Weekly MCX Commodity Market Updates

Gold:

MCX Gold is in bullish trend and consolidating around higher levels. For this week 32100 will act as a major resistance level and 30,650 will act as a major support level in MCX Gold Dec. futures. Last week MCX Gold Dec.futures remained sideways. For current week traders can use buy on lower level strategy, if MCX Gold December futures sustains above 31,400 then  it could test the levels 31,750 / 32,000 with strict SL of 31,040.

Silver:

MCX Silver is also bullish on the charts and consolidating around higher levels. For this week 65,000 is the major resistance levels whereas 58,500 is major support in MCX Silver Dec. futures. Last week MCX Silver Dec. futures was range bound & moved between the range of 61,000 & 62,300. For current week traders can use buy on lower level strategy, if Silver Dec. futures sustains above 61500 then it could test the levels of 62,800/ 64,900.

Copper:

Overall trend of MCX Copper futures is bearish. For this week 442 and 448 will act as major resistances whereas 429 and 418 will act as major supports in MCX Copper Nov. futures. For current week  MCX Copper, traders can use sell on higher level strategy and if it sustains below the level of 431 then it could test  the levels of 426/418.

Crude Oil:

MCX Crude oil is in consolidation phase. But last week, MCX Crude Oil October futures was sustaining at higher levels for the entire week. For this week 4,740 and 4,600 will act as major supports levels whereas 5,060 & 5,210 will act as major resistances in MCX Crude oil October futures. For current week traders can use buy on lower levels strategy. If MCX Crude oil October futures sustains above the level of 4,980 then it could test the level of 5,090/ 5,180.