Bullions and Metals are trading in a narrow range...

WEEKLY MCX BULLETIN FROM 27 DEC TO 31 DEC

Bullions are trading in a tight range…

Gold - Gold looks dull and closed on a tight note in the last trading sessions. Now Gold has next major support around 47950 and an upside resistance zone around 48300. Break above 48300 will test 48500+ levels in upcoming sessions. Break below 47950 will test 47800 levels. More and more downside will expect on close below 47800 levels till 47500 mark. Stay cautious due to low volumes.

Silver - Silver gave a range-bound move in the last trading session. Now Silver has near and major support around 61600 and upside resistance around 62500 levels. Break and sustain above 62500 will test 63000-63400 levels for the day. For the fresh move, we have to wait for an hourly close above the resistance level.

Metals still trading in a green zone…

Nickel Jan - Nickel closed in a range in the last trading session. Now Nickel has next support around 1540 and upside resistance around 1560. Break and sustain above 1560 will test 1575+ levels in upcoming sessions. Major weakness will expect on a daily close below 1540 levels.

Copper Jan - Copper looks good and closed on a positive note in the last trading session. Now Copper has next support around 740 and upside resistance around 755. A fresh upside move will expect on close above 755 levels till the 762-765 mark.

Zinc Jan- Zinc still trading in a positive zone and ready for more upside. Now Zinc has the next resistance around 292 and next support around 287 levels. Break and sustain above 292 will test 295 levels again. Below 287 it will test 285 levels.

Energy segment looks mixed on the charts...

Natural Gas - Natural Gas still looks weak and closed on a negative note. Now Natural Gas has major support around 275 and upside resistance around 290. Break and sustain below 275 will test 268-260 levels in upcoming sessions. Break above 290 will again test 296-300 levels.

Crude Oil - Crude Oil still trading around its resistance zone. Now Crude Oil has near support around 5450 and near resistance around 5570 levels. Break and an hourly close above 5570 will test 5640-5700 levels again.

Weekly Top Pick

Buy Aluminium above 229. SL-226. Tgt-232-234. *T&C Apply...