Bullions and Metals looks weak, will they bounce or fall?

WEEKLY MCX BULLETIN FROM 31 JAN TO 04 FEB 2022

Bullions look negative on charts…

Gold - Gold has given a sharp fall in the last week and closed around a major support zone. Now Gold has major support around 47300 and upside resistance around 48000. Break and a daily close below 47300 will test 47050-46900 levels in upcoming sessions. If unable to breach the support then we will expect a bounce till 47800-47900 for the day. Any fresh upside move will expect on close above 48000 levels.

Silver - Silver too crashed and closed on a negative note on the weekly chart. Now Silver has near and major support around 60500 and upside near resistance around 62250 levels. Break and sustain above 62250 will test 63000-63400 levels in upcoming sessions. If break below 60500 then it will test 60000 and more and more weakness will expect on close below 60000 levels.

Metals are ready for a big move…

Nickel - Nickel too corrected from higher levels in the last trading sessions. Now Nickel has near support around 1683 and upside resistance around 1710. If Nickel is able to close above 1710 then it will test 1724-1735 levels in upcoming sessions. Fresh downside move will expect on an hourly close below 1683 till 1670-1660 levels in upcoming sessions.

Copper - Copper has given a sharp downfall in the last trading session. Now Copper has next support around 735 and upside near resistance around 750. Break and sustain below 735 will see a sharp fall till 730 levels in upcoming sessions. More downside fall will expect on close below 730 levels till 724-720 levels.

Zinc - Zinc is trading around the resistance zone on the daily chart. Now Zinc has the next resistance around 302 and the next major support around 296 levels. Break and sustain above 302 will test 305-307 levels in upcoming sessions.

The energy segment looks mixed on the charts...

Natural Gas - Natural Gas outperformed in the last trading session. Now Natural Gas has near support around 345 and upside resistance around 365. Break and sustain above 365 will test 372-378 levels in upcoming sessions. Buy on dips around support will be the best buying opportunity for the day.

Crude Oil - Crude Oil trading around higher levels. Now Crude Oil has near support around 6500 and near resistance around 6680 levels. Break and close below 6500 will drag it towards 6440-6380 levels in upcoming sessions.

Weekly Top Pick

Buy Nickel above 1710. SL-1695. Target-1724-1735 *T&C Apply...