Base Metals and other Major MCX Commodities evening technical levels
Major US Economic Data For Today (24th May 2022)
07:15 PM : Flash Manufacturing PMI, Flash Services PMI
07:30 PM : New Home Sales
09:50 PM : Fed Chairman Powell’s Speech
Gold has support at 50850 and resistance at 51150. Break and sustain below 50850 will take it to the next support level of 50700…50550 and sustainable trade above 51150 can see further upside move towards the next resistance level of 51300…51450
Silver has support at 61100 while resistance at 61800. Sustainable trade below 61100 will take it to 60800…60500 very soon. If it breaks and sustains the resistance level of 61800 then will take it to 62200—62500, respectively.
In the base metals commodities, Copper has support at 771 and resistance at 780 Sustainable trade above 780 will see the upside move towards 783, 786 and if sustained below 771 can catch the downside move towards 768, 765 respectively.
Zinc has support at 321 and resistance at 325 Break and sustain below 321 will see the downside move 319—317 and if sustained above 325 can see further upside towards 327…329 level.
Aluminium has support at 243 and resistance at 247 Sustainable trade below 243 can see the downside move towards 241…239 and if sustains above 247 will take it to 249, 251 very soon.
Natural gas support has 680 and resistance 690. Sustainable trade above 690 can see more rally towards the next level of 695, 700 and if sustained below 680 then can move towards 675…670.
Crude oil has support at 8500 and resistance at 8600. Sustainable trade below 8500 can see more downside towards 8450…8400 and if sustained above 8600 will see the upside move towards 8650…8700 levels.
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