and traders got opportunity to trade both sides of the market. Well after making a low of 47111 level, we have witnessed a counter attack from bull’s campaign where bulls settled at around 47300 level.
Gold has support at 47000 and resistance at 48400.
Technical View – Based on the daily chart and study, we would suggest that traders can go long in Gold above 47600 on a hourly closing basis for the upside target of 48400 levels with stop loss below 47000.
Based on the monthly chart and study, we would suggest that traders can go long at current market price for the upside target of 51000 with stop loss below 46000 on a closing basis.
Overview – By analyzing the daily technical chart, we can see that overall white metal trend is bullish. It’s just a start and we may see further buying in the silver till 70,000 levels.
If Silver settles above the moving average line of 70000 then we expect more upside rally in days to come. Well we can see both side movement on the daily chart where initially bears are winner and then bulls took the charge from the last couple of days. We can see the bullish sentiments in silver and heading towards north direction.
Silver support at 68000 resistance 70000.
Technical View – Based on the daily chart, we can suggest that traders can go long above 69500 for the upside target of 74000 stop loss below 68000 on a closing basis.
Overview – By observing the daily technical chart, we can see that copper is trading and moving in an uptrend.
From the technical prospective we can see that a clear flag pattern has been posted on the four hourly chart which is providing us further bullish signal till 661 level.
Copper is trading and sustaining above the moving average lines which indicates further strength in the copper and a valid breakout of 200 SMA line suggests us further bullish signal
Copper has support at 631 and resistance at 644.
Technical View – Based on the daily cart and study, we can see that traders or investors can go for buying above 644 for the upside target of 661 or more. Maintain stop loss below 631 on a closing basis.
Overview – By looking at the daily chart, we can see that bulls enjoyed a lot and it seems like they are in party mood again.
Crude oil has bottomed out and shown a sharp rally from 2540 to 4331 level without any hurdle. Well it is just a start and we may see further buying in the crude oil prices till, 4470 and 4600 level.
Crude Oil has support 4150 resistance 4500
Technical View – Based on the daily chart, we can see that traders can go long around 4300 for the upside target of 4500 with stop loss below 4150.
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