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Home » Base metals showing a positive sign for the upside and may break their range-bound. Major MCX Commodity Evening Update.

Base metals showing a positive sign for the upside and may break their range-bound. Major MCX Commodity Evening Update.

Base Metals

 

Base metals traded range-bound this week after making recent highs as the market struggling to find clear direction amid rising corona cases created a lockdown situation globally. On the other hand, energy and precious metals are trading ranges too.

Today, traders should concentrate on Flash Manufacturing PMI along with Flash Services PMI and New Home Sales 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 Flash Manufacturing PMI [{Previous (59.1)} {Expected (60.9)]. Forecast figure is positive for base metals while negative for Bullions.

USD 7:15 PM Flash Services PMI [{Previous (60.4)} {Expected (61.6)]. Forecast figure is positive for base metals while negative for Bullions.

USD 7:30 PM New Home Sales [{Previous (775K)} {Expected (855K)]. Forecast figure is positive for base metals while negative for Bullions.

 

 

Technical Levels of Base Metals and other Major Commodities

 

Gold (June)

Gold has its support at 47500 and resistance at 48000.

Break and sustain below 47500 will take it to 47000—46800 or else it could test its resistance again.

Fresh buying will do on a close above 48000.

Trade with the levels only.

 

Silver (May)

Silver has its support at 68500 and resistance at 69500.

Break and sustain below 68500 will take it to 67500—67000 or else it could test its resistance again.

Fresh buying will do on a close above 69500.

Trade with the levels only.

 

Crude oil (May)

Crude oil has its support at 4550 and resistance at 4720.

Wherever it breaks and closes will decide the further direction of Crude oil.

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

 

Natural Gas (April)

Natural gas has its support at 202 and resistance at 209

Break and sustain above 209 will take it to 218—220 or else it could test its support again.

Fresh selling will do on a close below 202.

Trade with the levels only.

 

Zinc (April)

Zinc has its support at 228 and resistance at 230.

Break and sustain above 230 will take it to 232—234 or else it could test its support again.

Fresh selling will do on a close below 228.

Trade with the levels only.

 

Copper (April)

Copper has its support at 721 and resistance at 735.

Trade within the range and wait for 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.

 

 

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