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Home » Dull movement in the commodity market as profit booking took place in Base metals and Bullions.

Dull movement in the commodity market as profit booking took place in Base metals and Bullions.

Commodity Market

 

 

 

Major MCX Commodity Market Update for the Evening Session 

 

Commodity market traded with dull movement on Friday so far as profit booking took place in Base metals and Bullions after a strong upside rally in both base metals and billions this week till yesterday trading while energy segment with Crude oil and Natural gas trading in a tight range.

Today, traders should concentrate on Core PPI m/m along with PPI m/m 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 Core PPI m/m [{Previous (0.2%)} {Expected (0.2%)]. Forecast figure is neutral for base metals and Bullions.

USD 6:00 PM PPI m/m [{Previous (0.5%)} {Expected (0.5%)]. Forecast figure is neutral for base metals and Bullions.

USD 7:30 PM Final Wholesale Inventories m/m [{Previous (0.5%)} {Expected (0.5%)]. 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 46500 and resistance at 46900.

Break and sustain below 46500 will take it to 46100—45900 or else it could test its resistance again.

Fresh buying will do on a close above 46900.

Trade with the levels only.

 

Silver (May)

Silver has its support at 66350 and resistance at 67750.

Wherever it breaks and closes will decide the further direction. Wait for the confirmation.

 

Crude oil (April)

Crude oil has its support at 4200 and resistance at 4550.

Trade within the range and wait for confirmation.

 

Natural Gas (April)

Natural gas has its support at 183 and resistance at 190.

Break and sustain above 190 will take it to 197—200 or else it could test its support again.

Fresh selling will do on a close below 183.

Trade with the levels only.

 

Copper (April)

Copper has its support at 685 and resistance at 697.

Break and sustain above 697 will take it to 710—715 or else it could test its support again.

Fresh selling will do on a close below 685.

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.

 

 

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