In recent week MCX gold and silver showing a different colors form the starting of the week. This week gold for April delivery open at 29374 with a strong support level. On Monday a huge increment had seen on MCX. In upcoming week positive shade is expected from gold in global as domestic market. Mcx silver is on fire this week on the early trading, it started with a level of 54980, but on Friday depreciation had seen for may contract. On Saturday at 11.02 am silver prices had seen at 54194 some analyst had think that in upcoming week silver prices ready to touch a sky. Let’s see what happen in upcoming week.
Buy silver above 54400 with a support level of 53500 and a resistance of 55000
Buy gold above 29450 with a support level of 29210 and a resistance of 29630
This week crude oil shows some good jump above 5000 as expected form that on MCX. On MCX crude oil, some more correction are expecting due to increment in Russia and New York. On Friday New York crude prices moves up by 0.2% similarly Russia also shows positive report in crude and natural gas. In upcoming week crude oil go more up with a mixed movement on MCX for 19 March delivery.
Buy crude oil 5050 with a support level of 4990 and a resistance of 5090
Base metal in upcoming week expected to show some correction, especially nickel. This week nickel performs badly and no hike had seen in it. This week nickel prices are falling from starting of week. Copper on LME showing a mixed movement in ongoing week no high movement had seen in copper. Aluminum, zinc and lead show bit positive movement on early on week. In upcoming week all these metals are expected to work on negative side. US jobless data and European data trying to recover to due to lower demand this metal show mixed reaction.
Mentha oil and cotton
This week cotton is the top gainer who fire on MCX market on Friday by moving more than +300 point for 29 March. In recent week cotton started with the prices of 18440 and crosses the line of 19000 and in upcoming week expected more rise on it. MCX cotton for 29 March perform well and advice to hold position and wait for the right price.
This week MCX mentha oil not performs in right direction and drop from its position. Mentha oil prices are watched around 1240 in early of week but mentha oil can’t hold the position and fall down. But this week negative data is worthless and some correction might be happen in upcoming week.
Buy cotton above 18900 with a support level of 18600 and a resistance of 19200
Buy mentha oil above 1200 with a support level of 1170 and a resistance of 1230.
Natural gas performs well in this week and on Saturday at 11.54 it watched at 209.10, and expected more hike due to positive data in natural gas form Russian market.
Buy natural gas above 210 with support level of 205 and a resistance of 216.