Gold Market Overview
COMEX Gold is in an upward phase. Last week COMEX Gold break the level of 1400$ and made a low of 1380 but was not able to close above that . In the coming week 1375$ will act as a major support in COMEX Gold, if COMEX Gold sustains above 1425$ an ounce then above 1440 $ an ounce it can touch the level of 1460$ an ounce and if COMEX Gold sustains below 1390$ then it can slightly correct and test the level of 1370$ an ounce.
Strategy
For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1441$ an ounce, then above 1450$ it can test the level of 1470$ an ounce and above 1470$ it can further move upward. Trade by keeping the strict stop losses. Major support for COMEX Gold in the coming week is 1370$ and 1340$. Major resistance for COMEX Gold in the coming week is 1450$ and 1475$ Major support in MCX Gold is 20450 and 20150 Major resistance in MCX Gold is 21200 and 21450
Silver Market Overview
COMEX Silver is technically strong on charts. Last week COMEX Silver break the level of 3670$ and made a weekly close above that. For the upcoming week 3550$ and 3350$ are the crucial supports and 3800$ and 3920 $ are crucial resistance in COMEX Silver. In MCX Silver 57000 and 58500 will act as major resistance and 53500 and 51000 will act as major supports.
Strategy
Technically COMEX Silver is strong on charts, For the next week traders can use buy on lower level strategy if Silver sustains above the level of 3700$ an ounce, then above 3800$ an ounce it can further go upward and can test the level of 3850$ an ounce. Trade by keeping the proper stop losses.
Crude Market Overview
NYMEX Crude is in upward phase. Last week in Crude oil neither sustained on higher levels nor at lower levels. For the coming week 96$ will act as major support and 107 $ a barrel will be a major resistance. In MCX Crude Oil major resistance is found at 4835 and 4950 and major supports will be 4600 and 4500.
Strategy
NYMEX Crude is in upward phase. Last week in Crude oil neither sustained on higher levels nor at lower levels. For the coming week 96$ will act as major support and 107 $ a barrel will be a major resistance. In MCX Crude Oil major resistance is found at 4835 and 4950 and major supports will be 4600 and 4500.
Copper Market Overview
Copper is in an upward consolidation phase and traders should use the strategy of buy on lower levels. Last week COMEX Copper was up for most part of week. If next week COMEX Copper sustains above the level of 432 then above the level of 446 Copper can test the level of 453. In MCX Copper above 442 Copper can test the level of 448 if it does not break the level of 431 on the downside.
Strategy
For the upcoming week 450 and 460 will act as major resistance and 430 and 420 will act as major supports in COMEX Copper. For MCX Copper major resistance would be 450 and 460 and supports would be found at 430 and 418.
Natural Gas Market Overview
Natural Gas is in a consolidation phase and traders should use the strategy of buying on lower levels. Last week Natural Gas was able to sustain above 3.800$ and close near to its week high. If next week Natural Gas sustains above the level of 4.100$ then above the level of 4.500$ Natural Gas can test the level of 4.620 $ and below 4.100$ Natural Gas can slightly go down and test the level of 4.010$. In MCX, if Natural Gas sustains above190 in
the coming week then it can test the level of 207, if it does not break the level of 186 on the downside.
Strategy
For the upcoming week 3.650$ and 3.200 $ will act as major supports and 4.880$ and 5.200$ will act as major resistance in US Natural Gas. For MCX Natural Gas major resistance would be 207 and 220, supports would be found at 175 and 165.
USD/INR Market Overview
USD/INR is consolidating on charts so traders can use the strategy of buying on lower levels. If next week USD/INR sustains above the level of 44.5000 then above the level of 44.7000 USD/INR can test the level of 45.0000 and below 44.5000 USD/INR can slightly go down and test the level of 44.3000.
Strategy
For the upcoming week 44.5000 and 43.8000 will act as major supports and 45.4000 and
46.0000 will act as major resistance in USD/INR.
Read More:-
FREE MCX Commodities tips on Mobile
