Welcome to Indian Market View. To get real time FREE market updates on your WhatsApp, click on the WhatsApp icon on website and fill your details.
Home » Base metals recovered from lower level supported by positive economic data from China. MCX update for today’s evening session.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Base metals recovered from lower level supported by positive economic data from China. MCX update for today’s evening session.

Base Metals
Base Metals

 

Base metals recovered from a lower levels on Wednesday after China’s positive Manufacturing PMI and Non-Manufacturing PMI data supported in recovery. On the other hand, precious metals on the verge of worst quarterly since 2016 where US Treasury bonds rose to 4 straight months.

Today, traders should concentrate on ADP Non-Farm Employment Change along with Chicago PMI, Pending Home Sales m/m, and Crude Oil Inventories 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 5:45 PM ADP Non-Farm Employment Change [{Previous (117K)} {Expected (552K)]. Forecast figure is positive for base metals while negative for Bullions.

USD 7:15 PM Chicago PMI [{Previous (59.5)} {Expected (61.2)]. Forecast figure is positive for base metals while negative for Bullions.

USD 7:30 PM Pending Home Sales m/m [{Previous (-2.8%)} {Expected (-3.1%)]. Forecast figure is negative for base metals while positive for Bullions.

USD 8:00 PM Crude Oil Inventories [{Previous (1.9M)} {Expected (-1.3M)]. Forecast figure is positive for Crude oil prices.

 

 

Technical Levels of Base Metals and other Major Commodities

 

 

Gold (June)

 

Gold has its support at 44100 and resistance at 44500.

Break and sustain above 44500 will take it to 45000—45300 or else it could test its support again.

Fresh selling will do on a close below 44100.

Trade with the levels only.

 

 

Silver (May)

 

Silver has its support at 62500 and resistance at 63300.

Break and sustain above 63300 will take it to 64300—64500 or else it could test its support again.

Fresh selling will do on a close below 62500.

Trade with the levels only.

 

 

Crude Oil (April)

 

Crude Oil has its support at 4400 and resistance at 4500–4550.

Break and sustain below 4400 will take it to 4300—4250 or else it could test its resistance again.

Fresh buying will do on a close above 4550.

Trade with the levels only.

 

 

 

Natural Gas (April)

 

Natural gas has its support at 190 and resistance at 198.

Trade within the range and wait for confirmation.

 

 

 

Copper (April)

 

Copper has its support at 664 and resistance at 673.

Wherever breaks and closes will decide the further direction of Copper.

Till then trade within the range and wait for the confirmation.

 

 

Commodity Update on WhatsApp

 

 

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

 

 

Tags

Short Term Monthly Investment Picks for April 2021

Short Term Monthly Investment Pick

Stock Portfolio for Year 2021

Stock Portfolio for 2021

Get FREE Market Updates!

Stock Market WhatsApp Broadcast
Read in your native language.
Open chat
Get Market Updates on your WhatsApp