Bullions are trading in a weak zone and Metals are ready for reversal...

WEEKLY MCX BULLETIN 16 MAY TO 20 MAY 2022

Bullions are trading in a bearish zone…

Gold - Gold has given a weak close below 50000 in the last trading session. Now Gold has near support around 49700 and upside resistance around 50250. Break and sustain above 50250 will test 50400-50600 levels. A fresh downside move will expect on a break below 49700 levels till 49500-49400 levels.

Silver - Silver has given a small reversal candle on the daily chart in the last trading session. Now Silver has major support around 58000 and upside resistance around 60500 levels. An hourly close above 60500 will see a fresh upside move till 61000-61500 levels. Major fall will expect on close below 58000 levels till 57200-56500 levels.

Metals are trying to reverse from lower levels…

Zinc - Zinc managed to recover from lower levels in the last trading sessions. Now Zinc has near support around 302 and upside resistance around 310. Break and sustain above 310 will test 313-315 levels. An hourly close below 302 will test 298-295 levels in upcoming sessions.

Copper - Copper has given a green candle in the last trading session. Now Copper has next support around 740 and upside resistance around 755 levels. Break and sustain above 755 will test 761-765 levels. More upside move will expect on close above 765 levels till 775+ mark.

Aluminium - Aluminium formed a good reversal pattern in the last trading session. Now Aluminium has near support around 228 and near resistance around 238 levels. Break and sustain above 238 will test 241-244 levels in upcoming sessions. Major weakness will expect on close below 228 levels. Buy on dips around 233 will be a good entry for the traders.

Energy Segment looks mixed on the charts...

Natural Gas - Natural Gas closed on a negative note in the last trading session. Now Natural Gas has near support around 580 and upside resistance around 610. The fresh positive move will expect on close above 610 levels till 625+ levels. A daily close below 580 will see a sharp fall till 565-550 levels.

Crude Oil - Crude is trading in a green zone and closed around resistance in the last trading session. Now Crude Oil has near support around 8300 and near resistance around 8560 levels. An hourly close above 8560 will take it towards 8630-8700 levels in upcoming sessions. On the other side, if sustain below 8300 then it will test downside targets of 8200-8120 levels in upcoming sessions.

Weekly Top Pick

Sell NG below 580. SL-595. Target-565-550. *T&C Apply...