MCX weekly

Let's look at some profile levels for commodities this week.


Gold Dec Future :


Mp Gold Mcx Weekly


In last week's note posted here-( I had mentioned that "31454 on a closing basis is a minimum condition now for aggressive upsides".


The index hit 31438 and rebounded to hit 31000 again today.


31454 remains the level to chase long positions with stop below 31300.It will be a good risk reward ratio for a potential move to 31900 immediately.


Historically Nov and Dec are extremely good periods for Gold and drivers of physical demand.


30840 is the level to watch on lower side.


Silver Dec future :


Mp Silver Mcx Weekly


Silver put in a 1000 points from it's lows on Monday but for the second week in a row gave up all it's gains on Friday.


Charts now show 60300 to be the minimum condition to regain upside momentum.


Target above would be 61000 again.


Crude Oil Nov :


Mp Crude Mcx Weekly


The crude chart above shows a balance developing at 4890 for the past two weeks.


4803 below and 4972 above are the levels to break for the sideways move to end.


Natural gas November :


Mp Natgas 4 Mcx Weekly


Natural gas has support at 200 and 193.


212.4 is showing big volumes and can be a potential resistance for the future.


The range still shows up as 200- 217.


Copper Nov :


Mp Copper Mcx Weekly


Copper has shown a big reversal from 444 and is currently resting at a big support at 430.


Expect price to move back to 435 where the seller will want to step in again.