Technical Levels of Major MCX Commodities
Major Economic Data for the day
6:00 PM – Empire State Manufacturing Index is at
6:00 PM – Import Prices m/m
6:45 PM – Industrial Production
6:45 PM – Capacity Utilization Rate
8:00 PM – Crude Oil Inventories
After yesterday’s massive upside rally in both the bullion counter after the CPI and Core CPI data, today both of them are trading on a sideways note. In the Comex, Gold prices held above the key psychological level of $1,800 as the dollar and bond yields came under pressure after a tamer-than-expected rise in U.S. inflation led to uncertainty on when the U.S. central bank will begin tapering its asset purchases. The Fed will hold a two-day monetary policy meeting next week. The CPI data weighed on the dollar index, while the benchmark U.S. 10-year yield hit its lowest reading since Aug. 24. Silver fell 0.1% to $23.81 per ounce.
Some bounce back from lower levels is seen in all the base metal counters. Meanwhile, their counterparts on LME mostly cruised higher. The US CPI increase in August announced last night was narrower than expected, and the inflation pressure weakened. However, the market believes that inflation has not slowed down enough to allow the Fed to change policy direction.
Both energy counter is trading with a positive bias, Natural Gas is trading above 400 levels. Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen. U.S. crude oil, gasoline, and distillate stocks all fell last week after Hurricane Ida shut numerous refineries and offshore drilling production. On the MCX, Crude Oil is trading with a positive bias.
MCX Gold has support at 47000 and resistance at 47260. Break and sustain below 47000 will take it to the next support level of 46900…46750 and sustainable trade above 47260 can see further upside move towards the next resistance level of 47400…47600.
Silver has support at 63200 while resistance at 63500. Sustainable trade below 63200 will take it to 62700…62300. If it breaks and sustain the resistance level of 63500 then will take it to 63800—64000, respectively.
Copper has support at 723 and resistance 730. Sustainable trade above 730 will see the upside move towards 735…740 and if sustained below 723 can catch the downside move towards 719…714 respectively.
Nickel has support at 1485 and resistance at 1500. Selling can see this counter below 1485 for the targeting towards 1470…1460 and sustainable trade above 1500 will see the upside move towards 1510…1530.
Aluminium has support at 226 and resistance at 229. Sustainable trade above 229 will see the upside move towards 231…233.50 and if sustained below 226 can catch the downside move towards 224…222.50 respectively.
Natural gas support has 392 and resistance 405. Sustainable trade above 405 can see more rally towards the next level of 410…417 and if sustained below 392 then can move towards 385…377 maximum.
Crude oil has support at 5200 and resistance at 5270. Sustainable trade below 5200 can see more downside towards 5170…5140 and if sustained above 5270 will see the upside move towards 5300…5340 levels.
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