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Home » Evening MCX Update – Crude oil trading in a range with volatility due to ongoing OPEC+ meeting. Major MCX Commodities support and resistance levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Evening MCX Update – Crude oil trading in a range with volatility due to ongoing OPEC+ meeting. Major MCX Commodities support and resistance levels.

Crude Oil

 

Crude oil trading in a range with volatility due to ongoing OPEC+ meetings in which they will decide on keeping production cut at the current rate amid rising corona cases. On the other hand, Precious metals recovered sharply from the lower level as the US 10 year Treasury bond and dollar index eases.

Base metals recovered from a lower level 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 Unemployment Claims along with Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices, and Natural Gas Storage 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 5:00 PM Unemployment Claims [{Previous (684K)} {Expected (678K)]. Forecast figure is neutral for base metals and Bullions.

USD 7:15 PM Final Manufacturing PMI [{Previous (59.0)} {Expected (59.2)]. Forecast figure is neutral for base metals and Bullions.

USD 7:30 PM ISM Manufacturing PMI [{Previous (60.8)} {Expected (61.5)]. Forecast figure is positive for base metals while negative for Bullions.

USD 7:30 PM Construction Spending m/m [{Previous (1.7%)} {Expected (-0.9%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 7:30 PM ISM Manufacturing Prices [{Previous (86.0)} {Expected (83.5)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 8:00 PM Natural Gas Storage [{Previous (-36B)} {Expected (-20B)]. Forecast figure is negative for Natural gas prices.

 

 

Technical Levels of Crude Oil and other Major Commodities

 

Gold (June)

Gold has its support at 44700 and resistance 45200.

Break and sustain above 45200 will take it to 45700—46000 or else it could test its support again.

Fresh selling will do on a close below 44700.

Trade with the levels only.

 

Silver (May)

Silver has its support at 63500 and resistance at 64100.

Break and sustain above 64100 will take it to 65000—65300 or else it could test its support again.

Fresh selling will do on a close below 63500.

Trade with the levels only.

 

Crude oil (April)

Crude oil has its support at 4330 and resistance at 4460–4550.

Trade within the range and wait for confirmation.

 

Natural Gas (April)

Natural gas has its support at 189 and resistance at 195–198.

Trade within the range and wait for confirmation.

 

Copper (April)

Copper has its support at 663 and resistance at 668

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.

 

 

 

 

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