Dear Followers, Welcome to our ‘Weekly MCX Commodity Blog’.
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Let’s start this week’s ‘Weekly Commodity Outlook’
Major Events in the upcoming week:
14th June 2022 (Tuesday): PPI m/m and Core PPI m/m
15th June 2022 (Wednesday): Core Retail Sales m/m, Retail Sales m/m, Crude Oil inventories, FOMC Economic Projections, FOMC Statement and Federal Funds Rate
16th June 2022 (Thursday): Philly Fed Manufacturing Index, Unemployment Claims & Natural Gas inventories
17th June 2022 (Friday): Fed Chair Powell’s Speech
Gold (August)
Gold has traded throughout the week in a bit of a choppy range, but during this narrow range also, our mentioned levels have worked successfully, and it respected our support and resistance levels.
For the coming week, we are expecting some expansion towards the upside, in this yellow metal.
Gold (August) 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.
Resistance on the upside for the Gold is around the 51800 level, above this, we may see levels of 52000—-52430. A sustained move above the 52500 would see the upside move towards the 52700—-53000 level.
Stay cautious especially on Wednesday evening and Thursday morning trade as FOMC statement is due on Wednesday at midnight.
Silver (July)
Silver failed to sustain above 63000 level and slipped from there.
For this week, a sustainable move above the 62000, may take Silver(July) towards its immediate upside target of 62500—63000. A further sustainable move above 63000 level on four hourly closing basis may take towards 63600 and then to 64000 level.
The immediate downside support base for this week is 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, from there we may see a bounce back.
Copper
Two weeks in a row, our back-to-back target hit in Copper. This week our first downside target was achieved successfully, and copper closed the week around that level.
Now for the week, it has a strong resistance zone around 798-800. Sustainable trading action above this zone will take the copper towards 812 and then to 823 levels in the coming days. A fresh upside move can be seen above 825 will take it higher towards the 840++ level.
On the downside support zone is around the 775 level, a sustainable breach below the support level will take it downward towards 760—750—741. Major support is around 740 level, from where we can see a bounce back.
Zinc
Throughout the previous week, zinc has formed lower highs and lower lows on the charts. Now for the coming week…
Zinc (June) has an immediate resistance level of around 330. Above that, we may see level 338—–345—–350 level on the charts. A major upside move can be seen above 350 level for the upside move towards 360++ levels.
On the downside, immediate support is around 319, below this, we may see the level of 313—307. A fresh downside move can only be seen below 305 for the move towards 300—-295—290.
Aluminum (June)
Has a resistance at around 235 level. A sustainable close above this will see the upside move towards 240 and then to 244. Cross above 244—248 zones then it will touch 255 and then 262++ in the coming days.
On the downside, the support zone is around 228—-226, 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.
Lead
MCX Commodity Lead. has exactly formed a double top around our mentioned resistance level.
For the coming week also, the resistance level will remain at 186, sustainable trading action above this may take it higher towards 189 and then to the 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.
Natural Gas
Both our mentioned upside and downside targets were achieved successfully in Natural Gas as mentioned in last week’s blog. Our dedicated readers must have capitalized on this gain very well. Hope you also have made money from it.
Now, for the coming week, Natural Gas has the support of around 670 and a resistance level of around 720.
A sustainable breach above the resistance level will take it towards 740 and then to the 760 level.
Above 760, NG will likely approach 780 and 800+ levels on the charts. Any breach below the support level of 670 will take it down towards 650—630—620.
The major support level is around 600.
Crude levels we will publish during weekdays. So follow our blog carefully.
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