Gold & other MCX Commodities weekly support and resistance levels.
Overview:- MCX Gold falls drastically from 55540 continuously and touched 45861, where bears did their job in a good manner but after arriving at 45861 level which is a strong key support level, we have seen a strong counter-attack from bull’s counter. The way bulls are reacting it seems like gold has bottomed out and headed to the north side.
Yellow metal has its support at 45800 and resistance at 46850.
Trade idea: Based on the chart and above studies, we would recommend to our traders and investors to go for buying around 46200 for the upside targets of 46850—47500 with stop loss below 45800 on a closing basis.
Overview: By looking at the daily chart, we can see that buyers are showing their potential in the market. MCX Silver is showing upside momentum as compared to Gold. From the technical perspective, Silver is forming an uptrend line, the swings are making successively higher highs and lower highs. In the chart, the bulls are showing their strong side in the market.
From the technical view, we can see that market is going in an uptrend which is providing us bullish signals, and above 69800 levels bulls are in an aggressive mood. On the 4 hourly charts, the silver is trading above all the major and minor EMA lines which is provides us bullish signals. The odds are in favor of bulls, so it’s better to keep eye on the buy-side. The major support level is 67850 followed by 66000 and the resistance is 69500 followed by 70000. Intraday bias is back on the upside and further rise would be seen to retest 71500 highs.
Trade idea: Based on the chart and studies, we would recommend to our traders and investors to go for buying at 69800 for upside targets of 71500—72000++ levels with stop loss of 67850.
Overview:- From the technical perspective, we can see that market is rising and every swing is making successively higher highs and higher lows. The odds are in favor of bulls and we will keep our view bullish on the copper as long as the 670 level remains intact as support. The major support 660 followed by 650 whereas the resistance level at 698 followed by 720.
Copper has support at 660 and resistance at 720.
Tread idea:- Traders and investors are advised to buy the Copper at 670 level for the target of 698—720 levels with a tight stop loss of 660 on an hourly closing basis.
Overview:– By analyzing the daily technical chart, we can see that Natural Gas is doing well and heading towards the north direction. From the technical perspective, we can see that a short-term rounding bottom pattern formed. Short to intermediate-term trend is positive. So in an uptrend market, buy on dips will be the best profitable strategy. Well, bulls are already taken up the charge and they will get more aggressive above the 228 level.
Natural Gas (March) has its support at 212 and resistance at 223.
Trade Idea: – Based on the chart and study, we would suggest that aggressive traders may go long above 223 levels for the upside target of 239—247 and 260 level with strict stop loss below 198 level whereas positional traders are advised to set aside and wait for a clear signal.
Traders can trade safely with levels in above mentioned MCX Commodities. To get real time commodity market news and updates on your WhatsApp, click on the banner given below.
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