Technical Levels of Major MCX Commodities
Major Economic data for the evening session
6:00 PM – Core Durable goods orders m/m, Durable goods orders m/m data will be at
8:00 PM – Crude oil inventories data is at 8 pm for the day.
MCX Gold retreated below $1,800 on Wednesday as the dollar halted its slide while investors sought cues on the timeline of monetary tapering from the U.S. Federal Reserve’s symposium this week. The dollar steadied off a one-week low, limiting appetite for bullion from those holding other currencies. Powell’s speech at the Fed’s symposium in Wyoming on Aug. 27, which had to be moved online due to virus-related concerns, could shed more light on the timeline for withdrawing stimulus, with some still betting on a less dovish stance. Investors continue to fret over spiking COVID-19 infections caused by the highly contagious Delta variant, but the U.S. Food and Drug Administration granted full approval on Monday to the COVID-19 vaccine developed by Pfizer Inc, raising hopes inoculations could accelerate.
Gold has support at 47200 and resistance at 47500. Sustained above 47500 can see the upside move towards 47700…47900 and if it breaks and sustain below 47200 will see the more downside towards 47000…46800.
Silver has support at 62700 and resistance at 63400. Sustainable trade below 62700 will see the good downside move towards 62200—61700 levels and if it sustains above 63400 will catch the upside move towards 63900…64400.
Copper has support at 714.50 and resistance at 722. Sustainable trade below 714.50 can move towards 708…703 levels and if sustains above 722 can see the upside move again towards 727/732.
Lead has support at 178.50 and resistance at 181. More downsides can see if it breaches the level of 178.50 and sustainable trade above 181 will see the good upside move towards 183…185.
Zinc has support at 247 and resistance at 250. Sustainable trade below 247 will see the downside move towards 245…243 and if it sustains above 250 will catch the upside move again towards 252…254.
Nickel has support at 1432 and resistance at 1448. Break and sustain below 1432 will take it to 1420 —1410 levels and if it sustains above 1448 can see further upside towards 1460…1470 level.
Natural gas has support at 285 and resistance at 291. Sustainable trade below 285 will see the downside move towards 280—275 and if it breaks and sustain above 291 can see the upside move towards 296…300.
Crude oil has support at 4970 and resistance at 5060. Break and sustain below 4970 can move towards 4920…4870 and sustainable trade above 5060 again can move towards 5100…5150.
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