Mcx gold hit 27200 target now remain buy on dips
Mcx gold future this week closed with loss at 27151. This was sixth losing week for this bullion commodity. In these 6 weeks mcx gold prices tumbled from highs of 31400 to lows of 26900. Total almost 15% drop in prices on strong profit booking by investors. For next week, mcx gold outlook is bullish and prices are oversold and suggesting early bottom formation patterns. Risky investors can use sub 27k levels to buy and accumulate.
Mcx silver hit 39100 target now watch for strong reversal
Mcx silver future this week closed at 39698 with loss. As expected silver given strong breakdown below 42k level and hit my target of 39100. This week we saw almost 3000 rupee drop in silver prices and closed near week low. On downside 39100 is major support and silver prices are looks oversold in short term chart so expect bounce back rally on short covering as well as value buying. But if slips below 39k on price action and on volume then expect next major downside up to 37k which is mcx silver positional sell target.
Mcx aluminium consolidating outlook remain bullish
Mcx aluminium future this week closed at 117.1 with loss. Mcx aluminum future is correcting on profit booking but on long term chart is building base before next major big upside move. On weekly chart, 114-116 is major base support and above it will remain buy and accumulate. Use support zones to buy and accumulate and expect targets of 120 to 122 in next week for mcx aluminium future.
Mcx copper major support 379 as expected correcting
Mcx copper future this week closed with loss at 385. Mcx copper in last week closed in red and lost almost 35 rupee from top. As expected mcx copper is correcting towards 379 support zone but trend is still bullish. So expect reversal at or above 379 and higher levels of 395 to 410 again. For next week, my mcx copper outlook is remain bullish. Use levels near 379 to buy and accumulate with stop loss. For target 395 and then 410 in short to medium terms.
Mcx lead remain buy on dips targets 157-161
Mcx lead future this week closed with loss at 152.7. Mcx lead also consolidating on weekly chart and taking support around 150 rupee zone before next major move. This week we saw high up to 161 while closed near week low of 152 rupee. For next week, mcx lead will remain buy on decline near 146 to 150 zone with stop loss and expect 160 to 165 targets in short to medium terms.
Mcx nickel remain buy on dips near 750
Mcx nickel future this week closed with loss at 758. This was third week of losses for this base metal. In these 3 weeks we saw top of 821 and low of 748. Total almost 75 rupee range or 10% move and trending towards lows. For next week, mcx nickel future outlook remain bullish and traders can use 740 to 750 zone to buy and accumulate. Expect strong reversal rally in medium term and target of 825+ in New Year.
Mcx zinc correcting but remain buy on dips
Mcx zinc future this week closed with gain. Mcx zinc still bullish and outperforming the rest of the pack. This week mcx zinc hit high around 192 and low near 180, total 12 rupee range and that shows high much volatile base metal market is!! Last 4 weeks, mcx zinc range is more than 15 rupee. For next week, zinc future outlook remain bullish and on downside 175 to 180 is major support zone as well as buying level. On upside 192 and 200 are target zones for buyers.
Mcx crude oil reversal rally tgt 3680
Mcx crude future this week closed with closed with gain. This week mcx crude oil hit high around 3644 while low was around 3390. Total 250 rupee range and closed with gain. Mcx crude oil is in bullish trend and hit my given target of 3475 and given swing high up to 3640+ while my next swing target was 3680 which is still open and achievable in short terms. For next week, mcx crude oil outlook remain bullish and strategy remain buy on dips. On downside 3430 and 3350 are support zones as well as buying levels. On upside 3600 and then 3680 are target zones for next week.
Mcx natural gas might correct up to 211
Mcx natural gas future this week closed at 230 with loss. This was first week loss for this energy commodity. This week mcx ng future hit high around 246 while low was at 227. Total almost 20 rupee range and 8% drop from top. For next week, mcx natural gas future outlook remain weak and trading strategy will be sell on rise. On downside 220 and 211 are support zones as well as target levels for natural gas.