Major MCX Commodities Evening Session Technical Levels
Major US Economic Data
06:00 PM : CPI m/m, Core CPI m/m
08:00 PM: Crude Oil Inventories
Gold has support at 50500 and resistance 50900. Break and sustain below 50500 will take it to the next support level of 50350…50200 and sustainable trade above 50900 can see further upside move towards the next resistance level of 51100…51300.
Silver has support at 60900 while resistance at 61500. Sustainable trade below 60900 will take it to 60600…60300 very soon. If it breaks and sustains the resistance level of 61500 then will take it to 61800—61000, respectively. (Major resistance will be 62200)
Copper has support at 757 and resistance at 763 Sustainable trade above 763 will see the upside move towards 766, 769 and if sustained below 757 can catch the downside move towards 754, 751 respectively.
Zinc has support at 312 and resistance at 314 Break and sustains below 312 will see the downside move 310—308 and if sustained above 314 can see further upside towards 316…318 level.
Aluminum has support at 231 and resistance at 235 Sustainable trade below 231 can see the downside move towards 229…227 and if sustains above 235 will take it to 237, 239 very soon.
Natural gas support has 574 and resistance 584. Sustainable trade above 584 can see more rally towards the next level of 590, 595 and if sustained below 574 then can move towards 569…565.
Crude Oil has support at 7950 and resistance at 8050. Sustainable trade below 7950 can see more downside towards 7910…7860 and if sustained above 8050 will see the upside move towards 8100…8140 levels.
Trade safely. Volatility is expected in the evening session as US Inflation Data numbers are scheduled.
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