MCX Commodities technical support and resistance levels for today
Major economic data for the evening session.
6:00 PM: Unemployment claims
7:15 PM: Final Manufacturing PMI
7:30 PM: ISM Manufacturing PMI & Construction spending m/m
8:00 PM: Natural gas Storage
Gold gained on Thursday aided by rising concerns over the spread of the Delta coronavirus variant, while investors awaited the U.S. nonfarm payrolls report for more monetary policy clues. Rising cases of the Delta variant have prompted France to delay the easing of restrictions in the Landes region, while infections have also surged in Asia. Also on investors’ radar is Friday’s U.S. nonfarm payrolls that could provide more clues on the timeline for Fed’s shift in monetary policy. The weekly jobless claims data is due later Thursday. Federal Reserve Bank of Dallas President Robert Kaplan said on Wednesday he would like the Fed to start reducing its support for the economy before the end of the year, in part to make an abrupt policy tightening less likely later.
Crude oil prices rose 2% on Thursday, supported by the prospect of strengthening demand, lower U.S. inventories, and a Reuters report that OPEC+ producers have planned to increase output in the coming months. The OPEC+ group of oil producers meets on Thursday to decide on its output policy. The group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is moving towards adding about 2 million barrels per day (BPD) of oil to the market between August and December, an OPEC+ source told Reuters. The source said monthly increases would amount to less than 0.5 million BPD.
Gold has support at 46800 and resistance at 47250. Above 47250 can see the upside move towards the next resistance level of 47400…47600 and below 46800 will see the more downside towards 46550…45300.
Silver has support at 69300 and resistance at 70100. Below 69300 will see the good downside move towards 68700—68200 level and sustainable trade above 69300 will catch the upside move towards 69800…70300.
Copper has support at 717 and resistance at 730. Sustainable trade Below 717 can move towards 712…708 levels and above 730 can see the good move again towards 735…740.
Lead has support at 175 and resistance at 180. More downsides can see if it breaches the level of 175 and sustainable trade above 180 will see the good upside move towards 182…184.
Zinc has support at 237.50 and resistance at 241. Below 237.50 will see the downside move towards 235…233 and sustainable trade above 241 will catch the upside move again towards the next resistance of 242…242.
Nickel has support at 1348 and resistance at 1370. Break and sustain below 1348 will take it to 1340 —1332 levels and above 1370 can see further upside towards 1385 level.
Natural gas has support at 272 and resistance at 282. Sustainable trade below 272 will see the downside move towards 267—263 and above 282 can see the upside move towards 287…290. Buying can initiate a correction in the evening session.
Crude oil breached intraday’s strong resistance zone of 5520 and well sustained above it. Now the support is seen at 5550 and resistance 5650. Break and sustain below 5550 can move towards 5510…5460 and sustainable trade above 5650 again can move towards 5710…5750.
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