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Home » Gold traded lower over positive dollar index amidst stimulus talks. Major MCX Commodities update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Gold traded lower over positive dollar index amidst stimulus talks. Major MCX Commodities update.

Gold

 

Gold traded lower on Thursday due to a positive dollar index amidst U.S. COVID-19 stimulus talks kept the greenback up as a rapid rise in new coronavirus cases in Europe is also pushing the dollar, with new restrictions coming into force. On the other hand, the Crude oil crashed eliminated precious day gain due to fear of demand recovery.

Today, traders should concentrate on the Philly Fed Manufacturing Index along with Unemployment Claims, Import Prices m/m, Natural Gas Storage, and Crude Oil Inventories from the house of US which will impact on metal and Bullions segment. If the forecast figure match with the actual data then the possible impact are as follows:

USD 6:00 PM: Philly Fed Manufacturing Index [{Previous (15.0)} {Expected (14.4)]. Forecast figure is neutral for Bullions and Base metals.

USD 6:00 PM: Unemployment Claims [{Previous (840K)} {Expected (810K)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 6:00 PM: Import Prices m/m [{Previous (0.9%)} {Expected (0.3%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 8:00 PM: Natural Gas Storage [{Previous (75B)} {Expected (58B)]. Forecast figure is positive for Natural gas price.

USD 8:30 PM: Crude Oil Inventories [{Previous (0.5M)} {Expected (-2.1M)]. Forecast figure is positive for Crude oil price.

 

 

Technical Levels of Gold and other Major Commodities

 

Gold (Dec)

Gold has its support at 50250 and resistance at 50550.

Break and sustain below 50250 will take it to 49800—49600 levels or else it could test its resistance again.

Fresh buying will do above 50550.

Trade with the levels only.

 

Silver (Dec)

Silver has its support at 60000 and resistance at 61350.

Break and sustain below 60000 will take it to 59500—59000 levels or else it could test its resistance again.

(Sell it on rising around 60500 after breaking the support level)

Fresh buying will do above 61350.

Trade with the levels only.

 

Crude oil (Oct)

Crude oil has its support at 2910 and resistance at 2980.

Break and sustain below 2910 will take it to 2850—2800++ levels or else it could test its resistance again.

Fresh buying will do above 2980.

Trade with the levels only.

 

Natural Gas (Oct)

Natural gas has its support at 198 and resistance at 204.50.

Break and sustain above 204.50 will take it to 210—213 levels or else it could test its support again.

Fresh selling will do on a close below 198 levels.

Trade with the levels only.

 

Cooper (Oct)

Copper has its Support at 521.50 and resistance at 529.

Wherever it breaks and sustain will decide further of Copper.

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

More will update soon…

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read the disclaimer on our website before investing.

 

 

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