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Home » A weak dollar index helped precious metals in rising. Major MCX Commodities evening levels.

A weak dollar index helped precious metals in rising. Major MCX Commodities evening levels.

Precious metals

 

Precious metals traded higher on Monday amid weak dollar index while gain capped ahead of the evening data and FED chair Powell speech.

Today, traders should concentrate on Final Manufacturing PMI along with ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices, Chicago PMI, and Revised UoM Consumer Sentiment from the house of the US which will impact Base metals and Bullions. If the forecast figure match with the actual data then the possible impact as follows:

USD 7:15 PM Final Manufacturing PMI [{Previous (60.6)} {Expected (60.7)]. Forecast figure is positive Base metals while negative for Bullions.

USD 7:30 PM ISM Manufacturing PMI [{Previous (64.7)} {Expected (65.0)]. Forecast figure is positive Base metals while negative for Bullions.

USD 7:30 PM Construction Spending m/m [{Previous (-0.8%)} {Expected (1.7%)]. Forecast figure is positive Base metals while negative for Bullions.

USD 7:30 PM ISM Manufacturing Prices [{Previous (85.6)} {Expected (86)]. Forecast figure is positive for Base metals while negative for Bullions.

 

 

Technical Levels Precious Metals of other Major Commodities

 

Gold (June)

 

Gold has its support at 46900 and resistance at 47300.

Break and sustain above 47300 will take it to 47700-48000 or else it could test its support again.

Fresh selling will do on a close below 46900.

Trade with the levels only.

 

Silver (July)

 

Silver has its support at 68600 and resistance at 70000.

Break and sustain above 70000 will take it to 71500—72000 or else it could test its support again.

Fresh selling will do on a close below 68600.

Trade with the levels only.

 

Crude oil (May)

 

Crude oil has its support at 4650 and resistance at 4750.

Break and sustain above 4750 will take it to 4850—4900 or else it could test its support again.

Fresh selling will do on a close below 4650.

Trade with the levels only.

 

Natural Gas (May)

 

Natural gas has its support at 216.50 and resistance at 223.

Break and sustain above 223 will take it to 230—23 or else it could test its support again.

Fresh selling will do on a close above 216.50.

Trade with the levels only.

 

Nickel (May)

 

Nickel has its support at 1315 and resistance at 1327.

Break and sustain above 1327 will take it to 1340—1350 or else it could test its support again.

Fresh selling will do on a close below 1315.

Trade with the levels only.

 

 

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We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

 

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