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Home » The entire MCX Commodities are trading in the range as all eyes on FOMC meet. Major commodities technical support and resistance levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

The entire MCX Commodities are trading in the range as all eyes on FOMC meet. Major commodities technical support and resistance levels.

entire mcx commodities

 

The entire MCX commodities are trading in the range as investors are waiting for the U.S. Federal Reserve’s policy decision due later today. The focus will be on whether the Fed continues to maintain an accommodative approach to inflation and keep interest rates lower for longer which was announced in August 2020 by Fed Chairman Jerome Powell.

Today, traders should concentrate on the Core Retail Sales m/m along with Retail Sales m/m, Business Inventories m/m, NAHB Housing Market Index, and Crude Oil Inventories from the house of US which will impact on metal, Energy, and Bullion’s segment. If the forecast figure match with the actual data then the possible impact are as follows:

 

 6:00 PM: Core Retail Sales m/m [{Previous (1.9%)} {Expected (1.0%)]. Forecast figure is negative for base metal while positive for Bullions.

 6:00 PM: Retail Sales m/m [{Previous (1.2%)} {Expected (1.1%)]. Forecast figure is neutral for base metal and Bullions.

 7:30 PM: Business Inventories m/m [{Previous (-1.1%)} {Expected (0.2%)]. Forecast figure is negative for base metal while positive for Bullions.

 7:30 PM: NAHB Housing Market Index [{Previous (78)} {Expected (78)]. Forecast figure is neutral for base metal and Bullions.

 8:00 PM: Crude Oil Inventories [{Previous (2.0M)} {Expected (2.1M)]. Forecast figure is neutral for Crude oil price.

 

 

Technical Levels of  Entire MCX commodities

 

Gold (Oct)

Yesterday,  Gold not able to break its resistance level of 52200 and crashed.

Now, what to expect??

Gold has its support at 51850–51550 and resistance at 52000–52200.

Trade within the range and wait for the confirmation.

(Momentum selling can be done below 51850.)

Trade with the given levels only.

 

 

Silver (Dec)

Silver has its support at 68500 and resistance at 69300—69900.

Trade within the range with the given levels and wait for the confirmation.

 

 

Crude oil (Sep)

Crude oil has its support at 2840 and resistance at 2900.

Break and sustain above 2900 will take it to 2960–3000 levels or else it could test its support again.

Fresh selling will do below 2840.

Trade with the levels only.

 

 

Natural Gas (Sep)

Natural gas has its support at 172 and resistance at 177.

Break and sustain above 177 will take it to 183—185 levels or else it could test its support again.

Fresh selling will do on a close below 172 levels.

Trade with the levels only.

 

 

Lead (Sep)

Lead has its Support at 148 and resistance at 149.50.

Break and sustain below 148 will take it to 146.50—146 levels in days to come or else it could test its resistance again.

Fresh buying will do above 149.50

Trade with the levels only.

 

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