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Home » Gold traded higher ahead of FOMC meet and also supported by the weak dollar. Major MCX Commodity Evening update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Gold traded higher ahead of FOMC meet and also supported by the weak dollar. Major MCX Commodity Evening update.

Gold

 

Gold traded higher on Tuesday extending the previous day gain supported by the weak dollar and also investors keeping their eye to a U.S. Federal Reserve monetary policy meeting, seeking details of how it planned to hold down rates while aiming to boost inflation. On the other hand, Crude oil and base metals traded higher too amidst positive industrial data from China.

Today, traders should concentrate on the Import Prices m/m along with Capacity Utilization Rate and Industrial Production m/m from the house of US which will impact on metal, Energy, and Bullions segment. If the forecast figure match with the actual data then the possible impact are as follows:

USD 6:00 PM: Import Prices m/m [{Previous (0.7%)} {Expected (0.5%)]. Forecast figure is neutral for base metals and Bullions.

USD 6:45 PM: Capacity Utilization Rate [{Previous (70.6%)} {Expected (71.7%)]. Forecast figure is positive for base metal while negative for Bullions.

USD 6:45 PM: Industrial Production m/m [{Previous (3.0%)} {Expected (1.2%)]. Forecast figure is negative for base metal while positive for Bullions.

 

 

Technical Levels of Gold and Other Major Commodities

 

Gold (Oct)

Gold has its support at 51750 and resistance at 52200.

Break and sustain above 52200 will take it to 52700—53000 levels or else it could test its support again.

Fresh selling will do below 51750 levels.

Trade with the levels only.

 

Silver (Dec)

Silver has its support at 68800 and resistance at 69800

Break and sustain above 69800 will take it to 71000—71300 levels or else it could test its support again.

We can do fresh selling below 68800 levels.

Trade with the levels only.

 

Crude oil (Sep)

Crude oil has its support at 2720 and resistance at 2830.

Break and sustain above 2830 will take it to 2930–2950 levels or else it could test its support again.

Fresh selling will do below 2720.

Trade with the levels only.

 

Natural Gas (Sep)

Natural gas has its support at 167.50 and resistance at 172.

Break and sustain above 172 will take it to 176—180 levels or else it could test its support again.

Fresh selling will do on a close below 167.50 levels.

Trade with the levels only.

 

Aluminium (Sep)

(Yesterday, we are recommended to long in Lead above 148.20 for the upside target of 151—152 levels, it made a high of 150.45 close to the initial target. Revise stop loss at cost and hold for the due targets.)

Aluminium has its Support at 145.40 and resistance at 147.

Break and sustain above 147 will take it to 149—150 levels in days to come or else it could test its support again.

Fresh selling will do below 145.40

Trade with the levels only.

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