Welcome to Indian Market View. To get real time FREE market updates on your WhatsApp, click on the WhatsApp icon on website and fill your details.
Home » Dull movement in the Commodity market amid ongoing IMF Meetings. Major MCX Commodity update for the evening session.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Dull movement in the Commodity market amid ongoing IMF Meetings. Major MCX Commodity update for the evening session.

IMF

 

IMF’s ongoing meeting kept commodity market trading in a range so far as the IMF’s meeting will discuss amid covering policy shifts and meeting objectives is released after the meetings have concluded since both the comments and statement can create market volatility investors are waiting for clear direction.

Today, traders should concentrate on Final Services PMI along with ISM Services PMI 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 7:15 PM Final Services PMI [{Previous (60.0)} {Expected (60.3)]. Forecast figure is neutral for base metals and Bullions.

USD 7:30 PM ISM Services PMI [{Previous (55.3)} {Expected (58.3)]. Forecast figure is positive for base metals while negative for Bullions.

USD 7:30 PM Factory Orders m/m [{Previous (2.6%)} {Expected (-0.5%)]. Forecast figure is negative for base metals while positive for Bullions.

 

 

Technical Levels of Gold and other Major Commodities

 

Gold (June)

Gold has its support at 45250 and resistance at 45500.

Break and sustain above 45500 will take it to 45800—46000 or else it could test its support again.

Fresh selling will do on a close below 45250.

Trade with the levels only.

 

Silver (May)

Silver has its support at 64300 and resistance at 65200.

Break and sustain above 65200 will take it to 66200—66500 or else it could test its support again.

Fresh selling will do on a close below 64300.

Trade with the levels only.

 

Crude oil (April)

Crude oil has its support at 4350 and resistance at 4500—4540.

Trade within the range with buy on dip strategy.

 

Natural Gas (April)

Natural gas has its support at 188.50 and resistance at 192.

Break and sustain below 188.50 will take it to 185—182 or else it could test its resistance again.

Fresh buying will do on a close above 192.

Trade with the levels only.

 

Copper (April)

Copper has its support at 676 and resistance at 683.

Break and sustain above 683 will take it to 700—705 or else it could test its support again.

Fresh selling will do on a close below 676.

Trade with the levels only.

 

Commodity Updates

 

 

 

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