Technical Levels of Gold and other Major Commodities
Major economic data for the evening session
7:30 PM – ISM Manufacturing PMI and Construction spending m/m data
Gold prices fell on Monday as an increase in appetite for riskier assets weighed on the safe-haven metal, while investor focus is turning to a key U.S. employment report due later in the week to gauge the health of the labor market. Sentiment in wider financial markets remained upbeat, with European stocks scaling fresh peaks, driven by dealmaking activity and strong results from Europe’s biggest bank HSBC. The non-farm payroll numbers, due on Friday, are the last major jobs report before global central bank officials hold their annual meeting in Jackson Hole in late August. Economists in a Reuters poll forecast a 926,000 job increase. Fed Chairman Jerome Powell said last week interest rate hikes were “ways away” and the job market still had “some ground to cover”, which saw gold jump more than 1% last Thursday.
Crude oil prices fell on Monday as worries over China’s economy resurfaced after a survey showing growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by higher crude output from OPEC producers. China’s factory activity growth slipped sharply in July as demand contracted for the first time in more than a year, a survey showed on Monday. The weaker results in the private survey, mostly covering export-oriented and small manufacturers, broadly aligned with those in an official survey released on Saturday. The United States will not lock down again to curb COVID-19, but “things are going to get worse” as the Delta variant fuels a surge in cases, mostly among the unvaccinated, President Joe Biden’s chief medical adviser Anthony Fauci said on Sunday.
Gold has support at 47800 and resistance at 48200. Sustained above 48200 can see the upside move towards 48400…48600 and if it breaks and sustain below 47800 will see the more downside towards 47600…47400.
Silver has support at 67500 and resistance at 68200. Sustainable trade below 67500 will see the good downside move towards 67000—66500 levels and if it sustains above 68200 will catch the upside move towards 68700…69200.
Copper has support at 750 and resistance at 761. Sustainable trade Below 750 can move towards 745…740 levels and if sustains above 761 can see the good move again towards 766/770.
Lead has support at 176.50 and resistance at 179. More downsides can see if it breaches the level of 176.50 and sustainable trade above 179 will see the good upside move towards 181…183.
Zinc has support at 247.50 and resistance at 250. Sustainable trade below 247.50 will see the downside move towards 244…242 and if it sustains above 250 will catch the upside move again towards the next resistance of 252.50…255.
Nickel has support at 1480 and resistance at 1500. Break and sustain below 1480 will take it to 1470 —1460 levels and if it is breached and sustains above 1500 can see further upside towards 1512…1525 level.
Natural gas has support at 292 and resistance at 303. Sustainable trade below 292 will see the downside move towards 288—283 and if it breaks and sustain above 303 can see the upside move towards 308…313.
Crude oil has support at 5390 and resistance at 5500. Break and sustain below 5390 can move towards 5350…5300 and sustainable trade above 5500 again can move towards 5550…5600.
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