Bullions looks red while Metals trying to enter in Green...

WEEKLY MCX BULLETIN FROM 22 NOV TO 26 NOV 2021

Bears are in a commanding position in Bullions…

Gold - Gold falls sharply below its support levels in the last trading sessions and formed a weak pattern on the charts. Now Gold has major support around 48500 and upside resistance around 49350. If Gold close below 48500 on an hourly basis then we will expect it to test 48250-48100 levels in upcoming sessions. Sell on the rise around resistance will be a good entry for the traders. Risky buyers can take a risk around support for the gain of 200+ points in the intraday session.

Silver - Silver too closed on a weak note in the last trading session. Now Silver has near support around 65300 and upside resistance around 67000 levels. Break and sustain below 65300 will test 64600-64200 levels in upcoming sessions. Sell on the rise around resistance will be a good strategy for the upcoming sessions.

Metals bounced sharply from lower levels…

Nickel - Nickel has given a slight upside move in the last trading session. Now Nickel has near support around 1500 and upside resistance around 1540. Break above 1540 will test 1550 and fresh bull run may expect on close above 1550 levels till 1570+ levels in upcoming sessions.

Copper - Copper bounced sharply from lower levels in the past few trading session. Now Copper has near support around 715 and upside resistance around 740 and 750 on weekly basis. Break and hourly close below 740 will see sharp downside move till 746-750 levels in upcoming sessions. More and more upside will expect on close above 750 levels. Fresh weakness may expect on close below 715 levels till 700 levels.

Aluminium - Aluminium again performed well in the last trading session. Now Aluminium has major resistance around 215 and next support around 209 levels. Positional traders can enter on close above 215 and add more on dips as we will expect a major reversal from current levels till 220 and then to our next upside target of 218 levels in upcoming sessions.

Energy segment looks mixed on charts...

Natural Gas - Natural Gas unable to breach its support and again bounce from lower levels. Now Natural Gas has near support around 358 and upside resistance around 380. Buy on dips around support will be a good entry for the traders. Above 380 it will test 388-396 levels for the day.

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. Any fresh weakness may expect on close below 5700 levels till 5500 levels. Risky traders can go for short on the rise around resistance for the intraday gain of 100-150 points.

Weekly Top Pick

Buy Copper on dips around 726. Stop loss below 712. Target-740-750. **T&C Apply...