Technical Support and Resistance of MCX Commodities
Major Economic Data for the day.
06.00 PM – CPI m/m
06.00 PM – Core CPI m/m
Gold is trading in a sideways to bearish note, buying on dips and sell on rise will work well. Silver is also trading with the bearish bias. The bullion counter is moving in a sideways range because of the U.S inflation data that could offer cues to the possible timeline for the Federal Reserve’s tapering. U.S. consumer price data is due today. Economists expect core CPI, an index that strips out volatile energy and food prices, to have risen 0.3% in August from July. Expectations of U.S. consumers for how much inflation will change over the next year and the coming three years rose last month to the highest levels since 2013, according to a survey released on Monday by the New York Federal Reserve.
Energy Counter is trading with the positive bias, Natural Gas continued to surge higher whereas, Crude Oil prices extended gains on Tuesday, hovering near a six-week high, on signs another storm could affect output in Texas this week even as the U.S. industry struggles to return production after Hurricane Ida wreaked havoc on the Gulf Coast. The U.S. government agreed to sell crude oil from the nation’s emergency reserve to eight companies including Exxon Mobil, Chevron and Valero, under a scheduled auction to raise money for the federal budget.
Base metals is trading with mixed bias. Copper is trading with bearish bias.. Meanwhile, their counterparts on LME basically trended lower as well. The copper price fell again on Monday on signs that strike risks are all but over in Chile, the world’s biggest producer. Chile has resolved a series of labor conflicts. There is some evidence that China’s strong economic rebound from the coronavirus pandemic has lost some momentum, and this will have dampened demand growth for copper.
Gold has support at 46780 and resistance at 47000. Break and sustain below 46780 will take it to the next support level of 46700–46650–46500 and sustainable trade above 47000 can see further upside move towards the next resistance level of 47200…47500.
MCX Silver has support at 63000 while resistance at 63300. Sustainable trade below 63000 will take it to 62700…62300. If it breaks and sustain the resistance level of 63300 then will take it to 63700—64000, respectively.
Copper has support at 720 and resistance 730. Sustainable trade above 730 will see the upside move towards 735…740 and if sustains below 720 can catch the downside move towards 709…705 respectively.
Nickel has support at 1470 and resistance at 1490. Selling can see this counter below 1470 for the targeting towards 1450…1430 and sustainable trade above 1490 will see the upside move towards 1510…1530.
Aluminium has support at 227 and resistance 229. Sustainable trade above 229 will see the upside move towards 231…233.50 and if sustained below 227 can catch the downside move towards 225.50…224 respectively.
Natural Gas support has 381 and resistance 395. Sustainable trade above 395 can see more rally towards the next level of 399–402 and if sustained below 381 then can move towards 377…373 maximum.
Crude oil has support at 5190 and resistance at 5245. Sustainable trade below 5190 can see more downside towards 5170…5140 and if sustains above 5245 will see the upside move towards 5270…5300 levels.
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