Technical Levels of Gold and other Major MCX Commodities
MCX Gold prices steadied near a 2-1/2-month high on Monday after weaker-than-expected U.S. non-farm payrolls data drove expectations that the Federal Reserve may go slow on tapering economic support measures.
Limiting gold’s upside, the dollar index rose 0.1% after falling to a one-month trough in the last session. Labour Department data showed on Friday U.S. non-farm payrolls increased by 235,000 jobs last month, far below economists’ expectations of 728,000.“After the labour data disappointed the markets, investors are seeing less pressure on Jerome Powell to start tapering,” said Carlo Alberto De Casa, a market analyst at Kinesis. Fed Chair Jerome Powell had hinted last month that strong jobs recovery was a pre-requisite for the central bank to start paring back its asset purchases. Some investors view gold as a hedge against inflation that may follow stimulus measures, while lower interest rates reduce the opportunity cost of holding non-yielding bullion. However, “the price action on Friday reinforces that gold’s upward momentum is waning,” Jeffrey Halley, senior market analyst, Asia Pacific at OANDA said in a note.
Gold has support at 47380 and resistance at 47600. Break and sustain below 47380 will take it to the next support level of 47220…47080 and sustainable trade above 47600 can see further upside move towards the next resistance level of 47750…47950.
Silver has support at 65000 while resistance at 65600. Sustainable trade below 65000 will take it to 64700…64000. If it breaks and sustain the resistance level of 65600 then will take it to 66100—66600, respectively.
Copper has support at 711 and resistance 716. Sustainable trade above 716 will see the upside move towards 721…724 and if sustained below 711 can catch the downside move towards 707…704 respectively.
Lead has support at 181.80 and resistance at 183.80. Break and sustained below 181.80 will take it to 180…178.50 and sustainable trade above 183.80 will see the upside move towards 185…186.80.
Zinc has support at 245 and resistance at 246.50. Break and sustain below 245 will see the downside move 243.50—242.80 and if sustained above 246.50 can see further upside towards 247.60…249 levels.
Nickel has support at 1455 and resistance at 1470. Selling can see this counter below 1455 for the targets towards 1445…1430 and sustainable trade above 1470 will see the upside move towards 1482…1496.
Aluminium has support at 215 and resistance at 217.50. Sustainable trade below 215 can see the downside move towards 213…211.50 and if sustains above 217.50 will take it to 219…220 very soon.
Natural Gas support has 344.50 and resistance 350. Sustainable trade above 350 can see more rally towards the next level of 357…365 and if sustains below 344.50 then can move towards 340…334 maximum.
MCX Crude oil has support at 4990 and resistance at 5050. Sustainable trade below 4990 can see more downside towards 4950…4910 and if sustained above 5050 will see the upside move towards 5090…5120 levels.
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