Major MCX Commodity Update
Consumer Price Index (CPI), Consumer Price Index (CPI), Federal Open Market Committee
(FOMC); Crude Oil Inventories, Final Wholesale Inventories m/m. If the forecast figure match with the actual data then the possible impact as follows:
USD 9:00 Crude oil inventories [ previous (-1.0M) Expected ( -0.9M) . Forecast figure is netural
USD 9:00 Final Wholesale Inventories m/m [ previous (0.1%) ) The expected ( 0.1%) Forecast figure is negative for Base metals while positive for Bullions.
Technical Levels of Major MCX Commodities
Gold
Gold has its support at 47750 and resistance at 48250.
Break and sustain above 48250 will take it to 48600—48750++ levels or else it could test its support again.
Fresh selling we will do below 47750 levels only.
Silver (March)
Silver has its support at 69000 and resistance at 70760
Break and sustain above 70760 will take it to 71600—72400 and then to 74500++ levels in days to come or else it could test its support again.
Break and sustain below 69000 will take it to 69000—68500 levels.
Trade safely with levels only and wait for confirmation.
Crude oil (Feb)
Crude oil has its support at 4160 and resistance at 4400.
Break and sustain above 4280 will take it to 4400+++ levels else it could test its support level of 4160 again.,
More and more downside panic will see on a close below 4160 levels.
Trade with the levels only.
Natural Gas (Feb)
Natural gas has its support at 200—198 and resistance at 207
Above 207… Target looks 212—216+. More and more upside rally we will see on a close above 216 mark.
Fresh downside panic will see on a close below 198 levels only.
Copper (Feb)
Copper has its support at 629 and resistance at 640.
Break and sustain below 629 will take it to 625—621 levels or else it could test its resistance level of 640.
More and more upside rally will see on a close above 640 mark
Trade with the levels only.
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