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Home » Base metals remain on the positive side with a gap up opening in Copper and Aluminum. Evening MCX Commodity update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Base metals remain on the positive side with a gap up opening in Copper and Aluminum. Evening MCX Commodity update.

Base Metals

 

Base metals remain on the positive side with a gap up opening in Copper and Aluminum amid positive data from China and also US initial jobless claims fell below 500,000 on Thursday for the first time since Covid-19 struck. On the other hand, Precious metals and energy traded range-bound ahead of Non-farm Employment Change Data.

Today, traders should concentrate on Average Hourly Earnings m/m along with Non-Farm Employment Change, Unemployment Rate, and Final Wholesale Inventories m/m 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 Average Hourly Earnings m/m [{Previous (-0.1%)} {Expected (0.0%)]. Forecast figure is neutral for Base metals and Bullions.

USD 6:00 PM Non-Farm Employment Change [{Previous (916K)} {Expected (990K)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 6:00 PM Unemployment Rate [{Previous (6.0%)} {Expected (5.8%)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:30 PM Final Wholesale Inventories m/m [{Previous (1.4%)} {Expected (1.4%)]. Forecast figure is neutral for Base metals and Bullions.

 

 

Technical Levels of Base Metals and other Major Commodities

 

 

Gold (June)

 

Gold has its support at 47000 and resistance at 47800.

Traders can buy Gold in panic around 47450—47400 for the upside target of 47800—48100.

Fresh selling will do on a close below 47000.

Trade with the levels only.

 

Silver (July)

 

Silver has its support at 69650 and resistance at 72200.

Traders can buy Silver in panic around 71000—70800 for the upside target of 72200—73000.

Fresh selling will do on a close below 69650.

Trade with the levels only.

 

Crude oil (May)

 

Crude oil has its support at 4680 and resistance at 4820.

Break and sustain above 4820 will take it to 4950—5000 or else it could test its support again.

Fresh selling will do on a close below 4680.

Trade with the levels only.

 

Natural Gas (May)

 

Natural gas has its support at 213.50 and resistance at 219–223.

Trade within the range and wait for confirmation.

 

Lead (May)

 

Lead has its support at 173.50 and resistance at 176.50.

Break and sustain above 176.50 will take it to 179.50—181 or else it could test its support again.

Fresh selling will do on a close below 173.50.

Trade with the levels only.

 

Copper (May)

 

Copper has its support at 773 and resistance at 786.

Break and sustain above 786 will take it to 800—810++ or else it could test its support again.

(Buy on dip around 780—778)

Fresh selling will do on a close below 773.

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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