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Home » Weekly MCX Update – Major MCX Commodities support and resistance levels along with trading strategies on same (30th March to 02nd April 2021)
Commodity weekly update Full Mcx

Weekly MCX Update – Major MCX Commodities support and resistance levels along with trading strategies on same (30th March to 02nd April 2021)

Major MCX Commodities weekly update 22


Major MCX Commodities this week’s support & resistance levels

 

 


Bullions – Gold (Apr)

 

Technical Chart of MCX Gold
Technical Chart of Gold

 

One more week passed in the range-bound in Gold where it traded in the range of 44150 to 45300 and it’s been three weeks where it has failed to break and close either side of support and resistance.

Now, what to expect??

MCX Gold has its support at 44400–44100 and resistance at 45300–45700.

Break and sustain above 45300 will take it to 45700. Three consecutive close plus weekly close above 45700 will see more and more upside till 46200—46500 or else it could test its support again.

On the other hand, if Gold breaks below 44400 then we can expect a downside panic till 44100 Three consecutive close plus weekly close below 44100 will see more and more downside panic till 43400—43000 again.

Trade safely with the levels only.

 

 

Silver (May)

 

Technical Chart of MCX Silver
Technical Chart of Silver

 

Last week we highlighted some crucial levels in Gold and Silver, where Gold failed to break its support and resistance levels, Silver had broken both given support levels of 66800—65900 and made low of 63411 where our “final target of 63500” achieved successfully.

Now, what to expect??

Silver has its support at 64500 and resistance at 65300.

Break and sustain below 64500 will take it to 63400. Three consecutive close plus weekly close below 63400 will see more and more downside panic till 62300—62000 or else it could test its resistance again.

On the other hand, if Silver breaks above 63400 then we can expect an upside rise till 65650. Three consecutive close plus weekly close above 65650 will see more and more upside rise till 66500++ levels.

Trade safely with the levels only.

 

 


Base Metals – Nickel (Levels according to April Contract)

 

 

Technical Chart of Nickel Commodities
Technical Chart of Nickel

 

Last week we recommended buying in Nickel around 1180 levels with support and a stop loss level of 1150 for the upside target of 1230—1260, where it made a high of 1204.50. Traders holding as per our levels keep profit booking and revise stop loss at cost.

Technical Aspect: Price action of Nickel seen taking support of 200 days moving averages and this week it closes successfully above 200 EMA periods. Also, indicators like MACD and RSI have given divergence for the upside momentum.

Nickel has its support at 1170 and resistance at 1205.

Break and sustain above 1205 will take it to 1235—1260 or else it could test its support again. Fresh selling will do on a close below 1170.

Trade with the levels only.

 


Energy – Crude Oil (April)

 

Technical Chart of Crude Oil Commodities
Technical Chart of Crude Oil

 

Last we have seen both side movements in Crude Oil within the range of 4200—4516 levels.

Technical Aspect: Crude Oil seems to have difficulties breaking below 4200 levels where Super trend (10, 4) stands and it bounced back 3 times after testing 4200 levels and also it failed to close below 55 EMA periods on the daily chart suggesting that 4200 is the key support levels.

Now, what to expect??

MCX Crude Oil has its support at 4200 and resistance at 4520.

Break and sustain above 4520 will see upside move till 4850—5000++ levels in days to come or else it could test its support again.

(Traders can Buy Crude oil in panic around 4350—4300 with support and stop loss below 4170 on a closing basis.)

Fresh selling will do on a close below 4200 levels. Below 4200 could test 3900 levels.

Trade with the levels only.

 

 

 

 

Traders can trade safely in suggested MCX Commodities with given levels only. More news and updates will provide during market hours on WhatsApp and Telegram Channel.

 

 

To get real-time FREE commodities updates & news on your WhatsApp, click on the banner given below.

 

 

 

We are a SEBI registered investment advisor. The above free information is only for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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Short Term Monthly Investment Picks for April 2021

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