We also saw buying rally in MCX Gold future in the last 2 days of the week tracking U.S. Market and due to festive demand. For the coming week 32450 will act as major resistances whereas 30350 will act as major supports in MCX Gold December futures. Last week MCX Gold December future was sustaining around the level of 31600. For the next week traders can use buy on lower level strategy, if it sustains above the level of 31750 then it could test the levels of 31950/ 32300.
Technically Silver is sustaining around the level 60300 on the charts. So for the next week 62500 will act as a major resistance whereas 58385 will act as a major supports in MCX Silver Dec future. Last week MCX Silver was sideways around higher levels. For the next week traders can make buying strategy on lower levels, if it is sustains above the levels of 60700 then it could test the levels of 61500/ 62350.
Base metal futures on MCX traded higher due to depreciation of the rupee against the dollar, but the upside was capped following a range bound trend in benchmark contracts on the London Metal Exchange, where market remained cautious ahead of the China Congress party.
Overall trend of MCX Copper futures is consolidate. But last week Copper futures traded at lower levels for the whole week. For the coming week 430 will act as major resistances whereas 401 and 396 will act as major supports in MCX Copper November futures. For the next week in MCX Copper November, traders can use buy on lower level strategy if it sustains above the level of 420 then it could test the levels of 428.
Crude oil Futures
MCX Crude oil future is in consolidation and looking weak on charts, also sustaining around 4650 levels. For the coming week 4450 will act as major supports whereas 4825 will act as major resistances in MCX Crude oil November future. Last week MCX Crude oil was sideways around lower levels. So for the next week traders can use sell on higher levels strategy and if it is sustain below 4590 then it could test the levels of 4530/4470.