MCX Commodity Market Report and Trading Tips

GOLDmcxAPR(m)
Technical Levels:
R3 - 21500/21900
R2 - 20930/190/350
R1 - 20680/20840
Pivot - 20610
S1 - 20540
S2 - 20500/20455
S3 - 20400/200

Technical Commentary:

Negative bias to remain while below 20750 but failure to clear below the intraday support 20540 may slow down the present weak momentum and call for a corrective pullback. Unexpected rise above 20750 would take prices higher towards 20850-900 later and expect to consolidate. A direct fall below 20540 would extend the losses towards 20400/200 in near term.

Trends:
Intraday - Down
Near Term - Up

SILVERmcxAPR(m)
Technical Levels:
R3 - 57000/60000
R2 - 54300/55000
R1 - 52500/53100/600
Pivot - 51930
S1 - 51700-500/51000
S2 - 50700/50200
S3 - 49800

Technical Commentary:

The 51700-500 support region expects to hold initially, but sharp falls below the same would rekindle bearishness towards 51000/49000 in near term. However, for the day we favour 51500 to hold and call for a recovery towards 52700/53300 levels.

Trends:
Intraday - Consolidate
Near Term - Up

COPPERmcxAPR
Technical Levels:
R3 - 465/482
R2 - 433/438/441
R1 - 428/429.50
Pivot - 424
S1 - 420/416/412.50
S2 - 410/404/400
S3 - 388

Technical Commentary:

Inablitiy to break 427.80 can turn prices lower towards 420 then 416 levels for the day. However, Trade above the same may witness price rush towards 432 then 438 levels.

Trends:

Intraday - Up

Near Term - Consolidate

NICKELmcxMAR
Technical Levels:
R3 - 1280/94
R2 - 1208/24
R1 - 1059/1082
Pivot - 1145
S1 - 1132
S2 - 1120/109
S3 - 1100/1088

Technical Commentary:

Even though the broad trend looks weak, intraday we favour corrective pullback towards 1162/73 or more as long as 1120 hold the downside. A direct fall below 1120 would be a strong selling signal towards 1100 in near term.

Trends:
Intraday - Up
Near Term - Down

LEADmcxMAR
Technical Levels:
R3 - 124
R2 - 121.50/122.20
R1 - 120
Pivot - 118.40
S1 - 117/115.80
S2 - 114.50/112
S3 - 106/104

Technical Commentary:

Overall, prices might trade in choppy range (105.50-102.50) for the day. We expect an either break out may confirm a fresh trend for the day.

Trends:
Intraday - Consolidate
Near Term - Consolidate

ZINCmcxMAR
Technical Levels:
R3 - 111
R2 - 106/108.60
R1 - 105.40
Pivot - 104
S1 - 103/102
S2 - 100/99.40/98.40
S3 - 95.70/93

Technical Commentary:

As long as holding above 118 -117 levels expect prices to trade higher. However, a fresh buying opportunity is seen above 120.30 levels towards 122 then 125 levels. Inability to trade above the same may see prices to trade 117-120 range.

Trends:
Intraday - Up
Near Term - Down

CRUDEmcxMAR
Technical Levels:
R3 - 4900
R2 - 4710/70/80
R1 - 4500/4535/4600
Pivot - 4542
S1 - 4400
S2 - 4370/4300
S3 - 4272

Technical Commentary:

As long as 4380-400 holds may slow down the present selling momentum and call for a sharp recovery towards 4550 initially followed by 4600 or even more. Our favoured view for strong sell off only if prices sustain below 4380 towards 4300 or more.

Trends:
Intraday - Up
Near Term - Consolidate

NAT. GASmcxMAR
Technical Levels:
R3 - 190
R2 - 184/186
R1 - 181
Pivot - 179.60
S1 - 177/173
S2 - 171/169
S3 - 167/164

Technical Commentary:

Likely to move up and find resistance at 184/187 as long as 174 hold the downside. Prices have to clear below the strong support 173 to negate our intraday bullish expectations.

Trends:
Intraday - Up
Near Term - Down