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Home » Gold recovered from the lower level by taking the support of channel line. Major MCX Commodities evening session support and resistance levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Gold recovered from the lower level by taking the support of channel line. Major MCX Commodities evening session support and resistance levels.

Gold bars Indian Market View

 

Gold recovered from the lower level by taking the support of channel line on daily chart also supported by weak dollar index across the board as it is losing ground amid the more positive risk sentiment in European morning trade. On the other hand, Base metals opened positive and Crude oil trading in a range with high volatility as OPEC meeting is going on, to decide how much oil they are going to produce considering falling demand of oil.

Today, traders should concentrate on the Fed Chair Powell Speech and NAHB Housing Market Index from the house of US which will impact on metal and Bullions segment. If the forecast figure match with the actual data then the possible impact are as follows:

(All Day) OPEC-JMMC Meetings
USD 5:30 PM: Fed Chair Powell Speaks
USD 7:30 PM: NAHB Housing Market Index [{Previous (83)} {Expected (83)]. Forecast figure is neutral for Bullions and Base metals.

 

 

Technical Levels of Gold and other major commodities 

Gold (Dec)

Gold has its support at 50450 and resistance at 50850.

Break and sustain above 50850 will take it to 51250—51400 levels or else it could test its support again.

Fresh selling will do below 50450.

Trade with the levels only.

 

 

Silver (Dec)

Silver has its support at 61800 and resistance at 62900.

Break and sustain above 62900 will take it to 64000—64400 levels or else it could test its support again.

Fresh selling will do below 61800.

Trade with the levels only.

 

 

Crude Oil (Oct)

 

Crude oil has its support at 2935 and resistance at 3030.

Break and sustain above 3030 will take it to 3130—3150++ levels or else it could test its support again.

Fresh selling will do below 2935.

Trade with the levels only.

 

 

Natural Gas (Oct)

Natural gas has its support at 195 and resistance at 201.

Break and sustain below 195 will take it to 189—185 levels or else it could test its resistance again.

Fresh buying will do on a close above 201 levels.

Trade with the levels only.

 

 

Nickel (Oct)

Nickel has its Support at 1140 and resistance at 1160.

Break and sustain above 1160 will take it to 1180—1195 levels or else it could test its support again.

Fresh selling will do on a close below 1140 levels.

Trade with the levels only.

 

Traders can trade safely with given levels in Gold and other MCX Commodities. More will update soon on Telegram and WhatsApp broadcast.

 

Commodity Update on WhatsApp

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