Technical Levels of Gold and other Major Commodities
No Major economic data for the evening session.
Gold prices fell more than 1% on Monday, weighed down by a stronger dollar and easing concerns about inflation, while investors awaited cues from the U.S. Federal Reserve’s policy meeting due later this week. Speculators reduced their net long positions in COMEX gold in the week ended June 8 and raised their net long positions in silver.”Nonetheless, markets will be looking for hints on whether the Fed is starting to acknowledge that inflation may not be as transitory as thought. A technical adjustment to address the rapid build-up in excess liquidity is certainly possible, but dollar downside risks remain.”In MCX Gold prices dropped around 1% & near about rs.600 and Silver prices dropped 0.90% & rs.700.
Crude Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate.”The two leading crude markers are trading at (almost) two-and-a-half-year highs amid a potent bullish cocktail of demand optimism and OPEC+ supply cuts. In MCX crude oil prices slightly positive on Monday near about 0.60% and can be expected the same in the evening session also.
Base metals recovered on Monday from their lower level and looking for reversal as well.
Copper has support at 742.50 and resistance at 748.50. Fresh selling we will do on a close below 742.50 levels only or else it could test its resistance level of 751 again. Major resistance is seen at 751.
Lead has support at 171.80 and resistance at 173.50. Either side break and close with volume will decide further.
Zinc has support at 241 and resistance at 244.50. Above 244.50 can see again upside towards 246.
Nickel has support at 1342 and resistance at 1352. Break and sustain above 1352 will take it to 1360 —1365 levels.
Natural gas has support at 236 and resistance at 244. Sustainable trade above it will see the good move towards 250—253.
Crude oil has support at 5170 and resistance at 5255. Break and sustain above it can move towards 5300 and below 5170 can move downside it next support level of 5140.
Gold looks weak on the chart. Intraday 1st support of 48450 already breached and well sustained below it. The next immediate support is 48250, below this level can see the downside move towards the 48100 levels. Resistance and stop-loss remain 48750.
Silver has support at 70900 and resistance at 72000. Below 70900 will see the good downside move towards 70400—70000 level.
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