Bullions looks bullish while metals still under pressure...

WEEKLY MCX BULLETIN FROM 25 OCT TO 29 OCT 2021

Bullion looks bullish on the charts…

Gold - Gold has given a sharp upside move in the last trading session. Now Gold has near support around 47500 and upside resistance around 48000. Break and sustain above 48000 will test its initial target of 48250 and more upside move will expect on close above 48250 levels till 48500 levels. Any weakness may expect on close below 47500 levels.

Silver - Silver too looks bullish on the weekly chart. Now Silver has near support around 64400 and upside resistance around 66000 levels. An hourly close above 66000 will test 67200-67500 levels for the day. More and more upside move will expect on close above 67500 till 69000+ levels. Fresh weakness may expect on close below 64400 levels.

Metals are trading near support zone…

Nickel - Nickel has given a weak close on a weekly note. Now Nickel has near support around 1535 and upside resistance around 1580. Risky traders can enter with support stop loss for a bounce of 15-20 points. If able to close above 1580 then we will expect another upside move till 1600+ levels. A daily close below 1535 will test 1520-1510 levels.

Copper - Copper crashed and closed on a bearish note in the last trading session. Now Copper has near support around 755 and upside resistance around 770. Either side breakout will give a 6-10 points move.

Lead - Lead is trading near the support zone and it may bounce from current levels. Now Lead has near support around 184 and upside resistance around 188 levels. Above 188 it will test 190+ levels for the day.

Energy segment looks positive on the charts...

Natural Gas - Natural Gas has formed a green Doji on the weekly chart. Now Natural Gas has near support around 385 and upside resistance around 400. Break and sustain above 400 will test 408-418 levels in upcoming sessions. Fresh weakness will expect on a break below 385blevels till 375 and more downside move will expect on close below 375 levels till 360 mark.

Crude Oil - Crude Oil again closed around higher levels and still looks solid at these levels. Now Crude Oil has near support around 6100 and near resistance around 6300 levels. Buy-on dips around support will be a good entry for the traders. Close above 6300 will test 6360-6400 levels.

Weekly Top Pick

Buy Gold around 47550. SL-47200. Target-47900-48000. *T&C Apply...