Metal may shines on the opening day of the year....

WEEKLY MCX BULLETIN FROM 03 JAN TO 07 JAN

Bullions slightly moving towards the positive zone…

Gold - Gold has given a positive move in the last trading sessions. Now Gold has next major support around 47800 and an upside resistance zone around 48300. Break and an hourly close above 48300 will test 48500+ levels in upcoming sessions. Fresh weakness will expect on close below 47800 levels till the 47500 mark. More and more upside will expect on close above 48500 levels till the 48800+ mark.

Silver - Silver looks more promising for the bulls on the charts. Now Silver has near and major support around 62000 and upside resistance around 62800 levels. Break and sustain above 62800 will test 63200-63500 levels for the day. The more bullish move will expect on close above 63500 levels till 64200+ levels.

Metals are trading in a green zone…

Nickel - Nickel looks good and ready for the fresh move. Now Nickel has next support around 1550 and upside resistance around 1575. Break and sustain above 1575 will test 1585-1594+ levels in upcoming sessions. Any sharp dip around support will be a good entry for the traders.

Copper - Copper closed on a positive note in the last trading session. Now Copper has next support around 740 and upside resistance around 755. A fresh upside move will expect on close above 755 levels till 762-765 mark.

Zinc - Zinc is trading around support levels. Now Zinc has the next resistance around 292 and next support around 285 levels. Break and sustain above 292 will test 295 levels again. Risky traders can enter near the support zone.

Energy segment looks mixed on the charts...

Natural Gas - Natural Gas still closed on a negative note. Now Natural Gas has major support around 265 and upside resistance around 280. Break and sustain below 265 will test 255 levels in upcoming sessions. Break above 280 will again test 285-290 levels.

Crude Oil - Crude Oil still closed on a slightly weak note. Now Crude Oil has near support around 5550 and near resistance around 5775 levels. Any fresh bull run may expect on close above 5775 levels till 5840-5900 levels. Traders remain cautious before OPEC meet.

Weekly Top Pick

Buy Nickel above 1575. SL-1558. Target-1588-1598. *T&C Apply...