Since morning, we have seen a dull move in MCX Gold and Silver. While in base metals counter in Nickel we have seen one sided up move. Now, what to expect in evening session?? Let’s have a look.
Technical Levels of Nickel and other MCX Commodities
Major Economic Data for Today
Prelim GDP q/q (USD) (Time: 07.00pm)
Core Durable Goods Orders m/m(USD) (Time: 07.00pm)
Unemployment Claims (USD) (Time:07.00pm)
Core PCE Price Index m/m(USD) (Time:8.30pm)
Crude Oil Inventories(USD) (Time: 09.00pm)
Natural Gas Storage(USD) (Time: 10.30pm)
Gold has support at 47400 and resistance at 47550. Break and sustain below 47400 will take it to the next support level of 47300…47140 and sustainable trade above 47550 and see further upside move towards the next resistance level of 47700…47800.
Silver has support at 62700 while resistance at 63100 Sustainable trade below 62700 will take it to 62233….61650. If it breaks and sustains the resistance level of 63100 then will take it to 63600—64000, respectively.
Copper has support at 743 and resistance at 747. Sustainable trade above 747 will see the upside move towards 751.50…755 and if sustained below 743 can catch the downside move towards 739…734 respectively.
Nickel has support at 1580 and resistance at 1590. Selling can see this counter below 1580 for the targeting towards 1568…1560 and sustainable trade above 1590 will see the upside move towards 1600…1608.
Zinc has support at 276 and resistance at 277.75. Selling can see this counter below 276 for the targeting towards 274.15…272 and sustainable trade above 277.75 will see the upside move towards 280…282.50.
Natural gas support has support at 363 and resistance 370. Sustainable trade above 370 can see more rally towards the next level of 376…381 and if sustained below 363 then can move towards 358…350 maximum.
Crude oil has support at 5830 and resistance at 5915. Sustainable trade below 5830 can see more downside towards 5760…..5720 and if sustained above 5915 will see the upside move towards 5960…6000 levels.
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