mcx commodities weekly report
gold weekly forecast
mcx gold this week closed at 30,035 with loss of almost 1%.this was 4th straight week of weakness for domestic gold prices.this week we seen low of 29794 while this week high point was 30427.total 600+ rupee move which is almost 2% from top to bottom.
on above weekly chart,we can see that gold prices near 12 month average and closed just above it after touching it.mcx gold 6 month average is 30800 and strong resistance on upside from medium to long term view.below this last support of mcx gold bull run is 27800 and if breaks 12 month average then this will be medium term target for mcx gold.
29800 is 12 month average support and immediate support level.n weekly chart indicators,mcx gold cci is –197 and looks oversold but bearish while mcx gold rsi below 50 and confirms sell signal.
domestic gold may remain weak on note of strong rupee and slipping comex/international gold prices.
below 29800 if sustain then take short position for 2000 points downside rally with stoploss just above 6 month average level of 30800!!
silver weekly forecast
mcx silver future this week closed with quarter percent gains at 58418.this week high point was 59140 while low point was 57472.total 1600-1700 points weekly volatility and some recovery momentum on buying.
on chart silver prices trading below 6 month average of 59500 while trading above 12 month average of 57500 and 2 years average of 54500.
as silver hold 12 month average,trade remain on buying side with stoploss below 57500 and now expect 59200 again on upside and then 62500.
on weekly chart silver prices still showing consolidation pattern.on indicators,mcx silver cci is –90 and seems to be at bottom while mcx silver rsi is still above 50and showing reversal signs.look like silver consolidation pattern will given upside breakout in upcoming weeks.
57500-58000 was fresh buying zone with stoploss and on upside 59200 and 62500 remain medium term target levels.
aluminium weekly forecast
mcx aluminium future this week closed with huge gains of 3%+ at 112.25.this week low point was 107.5 while high was 112.55 and closed near high suggest “demand scenario” in market.total 5 rupee+ weekly volatility and bullish momentum.
this week taken support at 2 years average and after crossing all major average closed above them with huge price move and strong volumes.
on downside,110 is 6 month average,then 109 is 12 month average and 108 is 24 month average.all these levels remain supports while on upside 114-115.8 are targets.
on indicators,mcx aluminium cci is +17 and given reversal buy signal after touching +0.while mcx aluminium rsi is 53 and taken support at 50.
copper weekly forecast
mcx copper this week closed with almost 1.5% gains at 443.7.on above weekly chart we can see copper prices taken support of 6 month average and closed above it which means reversal.
on chart,437 is 6 month average then 430 is 12 month average level while in last 416 is 2 years average level.all these are supports for now and on upside 455 and 460 are medium term targets.
on indicators,mcx copper cci is +32 and with bullish divergence supporting buying.mcx copper rsi is 54 and also showing bullish divergences for buying.on weekly chart fresh bottom is formed at 435 and remain important as support.
lead weekly forecast
mcx lead future this week closed with gains of 3%+ at 130.95.this week mcx lead future made high at 131.7 while low point was 126.35.total 5.5 rupee weekly volatility with strong buying momentum and short covering rally.
on chart trading way above all major medium to long term averages suggesting heavy demand.on downside 120 is 6 month average,then 116 is 12 month average and 112 is 2 years average level for now and these levels will remain supports.while on upside 132.5 and 136 are revised targets.last bottom of 124 is remain trailing stoploss or break up level.
nickel weekly forecast
mcx nickel future this week given 6%+ sharp run and closed at 990.9 with gains this week mcx nickel future low point was 931 while high point was 992.total 61 rupee run from bottom to top and closed near highs.
on above weekly chart,mcx nickel given breakout above 2 years average with sharp price movement and strong volumes so now long term trend is bullish and momentum is bullish for now.on downside 960 is 2 years average,then 940 is 12 and 6 month average levels.both these will remain strong supports while on upside 1060 and then 1100 are medium term revised targets.
on indicators,mcx nickel cci is +95 and near long term breakout while mcx nickel rsi is 56 and with bullish divergence.
zinc weekly forecast
mcx zinc future this week closed at 115.3 with gains of more than 3.5% gains.this week mcx zinc future made low at 110.8 while high was 115.55 and closed near highs.total 4.5 rupee or almost 4% weekly move from bottom to top.now mcx zinc almost near recent highs of 118 which 2 years high level also.
mcx zinc future given reversal after touching 6 month average 3 weeks back and from that level given almost 8-9 rupee move on upside.on chart mcx zinc 6 month average is 108 then 106 is 12 month average and 104 is 2 years average level.all these remain strong supports while on upside 118-121 seems to be fresh target levels.last major bottom of chart was at 109 and that also remain as support.
crude oil weekly forecast
mcx crude oil future this week closed with loss of 0.13% at 5187.this was first week of weakness after last 7 weeks gains and also significant as this may be reversal signal?
this week mcx crude oil high was 5248 while low was 5140.total almost 110 points or 2% volatility and weak momentum on profit booking and strong rupee.
on above weekly chart,mcx crude oil 6 month average is 5000 then 4950 is 12 month average and in last 4700 is 2 years average.all these levels remain as strong supports while on upside 5400 and 5550 are revised medium term targets.
on indicators,mcx crude oil cci is +96 and near breakout with bullish divergence while mcx crude oil rsi is 55 and still holding bullish divergence so momentum still on long side.
Natural gas weekly forecast
mcx natural gas this week closed at 176.3 with loss of nearly 6%.this week natural gas future hit low of 173.8 while high was 186.total 12 rupee move in week with bearish momentum.
on weekly chart,mcx natural gas 6 month average is 180 then 176 is 2 years average and 172 is 12 month average.6 month average is major resistance for medium term while on downside side 176 and 172 are major supports for medium to long term.
on indicators,mcx natural gas cci is –38 and wit bearish divergence while mcx natural gas rsi is 50.below 172 we may see sharp downside so watch for that.below 172 we may expect 155 to 124 as target levels.