Dear Followers, Welcome to our ‘Weekly MCX Commodity Blog’.
Hope you are following our weekly and intraday MCX Commodities levels and making money from it.
Let’s start this week’s ‘Weekly Commodity Outlook’
Major Events in the upcoming week:
08th June 2022 (Wednesday): Crude Oil Inventories
09th June 2022 (Thursday): Monetary Policy Statement (Europe), Unemployment Claims (US) and Natural Gas Storage
10th June 2022 (Friday): CPI m/m and Core CPI m/m
MCX Gold has respected our previous week’s mentioned level, those who have followed must have minted money.
Now as far as levels are concerned for the coming week, Gold (August) has a support zone around 50800—50700 level, any sustained move below this level will take it down towards 50400—52000 and then to 50000, but if it manages to close below that level on the daily closing basis then we may see levels of 49750—49400.
Resistance on the upside for the Gold is around the 51400 level, above this, we may see levels of 51650—-51850. A sustained move above the 51850 would see the upside move towards 52200—-52500 level.
Huge volatility was seen in Silver throughout the week, still, our mentioned levels were being respected.
From the technical perspective, the 200-weekly period moving average is flat indicating that silver is currently trading in a range.
For this week, sustained a move above the 63000, may take Silver(July) towards the 63600—64000 level. With a sustained move above the resistance level of 64000 level, we may see an upside move towards 64530—65000. The Major Upside resistance to watch out for is 65000, which will also act as a psychological resistance in the coming week.
The downside support base is seen around the 61500 level, below this we may see levels of 61000—60500—-60000. A sustained move below the 60000 may take it downward towards 59400 and then to 58800, where we may see a bounce back.
Beautifully achieved all our mentioned upside targets in last week’s blog.
Now for the week, MCX Copper has a strong resistance zone of 810-815. Sustainable trading action above this zone will take the copper towards 822 and the 844 levels in the coming days. A fresh upside move above 850 will take it higher towards the 880+ level.
On the downside support zone is around 800—796 level, a sustainable breach below the support level will take it downward towards 780—760—741. Major support is around 740 level, from where we can see a bounce back.
Immediate resistance is at around 340. Above that, we may see level 348—–355—–360 level on the charts. A major upside move can be seen above 360 level for the upside move towards 370++ levels.
On the downside, immediate support is around 329, below this, we may see the level of 323—317. A fresh downside move can only be seen below 315 for the move towards 310—-303—295.
Has a resistance level at around 235 level. A sustainable close above this will see the upside move towards 240 and then to the 244 level. Cross above 243—248 zones then it will touch 255 and then 262++ in the coming days.
On the downside, the support zone is around 230—-228, below this we may see the level of 224. Major support is around 218, if aluminum breach that level then we may see levels of 211—-205—200 on the charts.
Has a resistance level at 186, sustainable trading action above this may take it higher towards 189 and then to 192 level.
Immediate support is around 182, below this level of 180 can be seen on the charts. Sustain move below the 180, may it downwards towards 177 level.
NG has strong resistance around 680 levels. Sustainable trading action above this level will take the NG towards the 707—727—742 level in the coming days. A fresh upside move above 750 will take it higher towards the 775+ level.
On the downside support zone is around the 736—609 level, a sustainable breach below the support level will take it downward towards 575—550—533. Major support is around 505 level, from where we can see a bounce back.
MCX Crude Oil has an immediate resistance around 9320 levels of sustainable trading action above this may take it towards 9450—-9600—9740.
A major upside move can be seen above 9800 levels for the upside move towards 10000, which may also act as a psychological resistance level.
Downside support is around the 9100 level, sustainable trading action below this level may take it downwards towards 9000 and then to 8800. The immediate downside support zone on weekly basis is around 8750—8600, which will act as a reversal zone. If it ables to breach that level then we may see the level of 8400 on the charts.
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