WEEKLY COMMODITY OUTLOOK
MCX Gold futures were ended negatively compared to previous week. It loses more than 400points. The Moving Average is above the closing price. The RSI is in neutral zone. The averages in MACD are below the zero line and negative cross over.MCX Gold further may test support and rise. The support seen at 27758 and resistance is 26992.
MCX Silver futures are tested weekly low on second trading day .The low price is 36170. The Moving Average shown market remains weak. The RSI is in neutral zone. Averages in MACD are below the zero line and negative cross over. The MCX Silver may test support. The support seen at 34260 and resistance at 38188.
MCX Copper futures were traded range bound in previous week. The weekly low is 350.60 and high is 363.The Moving Average is above the closing price. The RSI tested zone is Neutral and it moving towards overbought zone. The averages in MACD are above the zero line and positive cross over.MCX Copper further upside expected. The support is 341 and resistance 374.50.
MCX Nickel futures is losed more than 40 points. The Moving Average is above the closing price.The RSI is in neutral zone.The MACD are below the zero line and negative cross over. The MCX Nickel may test support and rise.The support seen at 826.90 and resistance 914.
MCX Crude oil Futures were traded range bound in previous two weeks. The Moving Average below and Market closing price is same. RSI is tested overbought range and now at neutral zone. The averages of MACD are above the Zero line and positive cross over. The MCX Crude oil may range bound. The Ranges are upside 3384 and lower side 2985.
MCX Lead futures are traded at Range bound in previous week. The Moving Average above the closing price. The RSI tested zone was neutral. The averages in MACD are below the zero line and negative cross over. The MCX lead future may support test and rise. The MCX Lead future range bound support is108.90 and resistance is 117.30.
MCX Aluminium futures ended at 111.50.The Moving Average indicator is above the previous closing price.The RSI is neutral. The MACD is below the Zero line and positive cross over.The MCX Aluminium further fall is expected . The support is 109 and resistance 116.50.
MCX Zinc futures were traded at 126.90.The Moving average indicator is above the closing price. The RSI tested zone is moving towards oversold zone and negative cross over. The MACD are below the zero line and negative cross over. The MCX Zinc further downside is expected. The support seen at 124.72 and resistance 134.90.
MCX Natural gas futures were ended at 2.944 at last trading day.The MA indicator is below the closing price.The RSI tested zone is moving towards overbought zone.The averages in MACD are below the zero line and negative cross over. The MCX Natural Gas further upside is expected.The support seen at 162.30 and resistance 194.10.
*chart source- www.investing.com