Bears are on the front foot in Bullions and Metals...

WEEKLY MCX BULLETIN FROM 29 NOV TO 03 DEC 2021

Bearish move continues in Bullions…

Gold Feb - Gold has given a good upside rally but was unable to sustain at upper levels in the last trading session. Now Gold has next support around 47700 and upside resistance around 48350. A daily close above 48350 will test 48500 and more upside move will expect above 48500 till 48800-49000 levels. Fresh downside move will expect below 47700 levels till 47500-47300 levels.

Silver March - Silver again crashed in the last trading session. Now Silver has near and major support around 62500 and upside resistance around 64000 levels. A daily close below 62500 will test 61500-60600 levels in upcoming sessions. Any fresh upside move will only expect on close above 64000 levels till 65000+ levels.

Metals crashed as per our expectations…

Nickel - Nickel crashed vertically and achieved our downside targets in the last trading session. Now Nickel has near support around 1525 and upside resistance around 1570. Sell on the rise around resistance levels will be a good entry for the intraday traders.

Copper - Copper too crashed from resistance levels in the last trading session. Now Copper has near support around 725 and upside resistance around 740. Break and sustain below 725 will test 720-716 levels.

Zinc - Zinc has given a negative move in the last trading session. Now Zinc has the next resistance around 273 and next support around 265 levels. Traders can take a risk to sell on the rise for the intraday gain of 2-3 points.

Energy segment looks mixed...

Natural Gas - Natural Gas skyrocket and achieved our upside targets in the last trading session. Now Natural Gas has near support around 390 and upside resistance around 415. Buy on any sharp dip will be a good entry for the traders. Break above 415 will test 420 and then to 428+ targets in upcoming sessions.

Crude Oil - Crude Oil crashed drastically in the last trading session. Now Crude Oil has near support around 5000 and near resistance around 5600 levels. We will expect a bounce in upcoming sessions. Be cautious at upper levels.

Weekly Top Pick

Buy Gold on dips around 47700. Stop loss below 47500. Target-47900-48100. *T&C Apply...