Bullions looks mixed while Metals trying to bounce from support zone...

WEEKLY MCX BULLETIN FROM 01 NOV TO 05 NOV 2021

Bullion looks bullish on the charts…

Gold - Gold is trading on a weak note and closed on a negative note in the last trading session. Now Gold has near support around 47300 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 47300 levels.

Silver - Silver looks slightly positive on the charts. Now Silver has near support around 64000 and upside resistance around 65000 levels. An hourly close above 65000 will test 65700-66500 levels for the day. More and more upside move will expect on close above 66500 till 68000+ levels. Fresh weakness may expect on close below 64000 levels.

Metals are trading near the support zone…

Nickel - Nickel formed a reversal Doji in the last trading session on lower levels. Now Nickel has near support around 1485 and upside resistance around 1525. Risky traders can enter with support stop loss for a bounce of 15-20 points. If able to close above 1525 then we will expect another upside move till 1550+ levels.

Copper - Copper is trading around support levels and trying for the bounce. Now Copper has near support around 738 and upside resistance around 755. Break and sustain above 755 will test 762-766 levels in upcoming sessions.

Lead - Lead is trading in a range and looks good for the fresh breakout. Now Lead has near support around 185 and upside resistance around 188 levels. Above 188 it will test 190+ levels for the day.

The energy segment looks positive on the charts...

Natural Gas - Natural Gas has given a bearish move in the last trading session. Now Natural Gas has near support around 400 and upside resistance around 422. Break and sustain above 422 will test 430-438 levels in upcoming sessions. Fresh weakness will expect on a break below 400 levels till 390 and more downside move will expect on close below 390 levels till 375 mark.

Crude Oil - Crude Oil again closed around higher levels and still looks bullish at these levels. Now Crude Oil has near support around 6050 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 Nickel around 1505. Stop loss below 1490. Target-1525-1540. *T&C Apply...