gold weekly forecast
mcx gold future this week given positive closing.after expiration of feb contract new april contract is now active contract.on chart showing gains of 2.6% in this week and closed at 30815 in last trading session.
on above chart we can see mcx gold future resumed uptrend after taking support at 12 month average and now trading above 6 month average which is buy signal and we may see this rally will continue.
for next week mcx gold future has targets at 31200 to 31800 on downside 30700 and 29850 are major supports and 6 and 12 month average levels respectively.on indicators mcx gold weekly cci is –99 and with reversal signs while rsi is 54 and taken support at 50.
if rupee continues to tumble down and euro area concern deepens then we may see sharp and major long side buy side rally as hedging and fresh investment.
silver weekly forecast
mcx silver future this week closed at 58246 with loss.on weekly chart mcx silver trading below 6 month average of 58600 while trading just above 57900 which si 12 month average.below this last major medium-long term support is now 54500 which is 2 years average level.
above 57900 traders must keep long positions open and expect 60000 to 61500 as medium term targets.on chart silver future currently going through consolidation and which may be eventually may show upside breakout.
mcx silver weekly cci si –85 and bearish while weekly rsi is 50 and near support.
in raw term,57500-58200 is accumulation zone and stoploss must be below 57000 and expect 59800-60000 and 61500 as targets levels in next 2-3 weeks.below 57000 silver future enter bearish market and may show us 54,500-54000 levels so stoploss must be strict.
aluminium weekly forecast
mcx aluminium future this week closed at 112.55 with gains.this week mcx aluminium future hit low of 110 while high was 112.95 so almost 3 rupee move in this week with bullish momentum.
mcx aluminium future once again trending towards previous highs of 115-117.on chart major supports are 110 which is 6 month average,12 month average 109 and 108 is 2 years average.
for next week traders must hold long positions with trailing stoploss and expect 115 and then 117-117.5.
mcx aluminium weekly cci is +38 and showing reversal signs while rsi si 54 and holding bullish sentiment.
copper weekly forecast
mcx copper in this week closed with gains of 0.5% at 445.85.this week mcx copper future low was 439 while high was near 447.total almost 2% volatility and positive closing.
mcx copper weekly trend and momentum still bullish and after correction touched 6 month average and resumed uptrend.for next week 455 and then 462 while on downside 438 is 6 month average and 430 is 12 month average and both these levels are major supports.
mcx copper weekly cci is +55 and bullish divergence and rsi taken support at 50 and still with bullish divergence.so mcx copper medium to long term momentum and trend still bullish and for next week strategy remain buy on dips.
lead weekly forecast
mcx lead future this week closed with loss of almost 1% at 129.8.this week mcx lead future made low near 127.7 while high was 131.25 so only 3 to 3.5 rupee range which is very narrow range for lead price and suggesting consolidation and correction phase.
for next week mcx lead future medium to long term trend and momentum is bullish and strategy remain buy on dips.major supports are way down near 120 so fresh investment must be avoided,but those having longs must trail stoploss of 127 and expect 135 to 138 levels on upside.
on indicators ,mcx lead cci is +125 and with bullish divergence while weekly rsi is 63 and still holding bullish momentum.
nickel weekly forecast
mcx nickel future this week closed with loss of almost 1% on account of correction and last closing price was 982.8.this week high point was 997.4 while low point was 970 so almost 28 rupee move and correction sentiment.
from medium to long term view,mcx nickel future trend and momentum is bullish and on upside expect 1040 to 1080 as target levels till it holds 960 on weekly closing basis.
mcx nickel weekly cci and rsi both bullish and suggesting momentum still on long side.
investors must watch 960 and if investment near it with stoploss of just 20-30 rupee while on upside expect 80-120 rupees + gains from 960 level.
zinc weekly forecast
mcx zinc future this week given outperformance and closed with heavy 2% gains at 117.6 which is almost new high from medium term view.for next week may show some correction but that must be used for accumulation with stoploss and expect 119-120 levels as new targets.
mcx zinc weekly cci is +132 and given fresh breakout while rsi is at 62 and with bullish divergence.on downside major averages are way down in between 109 to 104.114 and 109 are major bottom of weekly chart and will act as support levels.
crude oil weekly forecast
mcx crude oil this week closed with loss of 0.67% at 5152.correction and consolidation both going on so fall are not so sharp and deep.for next week outlook remain negative but only if rupee slips then price may see premium buying.
major 6 and 12 month average in range of 5000-4980 so if correct upto that levels and holds then must buy for again 5200-5250 levels on upside.
mcx crude oil weekly cci is +82 and turned down from +100 which is sell signal and rsi si at 54 but showing weakness?
Natural gas weekly forecast
mcx natural gas future closed at 176.1 with flat loss in this week.on above weekly chart we can see natural gas major 12-24 month averages are in between 172-176 and so very important for investors if prices get support here then sharp bounce back and buying rally may set targets of 190 to 215 again.weekly closing below 170 will result in downside targets of 155 and then 128.
mcx natural gas weekly cci is –53 and with bearish divergence while rsi is at 50 and at support so next week closing will decide long tem trend and targets.