Technical Levels of Gold and other Major Commodities
Major Economic Data for the day
6:00 PM – Core Retail Sales m/m
6:00 PM – Retail Sales m/m is at
6:00 PM – Philly Fed Manufacturing Index is at
6:00 PM – Unemployment Claims is at
7:30 PM – Business Inventories m/m is at
8:00 PM – Natural Gas Storage is at
Some correction is seen in the Bullion counter, because of the treasury yield. Also, the dollar dented the metal’s allure for holders of other currencies, while investors awaited the U.S. Federal Reserve’s meeting for guidance on its timeline for stimulus withdrawal and interest rate hikes. In the short run, we may see choppy trade in both the bullion counter.
After yesterday’s rally, some profit booking is seen in the base metals counter. Except for Zinc and Lead, all of them are trading in the red. Shanghai base metals basically rose across the board on Thursday morning on dipping the US dollar index. Meanwhile, their counterparts on LME were trending mixed. Copper firmed on Wednesday as the dollar dipped on lower-than-expected U.S. inflation figures that softened expectations for stimulus to be tapered soon, while aluminum was powered by further cuts to production in China. Capping gains in most metals were faltering factory and retail activity in August in China, owing to new coronavirus outbreaks and supply disruptions.
Energy counter is trading with a positive bias. Crude Oil is also at the crucial support. The storm caused a global decline in supply for the first time in five months but the market is set to begin approaching balance in October as the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, a grouping called OPEC+, carry out plans to increase supply. Still, U.S. Gulf energy companies have been able to quickly restore pipeline service and electricity after Hurricane Nicholas passed through Texas, allowing them to double down on efforts to repair more significant damage from Ida.
MCX Gold has support at 46450 and resistance at 47000. Break and sustain below 46450 will take it to the next support level of 46200…46000 and sustainable trade above 47000 can see further upside move towards the next resistance level of 47300…47550.
Silver has support at 62400 while resistance at 63400. Sustainable trade below 64200 will take it to 62000…61700. If it breaks and sustains the resistance level of 63400 then will take it to 63800—64000, respectively.
Copper has support at 718 and resistance 730. Sustainable trade above 730 will see the upside move towards 735…740 and if sustained below 718 can catch the downside move towards 714…709 respectively.
Nickel has support at 1470 and resistance at 1500. Selling can see this counter below 1470 for the targeting towards 1450…1440 and sustainable trade above 1500 will see the upside move towards 1510…1530.
Aluminium has support at 225 and resistance 229. Sustainable trade above 229 will see the upside move towards 231…233.50 and if sustained below 225 can catch the downside move towards 224…222.50 respectively.
Natural Gas support has 387.50 and resistance 402.50. Sustainable trade above 402.50 can see more rally towards the next level of 407…415 and if sustained below 387.50 then can move towards 380…375 maximum.
Crude Oil has support at 5300 and resistance at 5350. Sustainable trade below 5300 can see more downside towards 5270…5230 and if sustained above 5350 will see the upside move towards 5400…5440 levels.
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