Weekly outlook for Gold, Silver, base metals: See crucial levels for the week to make informed trading strategy

Want to know the weekly outlook of gold, silver and other metals to make your trading strategy as sharp as possible? Amit Sajeja, Vice President -Research, Commodity and Currency at Motilal Oswal gives the crucial levels for investors in these commodities to make informed trading decisions. See what he recommends in his weekly strategy

Shivendra Kumar | Dec 03, 2020, 03:33 PM IST

Want to know the weekly outlook of gold, silver and other metals to make your trading strategy as sharp as possible? Amit Sajeja, Vice President -Research, Commodity and Currency at Motilal Oswal gives the crucial levels for investors in these commodities to make informed trading decisions. See what he recommends in his weekly strategy. Source: Reuters  

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MCX Gold – MCX Gold is expected to trend with a positive bias. It will have a good support at Rs 48,900 and intermediate support at Rs 49,070. Buying on Dips is advised with targeted resistance in the range Rs 49,450 and Rs 49,4960.   

Spot Gold – International price of Spot gold is expected to be in the range of USD 1820 and USD 1860 with a positive bias. Source Reuters

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MCX Silver – MCX Silver is expected to trend with a positive bias with support around Rs 62,400 and the next support around Rs 63,450. The brokerage firm advises Buy on Dips strategy with the resistance in the range of Rs 64,300 and Rs 64,850. Source Reuters

Spot Silver - MCX Silver is expected to trend in a rangebound manner between USD 23.65 and USD 24.55. The trend is expected to be positive. Source Reuters

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Bullion Index (BULLDEX) – MCX BULLDEX is expected to trade with a positive bias with good resistance at Rs 15,080 level and support at Rs 15,150 level. Buying on dips is advised with the resistance at 15,270 and Rs 15,340. Source Reuters 

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METALDEX – The Metal Index is expected to trend with a positive bias with good support at Rs 13,300 and intermediate support at Rs 13,360. Buying on dips is advised resistance between Rs 13,450 and Rs 13,510. Source Reuters

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Know the outlook for MCX Metals 

MCX Copper – MCX Copper price is expected to trade in a positive zone with good support at Rs 587 and intermediate support at Rs 589. Buying on dips is advised with the targeted resistance between Rs 593 and Rs 595.  

MCX Nickel - MCX Nickel price is expected to trade in sideways trend having a good support at Rs 1,187 and resistance at Rs 1207 level.  

MCX Lead - MCX Lead price is expected to trade in a positive zone with good support at Rs 158 and intermediate support at Rs 159.10. Buying on dips is advised with the targeted resistance between Rs 160.50 and Rs 161.70.  

MCX Zinc - MCX Zinc price is expected to trade in sideways trend having a good support at Rs 214 and resistance at Rs 217 level.  

MCX Aluminium - MCX Aluminium price is expected to trade in a positive zone with good support at Rs 166 and intermediate support at Rs 167. Buying on dips is advised with the targeted resistance between Rs 168 and Rs 169.10. 

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Watch out for these indicators:  

Nikkei PMI Services report for November 
US Job data expected later today 
US Services PMI expected later today. Source Reuters