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Home » Weekly technical levels of Major MCX Commodities (3rd to 7th Aug 2020)
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Weekly technical levels of Major MCX Commodities (3rd to 7th Aug 2020)

Weekly MCX Commodities Update

Weekly Levels of Major MCX Commodities

 

GOLD (AUG)
Weekly MCX Commodities Gold
Technical Chart of Gold
 

Last week we have seen a tremendous move in Gold from 51459 to the level of 53700 along with some correction inside it. Now, Gold looks still positive on the chart and there is no sign of reversal seen yet.

Now, Gold has its support at 53000 and resistance at 53700.

Break and sustain above 53700 will see further upside move till 54500—54700 in days to come or else it could test its support again.

Fresh selling can only do on a daily closing basis below 53000.

Trade with the levels only.

 

Crude Oil (AUG)
Technical Chart of Crude Oil
Technical Chart of Crude Oil

 

We have been seeing range-bound trading in Crude Oil for the last 8 weeks but we can expect a negative move as it has given break below 3000 levels and closed on a weekly negative note.

Now, Crude oil has its support at 2970—2900 and resistance at 3060–3100.

Break and sustain below 2970 level could test 2850—2800 levels in days to come or else it could take range-bound trading shape again.

Fresh buying will do on a close above 3200 levels which will take it to 3400—3500++ levels.

Trade with the given levels only.

 

Copper (AUG)
Technical Chart of Copper
Technical Chart of Copper
 

Copper has given closing below 502 levels after higher range-bound trading in Copper last week due to mixed sentiment in the global market.

Now, Copper has its major support at 498–493 and resistance at 507—511.

Break and sustain below 498 will take it to 493—490++ levels or else it could test its resistance level of 507—511 again.

Every rise in it till 503—505 levels will be selling opportunity.

Fresh buying will do on a close above 511 levels which will take it to 516—520++ levels.

Trade with the given levels only.

Traders can trade safely with given levels in MCX Commodities.

More will update during market hours.

Commodity Updates

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