The iCOMDEX, the composite index of the Multi Commodity Exchange (MCX), gained last week as the two largest components of the index -- crude oil and gold -- rallied. For the upcoming week, it can be expected to go up further as the outlook for crude oil and gold is positive.

MCX-Crude (₹3,859)

The March futures contract of crude oil in MCX rallied during the past week. The upward bias is substantiated by the daily Relative Strength Index (RSI), which is showing a fresh uptick. The Moving Average Convergence Divergence (MACD) in the daily chart is exhibiting a good bullish momentum. These factors point to a positive outlook for the commodity. Traders can buy the contract on dips with stop-loss at ₹3,700. The nearest resistance is at ₹4,000. Above that level, ₹4,075 can act as a resistance.

MCX-Gold (₹42,666)

The April futures contract of gold advanced last week and registered a fresh 52-week high of ₹42,790 on Thursday. The price action in the daily chart shows a considerable upward momentum, but there can be a minor price correction before the next leg of uptrend.

The MACD indicator in the daily chart is showing a renewed bullish momentum and the daily RSI is showing a fresh uptick, indicating a bullish outlook. Hence, traders can make use of dips to initiate fresh long positions. Stop-loss can be placed at ₹41,000. Potential targets can be at ₹43,350 and ₹43,810.

MCX-Silver (₹48,304)

The March futures contract of silver broke out of the consolidation range last Tuesday. The contract bounced from ₹46,300 levels where the 21- and 50-day moving averages coincide to form a support. Following this, the RSI and MACD indicators have taken an upward trajectory, hinting at bulls gaining strength. So, traders can buy the contract with stop-loss at ₹46,800. The immediate resistance is at ₹49,160. If that level is breached, the contract can be expected to rally to the psychological level of ₹50,000.

MCX-Copper (₹434.7)

The March futures contract of copper continues to tread in a sideways trend between ₹430 and ₹440 for the past two weeks. As a result, the RSI and MACD in the daily chart are flat. Notably, the price remains above the 21-day moving average, giving some hope for the bulls. However, the contract should breach either of the limits of the range to confirm the next leg of trend. Traders can buy with a tight stop-loss if the contract falls to ₹430 and sell with a tight stop-loss if the contract rallies to ₹440.

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