Technical Levels of Major MCX Commodities
Economic Data & Events today
5:15 – PM: Monetary Policy Statement (EUR)
6:00 – PM: ECB Press Conference
6:00 – PM: Unemployment Claims (USD)
8:00 – PM: Natural Gas Storage (USD)
8:30 – PM: Crude Oil Inventories (USD)
8:35 – PM: FOMC Member Daly Speaks (USD)
10:30 – PM: FOMC Member Bowman Speaks (USD)
11:30 – PM: FOMC Member Williams (USD) Speaks
MCX Gold dipped on Thursday as the U.S. dollar strengthened with global economic growth worries dragging risk sentiment, while investors sought cues from major central banks as policymakers signalled support for tapering pandemic-era stimulus. Dollar strength places gold in grave danger of a material fall in prices,” said Jeffrey Halley, a senior market analyst for the Asia Pacific at OANDA, with investors continuing to worry about the pace of the global recovery and pushing the greenback higher.
Asian shares were set for their worst day in two weeks.
The U.S. economy “downshifted slightly” in August as the renewed COVID-19 surge hit dining, travel and tourism, the U.S. Federal Reserve reported on Wednesday.
However, several Fed policymakers have signalled that the central bank remains on track to trim its massive asset purchases this year. Officials will meet again on Sept. 21 and 22.
Markets also eyed the European Central Bank’s policy decision due at 1145 GMT, where it could take a token step towards unwinding emergency economic aid while still signalling copious support for years to come.
Non-yielding gold tends to gain in a low interest-rate environment, while some investors also view the metal as a hedge against the higher inflation that could follow stimulus measures.
MCX Gold has support at 46800 and resistance at 47000. Break and sustain below 46800 will take it to the next support level of 46650…46500 and sustainable trade above 47000 can see further upside move towards the next resistance level of 47200…47500.
Silver has support at 63500 while resistance at 64400. Sustainable trade below 63500 will take it to 63000…62600. If it breaks and sustains the resistance level of 64400 then will take it to 65500—66600, respectively.
Copper has support at 714 and resistance at 720. Sustainable trade above 720 will see the upside move towards 725…730 and if sustained below 714 can catch the downside move towards 709…705 respectively.
Nickel has support at 1511 and resistance at 1530. Selling can see this counter below 1511 for the targeting towards 1500…1490 and sustainable trade above 1530 will see the upside move towards 1545…1565.
MCX Natural gas support has 358 and resistance 366. Sustainable trade above 366 can see more rally towards the next level of 372…376 and if sustained below 358 then can move towards 352…340maximum.
MCX Crude oil has support at 5075 and resistance at 5150. Sustainable trade below 5075 can see more downside towards 5030…4970 and if sustained above 5150 will see the upside move towards 5200…5140 levels.
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