MCXOPTIONS

 

Commodity Market outlook for coming week (29 Oct - 2 Nov)

October 28 , 2018

Gold & SIlver: Last week GOLD moved above 32000 three to four times but not able to sustain above 32000. In coming week we can see break out or break down in GOLD. It means either it will cross 32200 level with volume and close above that or it will break support of 31800 and close below this level. Same in Silver we have seen a tight range of 38500 to 39200, seems this week we will see breakout or breakdown in silver also, either this week we will see level of 39600-39700 in upper side or 38200 to 38300 in down side.

Crude : Nymex crude holding 66 Dollar. and closed above 67.50 on Friday session, but still 68 to 68.50 is a resistance zone. In mcx, we can see resistance around 4980 to 5010 level and Support now at around 4930 to 4910 levels.

Natural Gas : After expiry it will be better to watch Natural Gas 2-3 session for next trend.

Base Metals : Copper having support around 440 to 438 level and resistance is at around 447 to 449 level. Zinc support level at 195 and resistance level at 198 now. Lead was in very tight range last week, it has resistance around 147 and support at around 145 level. In Aluminium we have seen some short covering and possible it will move to 146.50 to 147 level this week. Nickel became very week in last 2-3 session and it seems more downside left in Nickel.

Commodity Market outlook for coming week

October 21 , 2018

Gold : Last week, In US Market GOLD range was around 1224 to 1237 and Indian market we have seen lower level around 31800 and higher level around 32200. These levels are very important for this week. We have to closely watch USDINR also.

Silver : Silver still sustaining above support level of 38500. We can see selling pressure once it will sustain below 38500. Now resistance for silver around 39000 followed by 39250.

Crude : WTI Crude not able to sustain above 72 dollar and we have seen massive sell off in Crude and once it was below 69 dollar also but some recovery we have seen from lower level. In MCX we have seen Crude below 5050 last week. For this week, Crude resistance around 5155 / 5185 and support level around 5000 / 4960.

Copper : Copper is getting strong support around support level of 445-448 zone and two three times we have seen reversal upto 452-453 level. If copper able to sustain above 454 levels then we can see again level of 459-461 in copper.

Zinc : In LME Zinc resistance coming around 2680 and support level around 2580. Keep watch this level this week. Trade according to these levels. In MCX, Zinc resistance now around 199 and support around 194.

Lead : Lead was too volatile last week. Just in last two weeks we have seen below 140 and high above 156. It closed around 146 on Friday. But in last hour of trade we have seen some short covering from 144 levels. If Lead able to cross 147 then we can see level of 150.

Nickel : In Nickel we have seen fall below 900 but soon we have seen recovery again it sustained above 910. For coming week, Nickel resistance around 933/945 and support around 895/883 levels.

Aluminium : We have not seen big jump or fall in Aluminium last week. For coming week Aluminium support around 147/145 and resistance around 151/153 levels.

Natural Gas : Natural Gas very volatile since last few days. But we have seen many times selling pressure from 243-244 levels. So as per chart it looks for more upside Natural Gas should give closing above 244 level for 2 days minimum and for downside we need closing below 230 levels atleast for 2 days.

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We are here to provide technical levels and news on equity and commodity market. You will also get time to time options related recommendations.


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