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Home » Evening MCX Update – Precious metals crashed further weighed down by further gain in the dollar index.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Evening MCX Update – Precious metals crashed further weighed down by further gain in the dollar index.

Precious Metal down

 

Precious metals crashed further on Friday weighed down by further gain in the dollar index but losses capped on the hope of further U.S. stimulus and also investors keeping an eye looking at the U.S. jobs report due later today. On the other hand, Crude oil and Base metals trading in the range ahead of the data.

Today, traders should concentrate on the Average Hourly Earnings m/m along with Non-Farm Employment Change, Unemployment Rate, 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 are as follows:

 

USD 7:00 PM: Average Hourly Earnings m/m [{Previous (0.3%)} {Expected (0.2%)]. Forecast figure is neutral for Base metals and Bullions.

USD 7:00 PM: Non-Farm Employment Change [{Previous (245K)} {Expected (60K)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 7:00 PM: Unemployment Rate [{Previous (6.7%)} {Expected (6.8%)]. Forecast figure is neutral for Base metals and Bullions.

USD 8:30pm PM: Final Wholesale Inventories m/m [{Previous (-0.1%)} {Expected (-0.1%)]. Forecast figure is neutral for Base metals and Bullions.

 

Technical Levels of Precious metals and other Major Commodities

 

 

Gold (Feb)

 

Gold has its support at 49850–49650 and resistance at 50800.

Trade within the range and wait for the confirmation.

 

Silver (March)

 

Silver has its support at 67000–66000 and resistance at 69000–70300.

Trade within the range and wait for the confirmation.

 

Crude oil (Jan)

 

Crude oil has its support at 3700 and resistance at 3770.

Break and sustain above 3770 will take it to 3850—3900 or else it could test its support again.

(Buy it on the dip!!)

Fresh selling will do on a close below 3700.

Trade with the levels only.

 

Natural Gas (Jan)

 

Natural gas has its support at 194 and resistance at 199.

Break and sustain below 194 will take it to 188—185 or else it could test its resistance again.

Fresh buying will do on a close above 199.

Trade with the levels only.

 

Copper (Jan)

 

Copper has its Support at 624 and resistance at 632.

Break and sustain above 632 will take it to 638—642 or else it could test its support again.

Fresh selling will do on a close below 624.

Trade with the levels only.

 

 

 

 

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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