Overall trend of MCX Gold futures is bullish but last week it witnessed a slight profit booking at higher levels. For current week, 32,300 will act as a major resistance level and 30,700 will act as a major support level in MCX Gold Dec. futures. For this week traders can use sell on higher level strategy, if MCX Gold December futures sustains below 31,530 then it could test the levels 31,220/30,950.
Overall trend of MCX Silver futures is bullish but last week it was unable to sustain at higher levels. For this week 65,000 will act as a major resistance level and 60,900 will act as a major support level in MCX Silver Dec. futures. For this week traders can use sell on higher level strategy, if MCX Silver December futures sustains below 62,000 then it could test the levels 60950/ 60,120.
Technically MCX Crude oil is in consolidation and looking strong on charts. But, last week, MCX Crude Oil October futures traded downward for the entire week. For this week 4,790 and 4,700 will act as major supports levels whereas 4,990 & 5,070 will act as major resistance in MCX Crude oil October futures. For this week traders can use buy on lower level strategy. If MCX Crude oil October futures sustains above the level of 4,975 then it could test the level of 5,070/5,180.
Overall trend of MCX Copper futures is bullish. But last week Copper futures was showing mixed trend. For this week 430 and 423 will act as major supports whereas 449 and 455 will act as major resistances in MCX Copper Nov. futures. For this week in MCX Copper, traders can use buy on lower level strategy and if it sustains above the level of 445 then it could test the levels of 449 / 455.
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