Weekly MCX Commodity Market Updates

Gold:

Gold demand surged as prices dropped on strong rupee. For this week, 29,950 will act as major supports whereas 31550 will act as major resistances in MCX Gold Dec. futures. For this week in MCX Gold, traders can make sell position on higher level and if it sustains below the level of 30,800 then it could test the levels of 30,650 / 30,250.

Silver:

Silver has been under selling pressure due to sell-off in both gold and industrial metals. Technically, MCX Silver future is consolidating and also, sustaining above 58,600 levels. Last week MCX Silver Dec. futures were sideways around lower levels. For this week 61,100 is the major resistance levels whereas 56,880 is a major support in MCX Silver Dec. futures. For this week, traders can use sell on higher level strategy, if Silver Dec. futures sustains below 58,600 then it could test the levels of 58,000/ 57,300.

Copper:

Base metal prices are mostly higher in Asia trading. Technically MCX Copper future is in bearish trend and due to selling pressure, it is sustaining around lower levels. So, for this week it could face major resistance of 434.20 levels whereas 408.70 could be a major support level in MCX Copper. For this week in MCX Copper, traders can use sell on higher level strategy, if Copper future sustains below 419.45 levels then it could test the levels of 413.80/ 409.

Crude oil:

Overall trend of MCX Crude oil future is bearish and also sustaining around 4,630 levels, in the last week, MCX Crude oil Nov. future remained in bearish trend for the entire week. For this week  4,450 will act as major supports whereas 5,000 will act as major resistances in MCX Crude oil November future. So, for this week in MCX Crude oil, traders can use sell on higher levels strategy and if it is sustain below 4,600 then it could test the levels of 4,530/4,470.