Will metals slide more or take U-Turn?

WEEKLY MCX BULLETIN FROM 17 JAN TO 21 JAN 2022 Bullions are taking resistance at higher levels

Gold- Gold has given a slight weak move in the last trading session. Now Gold has near support around 47600 and major resistance around 48200 levels. Break and a daily close over 48200 will see sharp upside move till 48400-48600 levels in upcoming sessions. Fresh weakness may expect on close below 47600 levels till 47450-47350 levels.

Silver- Silver has given a bullish candle in the last week. Now Silver has near support around 61000 and the next upside hurdle around 62600 levels. Fresh upside move will expect on close above 62600 till 63000-63300 levels. Traders can enter on dips around support for the intraday gains of 400-600 points.

Metals slide sharply from upper levels.

Nickel- We have seen some profit booking from all-time high in the last trading session. Now Nickel has near support around 1620 and upside resistance around 1655 levels. If Nickel able to close above 1655 then our next target will be 1675-1690 levels. Any fresh downside move will expect on a daily close below 1620 levels till 1600-1590 levels.

Copper- Copper crashed vertically from resistance levels in the last trading session. Now Copper has near support around 740 and the next hurdle around 755. Break and sustain below 755 will drag it towards 736-732 levels in upcoming sessions. A fresh bullish move will expect above 755 levels. Sell on rise around 750 will be a good trading opportunity for 4-8 points for the traders.

Zinc- Zinc too slipped from higher levels in the last trading session. Now support around 287 and major resistance around 294. Either side breakout will decide further move in upcoming sessions.

Energy Segment looks mixed on the charts

Crude Oil- Crude Oil successfully achieved our upside targets in the last trading session. Now Crude Oil has the next hurdle around 6275 and major support around 6000 levels. Buy on dips around support will be a good buying opportunity.

Natural Gas- After a sharp crash, we have seen some recovery from lower levels in the last trading session. Now Natural Gas has support around 305 and hurdle around 320. Break and sustain above 320 will test 324-329 levels again in upcoming sessions.

Weekly Top Pick

Buy Silver on dips around 61150. Stop loss below 60500. Target-61750-62200. *T&C Apply...