Opec+ members are ready to increase output from December onward. There is a dispute between UAE and Saudi related to crude oil production. Entire global economies are facing inflation hikes due to the rise in Crude oil prices. Last week, Crude oil prices crossed $76 per barrel but this news already discounted and has given negative closing in the week. Watch and read MCX weekly levels carefully.
Trendy MCX Gold
Last week, we have seen positive bias trading in Gold and settled around 48024.
Support at 47750—47500 and resistance at 48500.
Decisive break and sustain below 48000 will take it to 47750—47600.
More and more downside panic we will see below 47500 on a closing basis.
Close below 47500 will take Gold to 47050—46900 levels.
47050—46900 will be the best buying opportunity for positional traders and investors with a stop loss below 46000 on a closing basis.
Traders can sell Gold on the rise around 48200 with a stop loss above 48500 for the downside target of 47750—47600.
Trendy MCX Silver
On the other hand, Silver crashed vertically on Friday. Silver crashed almost 2000 points from the top and settled around 68345.
Decisive break and sustain below 68000 will take it to 67400—67000.
Who will save Silver below 67000 levels???
Two consecutive closes below 67000 will take Silver to 63000 levels in days to come.
Fresh buying we will do on a close above 71000 levels only.
Traders should remain cautious in Silver at upper levels. More we will update during market hours.
Trendy MCX Copper
Last week, we have seen positive bias trading in the Copper and settled around 731 on Friday’s trading session.
Copper has support at 728 and resistance at 736
Decisive break and close above 736 will take it to 742—745 levels.
Copper is forming a falling wedge pattern on the weekly chart and the breakout point is at 745 levels.
Three consecutive closes + weekly close above 745 will take Coppet to 790+++ levels in days to come or else it could test its support level of 728 again.
Decisive break and sustain below 728 will take it to 722—716 levels in days to come.
Who will save copper below the 716 mark???
Traders can trade safely as Copper futures as per the levels given above.
More we will update during market hours.
Trendy MCX Crude oil
Opec+ members are ready to boost supply as prices rise. This news will give an adverse impact on Crude oil prices.
Crude oil has support at 5240. Decisive break and close below 5240 will take it to 5160—5125 levels.
Who will save crude oil below 5125 levels???
The downside target looks 4700.
Any sharp rise till 5420—5450 will be the best selling strategy with a stop loss above 5650 on a closing basis for the downside target of 4700.