commodity outlook technical’s report
mcx bullion outlook
mcx gold feb expiry future today closed at 30330 with gains.today gold prices closed at day high on account of short covering and comex gold prices rally.tomorrow on weak rupee and strong comex gold price may show up 30600 to 30800 on upside so watch for that.
mcx silver feb expiry future today closed at 58415 with gains.today we seen low near 57900 while high point was 58650.total 750 points intraday volatility and recovery momentum.above 58300 may show up 58900 to 59200 again.
mcx base metals outlook
mcx aluminium feb expiry future closed at 112.05 with loss.today mcx aluminium with gap up opening given highs of 113 while after that weakness and profit booking show lows of 111.7.tomorrow may show correction upto 111 and below 111 become sell for short term.
mcx copper feb expiry future closed at 445 with gains today mcx copper with gap up opening hit low of 442 while high was near 446.4 rupee move with bullish sentiment.strategy above 440 remain buy on dips and expect 446-448 on upside.
mcx lead feb expiry future closed at 130.5 with loss.today mcx lead made high near 131.2 while low was 130.1.on chart sowing signs of correction and major support is 129.3 below that become sell from short term view.upside 131.5 is major top and strong resistance.
mcx nickel feb expiry future closed at 993.6 with gains.today nickel shown follow up buying and some short covering still holding price on higher level.today mcx nickel high was near 997 while low was 987.
mcx zinc feb future today closed at 115.75 with gains.today we seen high of almost 116 while low was 115.mcx zinc future still resilient to fall and holding firm on buying and short covering.on downside major support is 113 and any sharp correction may take this metal to this level in this week.
mcx energy outlook
mcx crude oil feb future today closed at 5141 with loss.today mcx crude oil made low near 5128 while high was 5185.total 55-60 rupees intraday volatility and weak trend.below 5195 strategy remain sell on rise for intraday n downside may expect deep fall upto 5040-5000 levels.
mcx natural gas feb expiry future closed at 178.9 with gains.today mcx natural gas future made low at 175 while high was near 179 and closed near highs.for tomorrow 174-176 is base area and above this expect 3-6% rally.below that deep downside.