Bullions and Metals may bounce from the support...

WEEKLY MCX BULLETIN FROM 06 DEC TO 10 DEC 2021

Bullions are trying for the sharp bounce…

Gold - Gold bounced sharply from lower levels in the last trading session. Now Gold has next major support around 47500 and upside resistance around 48000. A daily close below 47500 will see fresh weakness till 47200-47000 levels in upcoming sessions. Break and hourly close above 48000 will test 48200-48400 levels in upcoming sessions.

Silver - Silver has given a positive close in the last trading session. Now Silver has near and major support around 60500 and upside resistance around 62000 levels. An hourly close above 62000 will test 62400-62800 levels in upcoming sessions. Now any fresh weakness may expect on close below 60500 levels only.

Metals are trading around the support zone…

Nickel - Nickel looks slightly positive and was given a green candle in the last trading session. Now Nickel has near support around 1530 and upside resistance around 1565. Risky traders can enter on dips for the intraday gains of 10-15 points. Break and sustain above 1565 will test 1575-1585 levels in upcoming sessions.

Copper - Copper is trading around support levels and ready for the big move. Now Copper has next support around 720 and upside resistance around 732. Break and sustain above 732 will test 736-740 levels in upcoming sessions.

Zinc - Zinc is trading in a short-range and ready for the fresh move. Now Zinc has the next resistance around 272 and next support around 266 levels. Break and sustain above 272 will test 275-277 levels in upcoming sessions.

A bounce may expect in the Energy segment...

Natural Gas - After a sharp fall, Natural Gas bounced sharply in the last trading session. Now Natural Gas has near support around 310 and upside resistance around 325. Break above 325 will test 330-335 levels in the upcoming session.

Crude Oil - Crude Oil too bounced but was unable to sustain at higher levels in the last trading session. Now Crude Oil has near support around 4900 and near resistance around 5200 levels. Buy-on dips around support will be a good entry for the traders.

Weekly Top Pick

Buy Zinc above 272. SL below 268. Target-275-278. *T&C Apply...