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.
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