Trade Cautiously before FOMC meet...

DAILY MCX BULLETIN ON 15 DEC 2021

Bullions look dicey at current levels…

Gold - Gold has given both-side moves in the last trading session. Now Gold has the next major support around 47800 and an upside resistance zone around 48300-48350. Be cautious before FOMC meet to take fresh trade. If Gold is able to sustain above 48300 then our next upside targets are 48500 and more upside will come on close above 48500 levels. Fresh weakness will expect on close below 47800 levels.

Silver - Silver too fall sharply from higher levels in the last trading session. Now Silver has near and major support around 60000-59800 and upside resistance around 61800 levels. Either side breakout will decide further trend in upcoming sessions.

Metals look slightly weak on the charts…

Nickel - Nickel is trading around lower levels and ready for the big move. Now Nickel has the next major support around 1525 and upside resistance around 1550. Break and sustain above 1550 will test 1560-1565 levels in upcoming sessions. Major weakness will expect on close below 1525 levels.

Copper - Copper looks weak and trading around support levels. Now Copper has next support around 728 and upside resistance around 745. Break below 728 will test 724-720 levels in upcoming sessions. Any fresh bull run may expect on close above 745 levels.

Zinc - Zinc is trading around resistance levels and ready for a fresh breakout. Now Zinc has the next resistance around 280 and next support around 275 levels. Break and sustain below 275 will test 272-270 levels again. Fresh upside will expect on close above 270 levels.

Energy segment looks mixed on the charts...

Natural Gas - Natural Gas again crashed from higher levels in the last trading session. Now Natural Gas has near support around 280 and upside resistance around 290. Either side hourly close will decide further move in upcoming sessions.

Crude Oil - Crude Oil is closed around the support zone in the last trading session. Now Crude Oil has near support around 5280 and near resistance around 5400 levels. An hourly close above 5400 will test 5460-5500 levels for the day. Major upside will come on close above 5500 levels.

Daily Top Pick

Buy Crude Oil above 5380. SL-5280. Target-5450-5500. *T&C Apply...