Will MCX Aluminum break its crucial support?
MCX ALUMINUM Future prices continued trading 2 February 2023. Prices retreated almost 2.50% from the peak of 227.45. Currently trading at 219.50 levels.
Rising US dollar index recently controlled the upside momentum of metals prices. Further, the demand recovery in China is still uncertain, which is also wighting on sentiment.
Later today, FED chair Powell and Bank of Canada Gov Macklem Speaks, may bring clutter for base metals prices. Â
On the above chart, ALUMINUM Future trading is on verge of crucial support 218.50, which coincides with previous swing low.
Today, a break below it will extend recent bearish momentum and Aluminum Future may test next support 216.50-214.50.
On the upside, Massive resistance is seen at 223.50 for ALUMINUM FUTURE and it would need to break above it in order to test 226-228.50.