Gold and other Major MCX Commodities Evening Levels Update
Major economic data for the evening session.
CB Consumer confidence will be at 7:30 pm only and no major data.
Gold prices fell to a more than one-week low on Tuesday, dented by the dollar’s gains and with the focus turning to U.S. jobs report that could offer a clearer picture of the Federal Reserve’s next move on monetary policy. The U.S. Labor Department on Friday is expected to report a gain of 690,000 jobs in June, compared with 559,000 in May, according to a Reuters poll of economists. Gold is often seen as a hedge against inflation, although a rate hike by the Fed would increase the opportunity cost of holding bullion and dull its appeal. Spot gold was down 0.2% at $1,774.30 per ounce, after marking its lowest since June 21 at $1,770.36 on Monday. U.S. gold futures fell 0.3% to $1,775.50. On MCX gold futures down by rs.200 and 0.50%.
Crude oil prices fell 2% to a one-week low on Monday after hitting their highest since 2018 earlier in the session, as a spike in COVID-19 cases in Asia and Europe put a brake on the rally before this week’s OPEC+ meeting. Those declines pushed both contracts out of the overbought territory and were their lowest close since June 18. Earlier in the volatile session, both benchmarks rose to their highest levels since October 2018. OPEC+ has increased supply by 2.1 million barrels per day (bpd) of oil from May to July after cutting supplies during the pandemic and could decide to add more barrels in August after crude prices last week rose for a fifth week in a row. All eyes this week will be on the Organization of the Petroleum Exporting Countries and its allies, a group is known as OPEC+, to see what happens at their meeting on Thursday.
Copper has support at 708 and resistance at 717. Sustainable trade Below 708 can move towards 702…697 levels and above 717 can test the next resistance level of 723…727.
Lead has support at 171 and resistance at 173. More downsides can see if it breaches the level of 171 and sustainable trade above 173 will see the good upside move towards 175…177.
Zinc has support at 234 and resistance at 237. Below 234 will see the downside move again towards 232…230 and sustainable trade above 237 will catch the upside move again towards the next resistance of 238.50…240.
Nickel has support at 1348 and resistance at 1365. Break and sustain below 1348 will take it to 1340 —1330 levels and above 1365 can see further upside towards 1385 level.
Natural gas has support at 265 and resistance at 275. Sustainable trade below 265 will see the downside move towards 260—257 and above 275 can see the upside move towards 280…285. Buying can initiate a correction in the evening session.
Crude oil has support at 5350 and resistance at 5470. Break and sustain below 5350 can move towards 5310…5270 and sustainable trade above 5470 again can move towards the next resistance level of 5520.
Gold has support at 46600 and resistance at 47120. Above 47120 can see the upside move towards the next resistance level of 47220…47320…47400 and below 46600 will see the more downside towards 46350…46100. (Major support level is 46600)
Silver has support at 68350 and resistance at 69150. Below 68350 will see the good downside move towards 67700—67200 level and sustainable trade above 69150 will catch the upside move towards 69600…70000.
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