Technical Levels of Gold and other Major MCX Commodities
Gold prices firmed on Friday, supported by a weaker dollar ahead of the much-awaited U.S. August non-farm payrolls report, which could influence the Federal Reserve’s plans on tapering asset purchases. The market is consolidating ahead of important non-farm payrolls reports. The consensus is somewhere around 760,000 jobs and a figure below 650,000 would be very bullish for gold,” independent analyst Ross Norman said.
The Labour Department’s non-farm payrolls report is due at 12:30 GMT, The dollar index languished near a one-month low, bolstering gold’s appeal for those holding other currencies.
Fed Chair Jerome Powell said last week that if job growth continues, the central bank could start to cut its asset purchases this year, but would remain cautious on raising interest rates.
While gold is considered a hedge against inflation and currency debasement, lower interest rates reduce the opportunity cost of holding non-yielding bullion.
In physical markets, demand for gold coins and bars remains good, “but institutional buying at the ETF level remains relatively lackluster and while central bank demand is positive, it is perhaps not as strong as in previous years,” Norman said.
Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, were near their lowest since April 2020.
Important Data For Today
06:00 PM – Average Hourly Earnings m/m , Non-Farm Employment Change and Unemployment Rate
07:15 PM – Final Services PMI
07:30 PM – ISM Services PMI
All above mentioned data will have high impact on MCX market, specially on Gold and Silver so trade cautiously with stop loss.
Gold has support at 46950 and resistance at 47210. Break and sustain below 46950 will take it to the next support level of 46800…46660 and sustainable trade above 47210 can see further upside move towards the next resistance level of 47350…47500.
Silver has support at 63000 while resistance at 63600. Sustainable trade below 63000 will take it to 62600…62300. If it breaks and sustains the resistance level of 63600 then will take it to 64100—64700, respectively.
Copper has support at 709 and resistance at 717. Sustainable trade above 717 will see the upside move towards 722…727 and if sustained below 709 can catch the downside move towards 704…695 respectively.
Lead has support at 180 and resistance at 183. Break and sustain below 180 will take it to 178…177 and sustainable trade above 183 will see the upside move towards 184…186.50.
Nickel has support at 1428 and resistance at 1447.50. Selling can see this counter below 1428 for the targeting towards 1410…1390 and sustainable trade above 1447.50 will see the upside move towards 1461…1475.
Crude Oil has support at 5070 and resistance at 5160 Selling can see this counter below 5070 for the targeting towards 5030…4950 and sustainable trade above 5160 will see the upside move towards 5200…5270.
Natural Gas has support at 335 and resistance at 345. Sustainable trade above 345 levels can see the further upside move 345—-370 levels, selling can only be seen below 335 levels for the downside targeting towards 320—310 levels.
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