Technical Levels of Major MCX Commodities
Major Economic Data for the evening session
6:00 PM: Philly fed Manufacturing index, unemployment claims, Empire state manufacturing index, import price m/m.
6:45 PM: Industrial production m/m & Capacity utilization rate.
8:00 PM: Natural gas storage
Gold prices rose their highest level in a month on Thursday after U.S. Federal Reserve Chair Jerome Powell played down fears of the early easing of monetary support, sending the dollar and U.S. Treasury yields lower. In a testimony to the U.S. Congress, Powell said the U.S. job market “is still a ways off” from the progress that the central bank wants to see before reducing its support for the economy, and current high inflation will ease soon. Key U.S. indicators of inflation this week showed producer prices surged in June to the largest annual gain in more than 10-1/2 years, while consumer prices rose by the most in 13 years. Non-yielding gold tends to gain in a low interest-rate environment, while some investors also view gold as a hedge against higher inflation that could follow stimulus measures.
Crude oil prices fell on Thursday, extending losses as investors braced for increased supplies after a compromise deal between leading OPEC producers and as U.S. fuel stocks rose, raising concerns over demand in the world’s largest consumer. Both benchmarks slid more than 2% on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates (UAE) had reached a compromise that should pave the way for a deal to supply more crude to a tight oil market and cool soaring prices. Talks among the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, had broken down this month after the UAE objected to an extension to the group’s supply pact beyond April 2022.
MCX Gold has support at 48000 and resistance at 48500. Sustained above 48500 can see the upside move towards 48700…48900 and if it breaks and sustain below 48000 will see the more downside towards 47800…47600.
MCX Silver has support at 68800 and resistance at 70050. Sustainable trade below 68800 will see the good downside move towards 68300—67800 level and if it sustains above 70050 will catch the upside move towards 70600…71000.
Copper has support at 720 and resistance at 730. Sustainable trade Below 720 can move towards 715…710 levels and if sustains above 730 can see the good move again towards 735/740.
Lead has support at 177.50 and resistance at 180.50. More downsides can see if it breaches the level of 177.50 and sustainable trade above 180.50 will see the good upside move towards 182…184.
Zinc has support at 238.40 and resistance at 242. Sustainable trade below 238.50 will see the downside move towards 236…234 and if it sustains above 242 will catch the upside move again towards the next resistance of 244…246.
Nickel has support at 1390 and resistance at 1411. Break and sustain below 1390 will take it to 1375 —1360 levels and if it is breached and sustains above 1411 can see further upside towards 1422…1435 level.
Natural gas has support at 270 and resistance at 280. Sustainable trade below 270 will see the downside move towards 265—260 and if it breaks and sustain above 280 can see the upside move towards 285…290. More correction is expected in this counter.
Crude oil has support at 5300 and resistance at 5450. Break and sustain below 5300 can move towards 5250…5200 and sustainable trade above 5450 again can move towards 5500…5550.
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