Weekly update on Bullion, Basemetals & Energy….!!

Gold

This week, Gold October contract has support at 24600—24450 and resistance at 25000—25200 mark. Close below 24850 will see panic till 24600—24450 mark. Three consecutive closes + weekly close below 24450 will see free fall in Gold else it could test its resistance level of 25000—25200 again. Further upside rally seen only weekly close above 25250 mark.

(Read full weekly report on our site www.indianmarketview.com)

 

Silver 

This week, Silver has support at 33700—33300 and resistance at 34500 mark. Close below 34000 will take to 33700—33300. Two consecutive closes below 33300 will see further panic till 32800—32300 and then to 31800 mark in days to come else it could test its resistance level of 34500 again. Further upside rally seen only close above 34500 mark. Three consecutive closes + weekly close above 34500 will take to 35300—35800 mark.

(Read full weekly report on our site www.indianmarketview.com)

Crude Oil

This week, Crude oil has support at 2780 and resistance at 2940—3000. Still looks weak and could test its support level of 2780 mark. Two consecutive closes below 2780 will see further panic in Crude oil till 2680—2630 and then to 2550 mark in days to come else it could test its resistance level of 2880—2940 and then to 3000 mark again. Further upside rally will see only weekly close above 3000 level.

(Read full weekly report on our site www.indianmarketview.com)

Natural Gas

This week, Natural gas has support at 172 and resistance at 185—189. Natural gas is forming triangle pattern on daily charts. It looks positive and could test its resistance level of 185—189. Further upside rally seen only weekly close above 189 level. Three consecutive closes + weekly close above 189 will see nonstop rally in Natural gas else it could test its support level of 172 again. Two consecutive close below 172 will take to 167—163 and then to 155 mark in days to come. At this stage trend looks choppy and has no clear direction.

(Read full weekly report on our site www.indianmarketview.com)

Copper

This week, Copper has support at 327 and resistance at 333—337. Copper still looks weak and could test its support level of 327. Negative return remain continue in Copper on global concern. Close below 327 will take to 321—318 and then to 310 mark in days to come. Further panic seen only weekly close below 310 else it could test its resistance level of 333—337 mark again. Three consecutive closes + weekly close above 337 will see sharp upside rally in Copper.

(Read full weekly report on our site www.indianmarketview.com)

 

Nickel

This week, Nickel has support at 685—660 and resistance at 710. Close below 685 will take to 670—660. Further panic seen only weekly close below 660 mark. Three consecutive closes + weekly close below 660 will see free fall in Nickel till 640—625 else it could test its resistance level of 710 and then to 725—740 again. Two consecutive closes + weekly close above 740 will take to 790—820+ mark.

** This update is part of our weekly report. Please read full weekly report before making any positions to get clear view & strategy of market.

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