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Home » MCX Weekly Update – Weekly support and resistance levels of Gold, Crude Oil and Nickel.
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MCX Weekly Update – Weekly support and resistance levels of Gold, Crude Oil and Nickel.

MCX Weekly Update

 

MCX Weekly Update

 

GOLD (AUG)

 

MCX Gold Weekly Update
Technical Chart of MCX Gold
 

In our previous weekly update of Gold we clearly mentioned that above 47980 levels we will an upside move all the way to the levels of 48500—48800++ levels, it made high of 48589 and our initial target 48500 achieved successfully.

Now, moving on to the further levels….

Gold has its support at 47700 and resistance at 48600

Break and sustain above 48600 will see an upside move till 49500—49700 levels or else it could test its support level of 47700. More and more upside move will get to see on a close above 49700 levels.

On the other hand, if it is unable to break and close above 48600 and breaks its support level 47700, then we can see downside panic till 46800—46450 levels.

Fresh selling will do on a close below 47700.

Trade with the levels only.

 

CRUDE OIL (JULY)

 

MCX Crude Oil Weekly Update
Technical Chart of MCX Crude Oil
 

Again, Crude oil failed to break its resistance level of 3200 last week and crashed, as we were specifically mentioning in our weekly update that 3200 is a key resistance level and major upside move will only and only do above it.

(Majorly, Crude oil has been stuck in a range where key support is 2600 and key resistance at 3200)

Although, Crude oil has its immediate support at 2850 and resistance at 3000.

Break and sustain above 3000 will see an upside move till 3150—3200 levels. Major upside move will get to see on a close above 3200 levels.

On the other hand, Break and sustain below 2850 will see downside panic till 2700—2650 levels. Major downside panic will do on a close below 2600 levels.

Trade within the given range and wait for it to close either side level of 2600 or 3200 for major moves.

Trade with the levels only.

 

NICKEL (July)

 

MCX Nickel Weekly Update
Technical Chart of Nickel
 

Last week we recommended that below 970 levels Nickel could downside panic till 950-940 as it was seen struggling on the upper level of 995, it made low of 936 in June contract and after achieving our both targets it took sharp bounce back.

Now, moving on to the further levels….

Nickel has its support at 958 and resistance at 976.

Break and sustain above 976 it will test 993—999 again or else it could test its support again More and more upside move will get to see on a close above 1000 levels.

Fresh selling will do on a close below 958 levels.

Trade with the levels only.

 

More will update during market hours.

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