Major MCX Commodities support & resistance levels
The reflation trade emerges as the key theme starting out a new week this Monday, limiting the recovery in Gold (XAU/USD) from seven-month lows of 45861. Expectations that US President Joe Biden’s $1.9 trillion stimulus package could be approved next week, refueled the market optimism and reflation trade, which drove the US Treasury yields sharply higher. The benchmark 10-year US Treasury yields reached one-year highs, capping the advance in the non-yielding gold.
Gold (April)
MCX Gold has its support at 46200—45800 and resistance at 47200.
Break and sustain above 46600 will take it to 46900—47200. More and more upside rally we will expect on a close above 47200 levels else it could test its support level of 46200—45800 again.
Fresh selling we will do on a close below 45800 levels.
Silver (March)
MCX Silver has its support at 67500 and resistance at 69850—-70700.
Break and sustain above 69850 will take it to 70300—70700. More and more upside rally we will see on a close above 70700 else it could test its support level of 68500 again.
Break and sustain below 68500 will take it to 67800—67500 levels.
Trade safely with levels and wait for confirmation.
Crude Oil (March)
Crude Oil has support at 4260 and resistance at 4385.
Break and sustain below 4260 will take it to 4180—4150 levels or else it could test its resistance again.
Fresh buying will do on a close above 4385 levels.
Natural Gas (March)
Natural gas has its support at 210 and resistance at 215
Above 215… target looks 219—224. More and upside rally we will we see on close above 223 mark
Fresh selling will do on a close below 210 levels only.
Copper (March)
Copper has its support at 680 and resistance at 709.
Break and sustain below 680 will take it to 655—652 levels or else it could test its resistance again.
Fresh buying we will do on a close above 709 levels only.
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