Welcome to Indian Market View. For details about our Packages and Services kindly call us on +91-7065111166
Home » Evening MCX Update – Dull movement in base metals with China closed market but remain on the positive side.

Evening MCX Update – Dull movement in base metals with China closed market but remain on the positive side.

Base Metals

 

 

Dull movement in base metals on Tuesday with China closed market while Crude oil traded higher as demand boosted amid positive sentiment considering positive data from the US and easing lockdowns and the European Union sought to attract travelers.

Today, traders should concentrate on Trade Balance and Factory Orders 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 Trade Balance [{Previous (-71.1B)} {Expected (-74.5B)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 7:30 PM Factory Orders m/m [{Previous (-0.8%)} {Expected (1.3%)]. Forecast figure is positive Base metals while negative for Bullions.

 

 

Technical Levels of Base Metals and other Major Commodities

 

 

Gold (June)

 

Gold has its support at 46900 and resistance at 47500.

Break and sustain above 47500 will take it to 48200—48500 or else it could test its support again.

Fresh selling will do on a close below 46900.

Trade with the levels only.

 

Silver (July)

 

Silver has its support at 70200 and resistance at 71500.

Break and sustain above 71500 will take it to 72800—73000 or else it could test its support again.

Fresh selling will do on a close below 70200.

Trade with the levels only.

 

Crude oil (May)

 

Crude oil has its support at 4750 and resistance at 4880.

Break and sustain above 4880 will take it to 4970—5050 or else it could test its support again.

Fresh selling will do on a close below 4750.

Trade with the levels only.

 

Natural Gas (May)

 

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

Trade within the range with sell on rising. Until and unless it breaks above 223.

Fresh buying will do on a close above 223.

 

Lead (May)

 

Lead has its support at 172 and resistance at 174.50.

Break and sustain above 174.50 will take it to 176.50—178 or else it could test its support again.

Fresh selling will do on a close below 172.

Trade with the levels only.

 

 

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