Transcription
I, Ravi Register Research Analyst, delve into the depths of technical charts to bring you the technical outlook so that you can make informed decisions in the market, especially in the commodity market.
Well, before we proceed, a standard disclaimer: Investments in securities and commodities markets are subject to market risks. Read all the related documents carefully before investing.
The possibilities of financial risks in securities and commodity markets are very high. Therefore, you should not undertake any buying or selling activity without consulting your financial advisor.
So friends, the weekly video that was given to you had a slightly catchy thumbnail and a slightly catchy tagline. But the concept was the same: if there is any disruption in an economy like China, it will somewhere lead Gold and Silver safe havens much higher, which was clearly explained to you through the weekly video. Do not fall prey to "sell on rise." Do not get into the concept of "sell on rise" at all. Okay? The market is at its peak. We agree there are fabrications, there is euphoria in the market. But whenever such things happen, let it be. If you are not buying, then do not sell either. Let the market make a top.
Now, how do you know it's a top? See, it's not known that it made a top there, retraced, and came down a bit again. You know it's a top when it comes down considerably from there, gives a bounce back, and then falls after taking resistance around that area.
Now, understand, I have helped you a little. There were many requests from you asking, "Sir, how do we identify this?" To overcome these things, I have shared a strategy of mine with you on the channel through shorts. So, definitely, if you are a trader, do watch that strategy. Because that strategy will help you a lot in making informed decisions in the market. Okay?
So, let's proceed to Gold and Silver. Before that, if you are new to the channel, please like and subscribe to the channel. Press the bell icon. See, Gold and Silver are showing quite a bit of speed. In Gold, the zone of 1,20,000 has emerged as a very important support. And it can march upwards somewhere to 26,700. In Comex, there is a big breakout at 4134. So, in the weekly video, I told you about the 4134 level in Comex, that as soon as it moves above 4030, it will be seen moving towards the 4134 resistance zone. And it looks like it is happening. Subhash Bagadia ji, hello sir. Hello. So, those who are new to the channel, please like and subscribe to the channel. Press the bell icon. Okay? So, 4134 looks likely in Comex. MCX Gold has also negated the correction that came in one day and is now seen moving upwards again after being in a bearish position, and it has broken its previous clusters. Breaking previous clusters means it is getting ready for 1,26,000. Zones of ₹1,26,000 can be seen in this in a very fast mode. Okay, because at 126788, there is a very important update. DGR Jay Shri Remix ji, the levels were already given to you in the weekly video. I think it is trading above those levels. Okay?
So, now let's talk about Silver. See, Silver definitely formed an evening doji pattern in the weekly chart. But now it is seen breaking its high. And it was a clear trend that if it doesn't go below 144, it was on the verge. And I also felt that whenever there is a supply chain disruption in a major global economy, precious metals see a tremendous move. If Silver moves above 153500, it will get wings. The next Fibonacci resistance is at 2.61, which is at ₹158700. If it gets those wings, it can fly up to ₹158000 on these wings. So, be very careful with it. It's not a joke with Silver. Okay? It is trading above 53. It is 6500 points up. I feel more upside can be seen in it. Okay? So, those who are new to the channel, please like and subscribe to the channel, press the bell icon.
Now, let's talk about Copper. First, a disclaimer for Silver. Our clients might have positions at lower rates. Okay? So, before undertaking any buying or selling activity, do consult your financial advisor. See, Copper was also discussed on the YouTube video, and that day, those who were on my Telegram channel, I also mentioned it live there that the zone of 965 and 945 was a very important zone. And Copper that day made a low of 940, I think 9456, and turned around. It closed around 980. I think it's today's. Yes, today's opening is punching, that is not relevant. The next day it stopped around 965. But DJ Jayesh ji, I have mentioned the rate, you can listen by rewinding a bit. Okay? So, Copper is again looking like it can move up to the levels of 1030, 1035, and 1040.
Crude Oil. See, there was a bottom formed in Crude Oil, but the charts of Crude Oil are facing multiple resistances at higher levels. Fibonacci resistances are at 5386, 5395, 5417, 5453. So, somewhere in Crude Oil, until all resistances are crossed, keep the bias neutral to bearish.
In NG, a short bounce back can be seen. It has somehow defended its 270 support, but it is still stuck. If it does not conquer the 200-day moving average of 282 in the daily chart and give a closing above it, then the lower support is around 266. Okay? Vandana Sakhla ji, I have just explained about Gold. You can watch by rewinding a bit. Okay? So, Silver looks strong. Naveen Jain ji, I feel Silver is very strong. Above 153500, a storm can come in it. Okay? Whenever there is a disruption in an economy like China's, it means it's really huge. Okay? So, that was it.
So, those who are new to the channel, please like and subscribe to the channel, press the bell icon. And if you want to make informed decisions in the commodity market, then there is my commodity magazine. Okay? You can subscribe to it. The monthly fee is around 1999. So, you can subscribe to it, in which you will get weekly outlooks for the entire commodity spectrum – Gold, Silver, Crude, NG – with premium content and explanations.
So, friends, that's all for today. Thank you very much.