Gold and other MCX Commodities Weekly Support and Resistance Levels
Last week we have seen upward momentum in all Base metals commodities where Nickel was the clear winner of the league gave a move of almost 100 points from it’s low to high (1455 to 1554). Aluminium too rallied from its week low of 215 to week’s high of 231.10 and gave closing near to its weekly high. Copper, Lead and Zinc also given a decent move towards upside. We have seen this upside momentum in all base metals due to globally less supply and more demand.
Bullion counter seen a downward momentum thru out the week. From it’s weekly top of 47496 to it’s weekly low of 46713, Gold traded in a range of almost 780 points. While Silver dipped for almost 2000 points (From it’s weekly high of 65513 to weekly low of 63479) and ended the week near to its weekly low.
In Energy segment we have seen mix movement, Where Crude Oil traded within a range, but Natural Gas shown good move towards upside. From its week low of 335 to week’s high of 375, Natural Gas given one sided upward rally of more than 11% in the last week.
Hope you are following our weekly levels carefully. Last week in most of the commodities our weekly levels worked perfectly well (To see our last week’s weekly blog CLICK HERE ).
Now let’s have a look at coming week’s technical support and resistance levels of all MCX Commodities.
Last week we have seen thru out downward momentum in Gold. where gold tries to break it’s important support of 46700, 3 times but could not able to breach that.
Now, Gold has support at 46660 and resistance at 47275. Break and sustain below 46660 will take it to the next support level of 46570–46450 and then till 46260.
While sustainable trade above 47275 can see further upside move towards the next resistance level of 47390–47475 and then 47560.
Silver has immediate support at 63300 while immediate resistance is at 64700. Sustainable trade below 63300 will take it to 62900–62600.
If it breaks and sustains above it’s immediate resistance level of 64700 then will take it to 65245–65500–66600, respectively.
In our last week’s blog we have clearly mentioned that Copper has strong support at 704–703 levels. It tried to breach that level 2 times but could not successful and as predicted above it’s resistance of 728 it successfully achieved it’s first target of 742++
Now, this week Copper has support at 718 and resistance 746. Sustainable trade above 746 will see the upside move towards 755…764. If it sustains below 718 then it can catch the downside move towards 709…704 respectively. Major fall will come only if able to close below 704 with good volumes.
Nickel has immediate support at 1520 and resistance at 1557. Selling can see this counter below 1520 for the targets towards 1510–1505–1490. Below 1490 we may further fall of 15-20 rs in it.
On the other side if it sustains and trade above 1557 then we will see the upside move towards 1565–1580–1590 in coming days.
Aluminium has immediate support at 224–222 zone and resistance at 233. Sustainable trade above 233 will see the upside move towards 238–242–245.
If it sustains below 222 then it can catch the downside move towards 220–216 respectively.
Lead has support at 187 and resistance 190. Sustainable trade above 190 will see the upside move towards 193…195.
On the flip side if it sustains below 187 then it can catch the downside move towards 185–183–181 in coming trading sessions.
Zinc has immediate support at 252.50 and then 251. Sustainable trade below 251 will take it to 248.50 and then 247.
While on the flip side it has immediate resistance of 258, if it breaches that level with volumes then we may witness 261–263 and 264.50 in coming days.
From last 2 weeks we have seen good upside move in Natural Gas. Though Natural Gas is very bullish and can touch 380–390 in coming days. A small dip can not be ruled out.
Natural Gas support has immediate support at 358 and then 354 while resistance at 375. Sustainable trade above 375 can see more rally towards the next level of 385–390–394
If it sustains below 358 then can move downside towards 344–340–336. Around 340 levels one can initiate fresh long entry in this counter.
MCX Crude Oil has immediate resistance at 5170 and then 5215. Major upside move will come in Crude Oil only above 5215.
On the downside immediate support at 5020 and then 4970. Below 4970 we may see dip towards 4945–4925 and then till 4900.
4900–4890 can prove as a reversal zone for Crude Oil. One can buy on dips near these levels with strict stop loss.
Traders can trade safely in MCX Commodities with given levels. To get daily technical support and resistance levels of all MCX Commodities visit our blog regularly or to get instant notification on your WhatsApp, click on the image and fill your details.
We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.