Technical Levels of Gold, Silver and other Major MCX Commodities
Major Economic Data for the day
7:30 PM – JOLTS Job Openings
10:30 PM – 10-y Bond Auction
10:40 PM – FOMC Member Williams Speaks
MCX Gold prices held below, as a buoyant dollar made bullion more expensive for holders of other currency, while investors await clues from major central banks on their stimulus tapering measures. The dollar index rose to a one-week peak against major peers, buoyed by higher Treasury yields and a weaker euro ahead of a European Central Bank policy decision. “In the shorter term, gold remains data-dependent and what that U.S. data says about the tapering timeline,” IG Market analyst Kyle Rodda said. So if the can keeps getting kicked down the road that gives gold an opportunity to rise again and retest that $1,830 level … But there doesn’t seem to be high level of conviction to push the prices higher from here.”
Rising COVID-19 cases weighed on U.S. job growth recovery last month, triggering speculations that the Federal Reserve could delay tapering.
The Federal Open Market Committee is due to meet later this month.
Investors were also cautious ahead of the ECB meeting on Thursday, anticipating a potential trim to the central bank’s stimulus.
“There may be some influence from the ECB meeting if the meeting is more dovish than expected,” Nicholas Frappell, global general manager at ABC Bullion said.
Gold
Gold has support at 46950 and resistance at 47200. Break and sustain below 47950 will take it to the next support level of 46800…46650 and sustainable trade above 47200 can see further upside move towards the next resistance level of 47350…47500.
Silver
Silver has support at 64500 while resistance at 64900. Sustainable trade below 64500 will take it to 64000…63700. If it breaks and sustains the resistance level of 64900 then will take it to 65500—66600, respectively.
Copper
Copper has support at 703 and resistance at 715.50. Sustainable trade above 715.50 will see the upside move towards 720…723 and if sustained below 703 can catch the downside move towards 697…694 respectively.
Nickel
Nickel has support at 1475 and resistance at 1495. Selling can see this counter below 1475 for the targeting towards 1460…1450 and sustainable trade above 1495 will see the upside move towards 1505…1515.
Zinc
Zinc has support at 249 and resistance at 250.50. Sustainable trade below 249 can see the downside move towards 247.50…246 and if sustains above 250.50 will take it to 251.50…253 very soon.
Natural Gas
Natural gas support has 338 and resistance 341.50. Sustainable trade above 341.50 can see more rally towards the next level of 345…347.50 and if sustained below 338 then can move towards 335…332 maximum.
Crude Oil
Crude oil has support at 5020 and resistance at 5080. Sustainable trade below 5020 can see more downside towards 4970…4930 and if sustained above 5080 will see the upside move towards 5140…5170 levels.
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