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Home » Evening MCX Update – Base metals made recovery from lower level amid positive economic data from China.

Evening MCX Update – Base metals made recovery from lower level amid positive economic data from China.

Base Metals

 

 

Base metals recovered on Friday after a sharp downside panic in the previous day’s session. China’s Non-Manufacturing PMI and Caixin Manufacturing PMI data reported positive which supported base metals in recovery. On the other hand, Precious metals on the verge of weekly closing on a negative note.

Today, traders should concentrate on Core PCE Price Index m/m along with Employment Cost Index q/q, Personal Income m/m, Personal Spending m/m, 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 6:00 PM Core PCE Price Index m/m [{Previous (0.1%)} {Expected (0.3%)]. Forecast figure is positive Base metals while negative for Bullions.

USD 6:00 PM Employment Cost Index q/q [{Previous (0.7%)} {Expected (0.7%)]. Forecast figure is neutral for base metals and Bullions.

USD 6:00 PM Personal Income m/m [{Previous (-7.1%)} {Expected (20.1%)]. Forecast figure is positive Base metals while negative for Bullions.

USD 6:00 PM Personal Spending m/m [{Previous (-1.0%)} {Expected (4.3%)]. Forecast figure is positive Base metals while negative for Bullions.

USD 7:15 PM Chicago PMI [{Previous (66.3)} {Expected (65.4)]. Forecast figure is negative for base metals while negative for Bullions.

USD 7:30 PM Revised UoM Consumer Sentiment [{Previous (86.5)} {Expected (87.3)]. Forecast figure is positive Base metals while negative for Bullions.

 

 

Technical Levels of Base Metals and other Major Commodities

 

 

Gold (June)

 

Gold has its support at 46300–45700 and resistance at 47100–47300.

Traders can buy Gold in panic around 46300 for the upside target of 47000—47300.

Fresh selling will do on a close below 45700.

Trade with the levels only.

 

Silver (July)

 

Silver has its support at 67800 and resistance at 69000.

Break and sustain below 67800 will take it to 66000—65800 or else it could test its resistance again.

Fresh buying will do on a close above 69000.

Trade with the levels only.

 

Crude oil (May)

 

Crude oil has its support at 4730 and resistance at 4810.

Break and sustain below 4730 will take it to 4650—4600 or else it could test its resistance again.

Fresh buying will do on a close above 4810.

Trade with the levels only.

 

Natural Gas (May)

 

Natural gas has its support at 213 and resistance at 218.

Break and sustain below 213 will take it to 208—205 or else it could test its resistance again.

Fresh buying will do on a close above 218.

Trade with the levels only.

 

Nickel (May)

 

Nickel has its support at 1300 and resistance at 1317.

Break and sustain above 1317 will take it to 1335—1355 or else it could test its support again.

Fresh selling will do on a close below 1300.

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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