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
7:30 PM – CB Consumer Confidence data
Gold prices lingered below the key $1,800 per-ounce level on Tuesday, as investors maintained a cautious stance ahead of the Federal Reserve policy meeting and awaited cues on the U.S. central bank’s timeline for tightening its monetary policies. The dollar index was up 0.2%, hovering near the 3-1/2-month peak, making gold more expensive for holders of other currencies. “Consumer confidence in the U.S. could change if we have rising cases of coronavirus.” The Fed’s meeting will start later in the day and a policy statement will be issued at 1800 GMT on Wednesday, followed by a news conference by Fed Chairman Jerome Powell. Investors will be looking at how the Fed responds to fast-rising prices while facing the increasing threats posed by the more contagious Delta variant of the coronavirus.
Gold has support at 47300 and resistance at 47800. Sustained above 47800 can see the upside move towards 48100…48300 and if it breaks and sustain below 47300 will see the more downside towards 47100…46900.
Silver has support at 66600 and resistance at 67600. Sustainable trade below 66600 will see the good downside move towards 66000—65400 levels and if it sustains above 67600 will catch the upside move towards 68200…68700.
Copper has support at 751 and resistance at 765. Sustainable trade Below 751 can move towards 745…740 levels and if sustains above 765 can see the good move again towards 770/775.
Lead has support at 176 and resistance at 179. More downsides can see if it breaches the level of 176 and sustainable trade above 179 will see the good upside move towards 181…183.
Zinc has support at 242 and resistance at 246. Sustainable trade below 242 will see the downside move towards 240…238 and if it sustains above 246 will catch the upside move again towards the next resistance of 248…250.
Nickel has support at 1450 and resistance at 1475. Break and sustain below 1450 will take it to 1435 —1420 levels and if it is breached and sustains above 1475 can see further upside towards 1490…1500 level.
Natural gas has support at 298 and resistance at 306. Sustainable trade below 294 will see the downside move towards 290—285 and if it breaks and sustain above 306 can see the upside move towards 310…315.
Crude Oil has support at 5330 and resistance at 5420. Break and sustain below 5330 can move towards 5280…5230 and sustainable trade above 5420 again can move towards 5470…5500.
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