Non-stop rally continues in Metals...

WEEKLY MCX BULLETIN FROM 18 OCT TO 22 OCT 2021

Bullion falls sharply from higher levels…

Gold - Gold has given a negative move in the last trading session. Now Gold has near support around 47000 and upside resistance around 47600. Break and sustain below 47000 will test its initial target of 46800 and more weakness will expect on close below 46800 levels till 46500 levels. Fresh upside move will expect on close above 47600 levels till 48000+ levels.

Silver - Silver has given a range-bound move in the last trading session and closed with a Doji. Now Silver has near support around 63400 and upside resistance around 64500 levels. An hourly close above 64500 will test 65200-65500 levels for the day. More and more upside move will expect on close above 65500 till 66500+ levels. Fresh weakness may expect on close below 63400 levels.

Metals blast in the last trading session…

Nickel - Nickel has given a fresh breakout in the last trading session. Now Nickel has near support around 1500 and upside we will expect till 1575-1590 levels in upcoming sessions. Buy on dips will be the best trading opportunity for the traders.

Copper - Copper skyrocketed and closed on a bullish note in the last trading session. Now Copper has near support around 775 and upside move will expect till 810-820 levels in upcoming sessions. Buy on dips around 775 will be a good entry-level for the intraday traders.

Lead - Lead successfully achieved our upside targets in the last trading session. Now Lead has near support around 185 and upside resistance around 195 levels. Any sharp dip will be a good entry for the traders.

Energy segment looks mixed on the charts...

Natural Gas - Natural Gas fall sharply and closed on a weak note in the last trading session. Now Natural Gas has near support around 405 and upside resistance around 420. Break and sustain above 420 will test 426-432 levels in upcoming sessions. Fresh weakness will expect on a break below 405 levels till 400 and more downside move will expect on close below 400 levels till 390 mark.

Crude Oil - Crude Oil again closed around higher levels and traders remain cautious at these levels. Now Crude Oil has near support around 6000 and near resistance around 6200 levels. Either side breakout will decide further move in upcoming sessions.

Weekly Top Pick

Buy Nickel above 1556. SL-1538. Target-1570-1580. *T&C Apply...