Technical Levels of Major MCX Commodities
Major Economic Data for the day
6:00 PM – Average Hourly Earnings
6:00 PM – Non-Farm Employment Change
6:00 PM – Unemployment Rate
7:30 PM – Final Wholesale Inventories
Gold has support at 46850 and resistance at 47000. Break and sustain below 46850 will take it to the next support level of 46700…46550 and sustainable trade above 47000 and see further upside move towards the next resistance level of 47150…47250.
MCX Silver has support at 60900 while resistance at 61500 Sustainable trade below 60900 will take it to 60500…60000. If it breaks and sustains the resistance level of 61500 then will take it to 62000—62700, respectively.
Copper has support at 720 and resistance at 730. Sustainable trade above 730 will see the upside move towards 735…742 and if sustained below 720 can catch the downside move towards 714…709 respectively.
Nickel has support at 1464 and resistance at 1475. Selling can see this counter below 1464 for the targeting towards 1455…1440 and sustainable trade above 1475 will see the upside move towards 1484…1500.
Natural gas support has 420 and resistance 442. Sustainable trade above 442 can see more rally towards the next level of 455…464 and if sustained below 420 then can move towards 407…400 maximum.
Crude oil has support at 5900 and resistance at 5980. Sustainable trade below 5900 can see more downside towards 5850…5800 and if sustained above 5980 will see the upside move towards 6050…6120 levels.
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