Bullions are on the edge and Metals are ready for the big move...

WEEKLY MCX BULLETIN FROM 10 JAN TO 14 JAN 2022

Bulls are on the make-or-break levels in Bullions…

Gold - Gold touched its major supports and closed near support levels. Now Gold has next major support around 47300 and upside resistance around 47600. Break and a daily close above 46600 will test 47800-48000+ levels again in upcoming sessions. Be cautious at lower levels for the next few sessions.

Silver - Silver took crucial support in the last trading session. Now Silver has near and major support around 59700 and upside near resistance around 60725 levels. Break and sustain above 60725 will test 61000 levels for the day. The next upside move will expect on an hourly close above 61000 levels till 61450-61800 levels in upcoming sessions. If Silver is able to close below 59700 levels then we will expect a vertical crash till 58300-57500 levels in upcoming sessions.

A major move will expect in Metals…

Nickel - Nickel has given both side moves in the last week. Now Nickel has the next major support around 1540 and upside resistance around 1580. A daily close below 1540 will drag it towards 1525-1510 levels in upcoming sessions. For a positive move, we have to wait for the closing above 1580 levels till 1600+ levels in upcoming sessions.

Copper - Copper trading in a very tight range for the past few trading sessions. Now Copper has next crucial support around 730 and upside near resistance around 745. Both levels are crucial for the upcoming trading sessions. Break and a daily close below 730 will see a sharp fall till 722-715 levels in upcoming sessions. Any upside move will expect on a break above 745 levels till the 750 mark. A more bullish move will expect on a daily close above 750 levels.

Zinc - Zinc has given a weak move in the last trading session. Now Zinc has the next resistance around 292 and the next major support around 285 levels. Either side breakout will decide further move in upcoming sessions.

The energy segment still looks mixed on the charts...

Natural Gas - Natural Gas was unable to breach its support and resistances in the last trading sessions. Now Natural Gas has near support around 278 and upside resistance around 297. Break and sustain above 297 will test 304 levels in upcoming sessions. Break below 278 will again test 272 levels.

Crude Oil - Crude Oil performed well as per our expectations in the last trading session. Now Crude Oil has near support around 5700 and near resistance around 6000 levels. If unable to break its resistance then we will expect a downward move towards 5750-5700 levels in upcoming sessions.

Weekly Top Pick

Buy Silver around 60350. SL-59800. Target-60725-61100. *T&C Apply...