commodity outlook technical’s report
mcx bullion outlook
mcx gold feb expiry future closed at 30687 with loss.today we seen highs near 30850 while closed near lows of 30650.for tomorrow gold trend and momentum is weak and outlook remain negative.below 30800 stay short and expect downside levels of 30500 and then 30200 in short term.
mcx silver march expiry future closed at 59899 with gains.silver outperforming gold and near long term breakout.today we seen lows near 59500 while high was near 60,000 and closed at breakout level.above 59,900 stay long for any time frame with stoploss and expect 60500 to 61400 in short time.
mcx base metals outlook
mcx aluminium jan expiry future closed at 109.75 with loss.today we seen highs near 111 while closed at day low on heavy and sharp profit booking.this is reversal and below 111 stay short for any time frame.positional traders may expect 108-107 on downside.
mcx copper feb expiry future closed at 438.55 with loss.here also reversal from major resistance and that shows technical bounce back is completed and now time to move on on downside.below 441.5 stay short and expect 436 to 428 on downside.
mcx nickel jan expiry future closed at 939 with gains.today we seen sharp gap up opening and lows below 935 while intraday spike made high at 942.for tomorrow above 930 outlook positive and outperformance may show targets upto 950-956.
mcx lead jan expiry future closed at 126.75 with heavy gains on short coverings.here trend and momentum is bullish for day and short term traders.on downside 125.2 is breakup level and on upside 127.5 and 129 remain target zones.
mcx zinc feb expiry future closed at 111.6 with heavy gains.for tomorrow 110.7 but indicators in overbought state so watch for correction if breaks 110.7 the go sort for big downside.112 and 113.5 remain strong supply zones.
mcx energy outlook
mcx crude oil feb expiry future closed at 5176 with loss.today after sharp gap up opening we seen rally upto 5210 but as rupee gains and nymex crude tumbles we seen double hit for crude prices.for tomorrow trend is bullish but momentum weak so watch for support level 5170 if breaks go short.
mcx natural gas Jan expiry future closed at 190 with loss.today we seen highs near 193.5 while closed neat lows.for tomorrow if trade below 190 then levels of 186 to 182 on downside.natural gas at critical level for both bears and bulls.