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Home » Gold remains steady after Fed, boosted by fears of rising inflation. Evening MCX commodity update for today.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Gold remains steady after Fed, boosted by fears of rising inflation. Evening MCX commodity update for today.

Gold

 

 

Technical Levels of Gold and other Major MCX Commodities

 

His prevalent risk-on mood, as depicted by a generally positive tone around the global equity markets, acted as a headwind for the safe-haven Gold. The downside, however, remains cushioned amid a modest US dollar weakness, which tends to benefit dollar-denominated commodities, including gold.

Despite hawkish FOMC minutes, which indicated that policymakers have begun discussion on QE tapering, investors remain convinced that the Fed will retain its accommodative policy stance for a longer period. This, along with the ongoing decline in the US Treasury bond yields, continued extending some support to the non-yielding gold. Meanwhile, the narrowing trading band constitutes the formation of a symmetrical triangle, indicating indecision among traders and warranting caution before positioning for any firm near-term direction.

USD 7:15 PM Flash Manufacturing PMI[{Previous (60.5)} {Expected (60.0)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 7:15 PM Flash Services PMI[{Previous (64.7)} {Expected (64.3)]. Forecast figure is positive for Base metals while nagative for Bullions.

 

 

Gold (June)

 

Gold has its support at 47900 and resistance at 48875.

Fresh selling will do below 47900.

Trade with the levels only.

 

Silver (July)

 

Silver has its support at 71100 and resistance at 73245.

Break and sustain above 73245 will take it to 74000 or else it could test its support again.

Fresh selling will do on a close below 71100.

Trade with the levels only.

 

Nickel (May)

 

Nickel has its support at 1230 and resistance at 1262.

Break and sustain below 1230 will take it to 1220-1200 or else it

 

Zinc (May)

 

Zinc has its support at 229.55 and resistance at 233.50.

Break and sustain below 229.50 will take it to 227-225or else it

 

 

Commodity Updates

 

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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