Major Economic Data for Today Evening
07:30 PM – Whole Sale Inventories
08:00 PM – Crude Oil Inventories
Now, let’s talk about today’s support and resistance levels of Major MCX Commodities.
Gold has immediate support at 48870–48860. Below that we may see a drop in Gold till 48750.
Major reversal zone 48725–48700.
Immediate resistance at 49240 above that it may touch 49350–49360. Cross above 49380 it will take Gold to 49520 and then 49600++
Silver immediate resistance at 71550–71570. Above that, it might touch 71850–72000 levels too.
Break above 72100 might take it to 72300 and 72500 too.
Immediate support at 70940 below that it might touch 70750 and then 70520 too.
Crude Oil (June)
Immediate support at 5095 below that we may see 5060 and 5020 levels. Crude Oil
ultimate support levels at 4960.
Immediate Resistance at 5160 above that we may see 5190–5230–5250 levels too.
The overall buy-on dip would be the best strategy if one gets Crude Oil bear 5080–5070 levels.
Crude Oil weekly inventory is scheduled at 08:00 PM tonight so be cautious during that time for a sudden spike.
Copper immediate support at 736.50 below that it might touch 733-732 levels. Strong support and reversal levels 728
Immediate resistance at 744 above that it may touch 748–752 levels.
Overall buy-on dip might prove a good strategy.
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