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Home » Gold eases as cash rush poses more impact than US Fed measures | Read today’s MCX update
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Gold eases as cash rush poses more impact than US Fed measures | Read today’s MCX update

MCX Market

25th March 2020

 

Gold prices traded sideways with volatility on Wednesday as a flight to cash offset growing hopes for a massive U.S. economic stimulus to stem the coronavirus outbreak’s economic toll. On the other hand, Crude oil traded lower too as faltering fuel demand from the spread of the coronavirus outweighed a massive pending U.S. economic stimulus package.


Today, traders should concentrate on the Core Durable Goods Orders m/m along with Richmond HPI m/m and Crude Oil Inventories from the house of US which will impact on Base Metal, Bullion’s segment, and Energy. If the forecast figure match with the actual data then the possible impact are as follows:


Major economic data today

 

Previous Expected
USD 6:00 PM: Core Durable Goods Orders m/m (0.8%) (-0.4%) Forecast figure is negative for Base metals while positive for Bullions
USD 6:30 PM: HPI m/m (0.6%) (0.4%) Forecast figure is negative for Base metals while positive for Bullions
USD 8:00 PM: Crude Oil Inventories (2.0M) (2.9M) Forecast figure is negative for Crude oil price

 

 MCX Technical Levels

  

Gold

Gold (April) has its support at 42800 and Resistance at 41800.

Either side break and sustain will decide the further direction of Gold.

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

 


Silver (May)

Silver has its support at 40500 and resistance is at 41600.

Below 40500 could test 39500—39000 or else it could test its resistance again.

Fresh buying will do on a close above 41600.

Trade with the levels only.

 

Crude Oil (April)

Crude oil has its support in 1800 and resistance in 2000.

Trade within the range and wait for the confirmation.

 


Natural Gas (March)

Natural gas has its immediate support at 125 and resistance at 131.50.

Above 131.50 could test 138—140 or else it could test its support again.

Fresh selling can be done on a close below 125.

Trade with the levels only.



Nickel (April)

Support at 840 and resistance at 875.

Either side break and sustain will decide the further direction of Nickel. Till then trade within the range and wait for the confirmation.



Copper (April)

Support at 370 and resistance at 380.

Either side break and sustain will decide the further direction of Copper. Till then trade within the range and wait for the confirmation.

More will update soon.

 

See our today’s commodity support and resistance chart here.

 

 

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