Technical Levels of Gold and other Major MCX Commodities
Major economic data for the evening session.
No major US economic data in the evening session as the account to US independence day.
Gold prices inched higher on Monday as a softer dollar and lower bond yields amid a mixed bag of U.S. labor data allayed investor concerns about a faster policy tightening, helping the metal rise towards the $1,800 level once again. Data on Friday showed U.S. companies in June hired the most workers in 10 months, but unemployment ticked higher, workforce participation didn’t budge and the pace of hourly earnings growth slowed. Also on the radar, minutes of the Fed’s latest meeting due to be published on Wednesday could shed more light on policymakers’ views on inflation and monetary policy.
OPEC+ ministers will look to salvage their oil output talks on Monday after clashing last week when the United Arab Emirates balked at a proposed eight-month extension to output curbs. Saudi energy minister Prince Abdulaziz bin Salman on Sunday called for “compromise and rationality” to secure a deal after two days of failed discussions last week. OPEC+ agreed on record output cuts of almost 10 million barrels per day (BPD) last year as the pandemic hit which have been gradually relaxed and currently stand at about 5.8 million BPD. On Monday two OPEC+ sources said there had been no progress in resolving the matter ahead of a meeting scheduled to begin at 6 pm as per the Indian time.
Gold has support at 47100 and resistance at 47500. Above 47500 can see the upside move towards 47750…48000 and below 47100 will see the more downside towards 46900…46700
Silver has support at 69700 and resistance at 70600. Below 69700 will see the good downside move towards 69200—68700 level and sustainable trade above 70600 will catch the upside move towards 71000…71500.
Copper has support at 723 and resistance at 734. Sustainable trade Below 723 can move towards 718…713 levels and above 734 can see the good move again towards the resistance level of 740.
Lead has support at 179.50 and resistance at 182. More downsides can see if it breaches the level of 179.50 and sustainable trade above 182 will see the good upside move towards 184…186.
Zinc has support at 237.50 and resistance at 241. Below 237.50 will see the downside move towards 235…233 and sustainable trade above 241 will catch the upside move again towards the next resistance of 243…245.
Nickel has support at 1365 and resistance at 1385. Break and sustain below 1365 will take it to 1348 —1335 levels and above 1385 can see further upside towards 1400 level.
Natural gas has support at 274 and resistance at 280.50. Sustainable trade below 274 will see the downside move towards 268—264 and above 280.50 can see the upside move towards 285…290. Correction is expected in this counter.
Crude oil has support at 5550 and resistance at 5655. Break and sustain below 5550 can move towards 5510…5460 and sustainable trade above 5655 again can move towards 5690…5720.
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