Technical Levels of Bullions and Major MCX Commodies
Some correction is seeing in Bullion counters from the day’s high, Silver climbed above the 64000 levels in the morning session but did not able to sustain above it. After yesterday’s negative close in Natural Gas, we may see some selling in this counter in today’s session as well. Gains were capped in Crude oil as OPEC+ looked set to go ahead with a planned oil output increase. Climate change is fueling deadly and disastrous weather across the globe, including stronger and more damaging hurricanes.
Gold has support at 47100 and resistance at 47330. Break and sustain below 47100 will take it to the next support level of 46990…46830 and sustainable trade above 47330 can see further upside move towards the next resistance level of 47500…47700.
Silver has support at 63430 while resistance at 64300. Sustainable trade below 63430 will take it to 62900…62000. If it breaks and sustains the resistance level of 64300 then will take it to 64650—65300, respectively.
Copper has support at 713 and resistance 726. Sustainable trade above 726 will see the upside move towards 732…737 and if sustained below 713 can catch the downside move towards 705…695 respectively.
Nickel has support at 1432 and resistance at 1465. Selling can see this counter below 1432 for the targeting towards 1416…1400 and sustainable trade above 1465 will see the upside move towards 1490…1505.
Natural gas support has 310 and resistance 320. Sustainable trade above 320 can see more rally towards the next level of 340…355 and if sustained below 310 then can move towards 300…292 maximum.
Crude oil has support at 4990 and resistance at 5080. Sustainable trade below 4990 can see more downside towards 4940…4890 and if sustained above 5080 will see the upside move towards 5130…5170 levels.
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