Mcx gold support 28300 below it expect panic sell off
Mcx gold future last closed at 28600. Mcx gold give bounce back up to 28900 but seeing strong supply on higher levels as well as recovering rupee will put addition pressure on prices. On downside 28300 is major support and above it risky traders can keep buy on dips view for target 29150. But if gold prices breakdown below 28300 then it will see panic sell off for target 27400 and 26500. Below 28300, gold future become super bearish. Weekly chart suggesting more chances of downside breakdown.
Mcx silver below 42k remain sell tgt 40400 and 38300
Mcx silver future last closed at 41603. Mcx silver is bottoming out but as gold prices showing early weakness sign, we might see same reflection in silver future ahead. On upside recent top of 42k will act as strong resistance while on downside 40400 and then 38300 are support zones as well as short swing targets. Look like panic selling will return to bullion market in medium terms.
Mcx aluminium correcting towards 113
Mcx aluminum future last closed at 117.95. Aluminium after hitting swing high near 122 going through profit booking or correction phase. On downside 118.65 was major support which also go breached. Below it next major support is at 113 and look like aluminium prices are heading towards this support. But trend is still bullish and momentum might resume after correction so keep buy on dips strategy and expect record high levels for aluminium in medium terms.
Mcx copper correcting towards 392 zone
Mcx copper future last closed at 398. We saw low near 395 and closing near it. On downside 392 is major support and copper might heading towards and below it. After Bull Run, all base metals are consolidating and form fresh support areas on downside. My outlook for all base metals still bullish and risky traders can keep buy on dips view with stop loss. For copper 420 and 435 are medium term targets.
Mcx lead closed at support 161
Mcx lead future last closed at 161.9. Mcx lead come off significantly from high and touched major support of 161. On downside 161 and 155.6 are support zones. Trend is still bullish but momentum is weak on strong profit booking. Above 161, traders keep buy and accumulate view for target 165 to 168. Mcx lead and zinc daily range will remain wide and trading will not be easy.
Mcx nickel below 765 remain sell tgt 740-720
Mcx nickel last closed at 769 with heavy loss. Touched lower support of 765 but closed above it. Remain volatile but trend still bullish. Above 765 expect upside up to 783. But if slips below 765 then expect previous supports as target zones which are 740 and 720. In panic selling downside up to 690 can be possible.
Mcx zinc below 187 remain sell tgt 176 and 169
Mcx zinc future last closed at 187 with heavy loss. Strong profit booking is seen in this base metal. Prices are coming off from overbought zone but trend still bullish and reversal above 187 means fresh high above 205. But if slips below 187 then expect deep downside targets at 176 and then 169. Range remain wide and trading will not be so easy.
Mcx crude oil remain buy on dips target 3270
Mcx crude oil closed at 3112 with heavy loss. Mcx crude oil failed to cross 3270 resistance and which eventually triggered selling. On downside 3070 and then 2940 are support zones. Major indicators are still bullish so use these dips to buy and accumulate and expect 3270 target on upside in short terms. If closes below 3070 then expect deep downside up to 2940. Crude oil prices will remain volatile on news flow.
Mcx natural gas looking overbought remain sell below 231
Mcx natural gas future last closed at 228. Hit swing high around 233 and correcting. Mcx natural gas price trend is strong bullish but prices are heavily overbought so 231 remain as strong hurdle and strong breakout above this only confirm upside targets of 245-252. Below it more chances of correction up to 220-210.