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Home » Gold inched up amid an unchanged interest rate by the US Federal Reserve. Major MCX Commodities evening levels

Gold inched up amid an unchanged interest rate by the US Federal Reserve. Major MCX Commodities evening levels

Gold

 

Gold opened the gap up on Thursday after the US Federal Reserve maintaining the same 0.25% in yesterday’s monetary policy meeting. A weakening dollar provided further support to the safe-haven yellow metal. On the other hand, Crude oil traded higher along with Base metals amid a positive equity market.

Today, traders should concentrate on Advance GDP Price Index q/q along with Advance GDP q/q, Unemployment Claims, Pending Home Sales m/m, 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 6:00 PM Advance GDP q/q [{Previous (4.3%)} {Expected (6.8%)]. Forecast figure is positive Base metals while negative for Bullions.

USD 6:00 PM Advance GDP Price Index q/q [{Previous (2.0%)} {Expected (2.6%)]. Forecast figure is positive Base metals while negative for Bullions.

USD 6:00 PM Unemployment Claims [{Previous (547K)} {Expected (545K)]. Forecast figure is neutral for base metals and Bullions.

USD 7:30 PM Pending Home Sales m/m [{Previous (-10.6%)} {Expected (4.2%)]. Forecast figure is positive Base metals while negative for Bullions.

USD 8:00 PM Natural Gas Storage [{Previous (38B)} {Expected (11B)]. Forecast figure is positive Natural gas prices.

 

 

 

Technical Levels of Gold and other Major Commodities

 

 

Gold (June)

Gold has its support at 46800 and resistance at 47300.

Wherever it breaks and closes will decide the further direction of Gold.

Till then trade within the range and wait for the confirmation.

 

Silver (July)

Silver has its support at 69200 and resistance at 70000.

Break and sustain above 70000 will take it to 70800—71300 or else it could test its support again.

Fresh selling will do on a close below 69200.

Trade with the levels only.

 

Crude oil (May)

Crude oil has its support at 4740 and resistance at 4830.

Break and sustain above 4830 will take it to 4940—5000 or else it could test its support again.

Fresh selling will do on a close below 4740.

Trade with the levels only.

 

Natural Gas (May)

Natural gas has its support at 217 and resistance at 223.50.

Break and sustain above 223.50 will take it to 235—240 or else it could test its support again.

Fresh selling will do on a close below 217.

Trade with the levels only.

 

Nickel (May)

Nickel has its support at 1300 and resistance at 1315.

Break and sustain above 1315 will take it to 1335—1355 or else it could test its support again.

Fresh selling will do on a close below 1300.

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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