Technical Levels of Major MCX Commodities
Major Economic data for the evening session
06.00 PM – Core PCE Price, Personal Income, Personal Spending, Prelim Wholesale inventories Data
07.30 PM – While Revise consumer sentiment, Revised UoM Inflation Expectations Data
07.30 PM – Along with FED Chairman Powell speech a
All eyes glued on Fed Chair Jerome Powell’s remarks at the Jackson Hole, Wyoming, a symposium at 7:30 pm, for hints about when the Fed will begin tapering its asset purchasing program.
MCX Gold has support at 46930 and resistance at 47580. Sustained above 47580 can see the upside move towards 47800…47900 and if it breaks and sustain below 46390 will see the more downside towards 46700…46550.
Silver has support at 62650 and resistance at 63500. Sustainable trade below 62650 will see the good downside move towards 62350—62000 levels and if it sustains above 63500 will catch the upside move towards 63900…64400.
Copper has support at 711 and resistance at 719.20. Sustainable trade below 711 can move towards 707…702 levels and if sustains above 719.20 can see the upside move again towards 723/727.
Lead has support at 176.20 and resistance at 179.50. More downsides can see if it breaches the level of 176.20 towards 175—174 and sustainable trade above 179.50 will see the good upside move towards 182…184.
Zinc has support at 243.50 and resistance at 248. Sustainable trade below 243.50 will see the downside move towards 242…240 and if it sustains above 248 will catch the upside move again towards 250…251.
Nickel has support at 1399 and resistance at 1421. Break and sustain below 1399 will take it to 1385—1370 levels and if it sustains above 1421 can see further upside towards 1431…1445 level.
Natural gas has support at 311 and resistance at 319. Sustainable trade below 311 will see the downside move towards 308—304 and if it breaks and sustain above 319 can see the upside move towards 324…328.
Crude oil has support at 5030 and resistance at 5105. Break and sustain below 5030 can move towards 4980…4940 and sustainable trade above 5105 again can move towards 5140…5180.
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