Technical Levels of Major MCX Commodities
Major Economic Data for the day
5:00 PM – Challenger Job Cuts y/y
6:00 PM – Unemployment Claims
8:00 PM – Natural Gas Storage.
MCX Gold has support at 46790 and resistance at 46990. Break and sustain below 46790 will take it to the next support level of 46650…46500 and sustainable trade above 46990 can see further upside move towards the next resistance level of 47080…47160.
Silver has support at 60900 while resistance at 61500 Sustainable trade below 60900 will take it to 60500…60000. If it breaks and sustains the resistance level of 61500 then will take it to 62000—62700, respectively.
Copper has support at 711.50 and resistance at 716.50. Sustainable trade above 716.50 will see the upside move towards 720…724 and if sustained below 711.50 can catch the downside move towards 707…703 respectively.
Nickel has support at 1406.50 and resistance at 1423. Selling can see this counter below 1406.50 for the targeting towards 1395…1380 and sustainable trade above 1423 will see the upside move towards 1432…1440.
Zinc has support at 255.80 and resistance at 258.20. Sustainable trade above 258.20 will see the upside move towards 259.60…261.30 and if sustained below 255.80 can catch the downside move towards 254…252 respectively.
Natural gas support has 404 and resistance 425. Sustainable trade above 425 can see more rally towards the next level of 435…447 and if sustained below 404 then can move towards 395…385 maximum.
Crude oil has support at 5600 and resistance at 5730. Sustainable trade below 5600 can see more downside towards 5550…5500 and if sustained above 5730 will see the upside move towards 5780…5930 levels.
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