Technical Levels of Gold and other Major MCX Commodities
No Major Economic Data for the day
MCX Gold prices fell on Tuesday, retreating further from a 2-1/2 month peak hit last week, as a firmer dollar and a rise in U.S. Treasury yields dented demand for safe-haven bullion. The dollar has continued to strengthen a tad and the bond yields are moving higher ahead of the auction, sapping some of the demand in the gold market,” said Saxo Bank analyst Ole Hansen.“In addition, the market is also starting to get a bit nervous because of another failed attempt to break above this key area of resistance The dollar index rose 0.2% against its rivals, while benchmark 10-year yields jumped to a more than one-week high, increasing the opportunity cost of holding non-interest bearing bullion. Sentiment in wider financial markets also remained upbeat, limiting inflows into safe-havens like gold.
Gold
Gold has support at 47230 and resistance at 47430. Break and sustain below 47230 will take it to the next support level of 47100…47000 and sustainable trade above 47430 can see further upside move towards the next resistance level of 47550…47670.
Silver
Silver has support at 64200 while resistance at 65400. Sustainable trade below 64200 will take it to 61800…61200. If it breaks and sustain the resistance level of 65400 then will take it to 66000—66600, respectively.
Copper
Copper has support at 704 and resistance at 717. Sustainable trade above 717 will see the upside move towards 721…724 and if sustained below 704 can catch the downside move towards 700…695 respectively.
Nickel
Nickel has support at 1455 and resistance at 1470. Selling can see this counter below 1455 for the targeting towards 1445…1430 and sustainable trade above 1470 will see the upside move towards 1482…1496.
Aluminum
Aluminum has support at 216.50 and resistance at 219. Sustainable trade below 216.50 can see the downside move towards 215…214 and if sustains above 219 will take it to 221…222.50 very soon.
Natural Gas
Natural gas support has 338.50 and resistance 345. Sustainable trade above 345 can see more rally towards the next level of 350…362.50 and if sustained below 338.500 then can move towards 340…334 maximum.
Crude Oil
Crude oil has support at 4990 and resistance at 5090. Sustainable trade below 4990 can see more downside towards 4950…4910 and if sustained above 5090 will see the upside move towards 5130…5170 levels.
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