Welcome to Indian Market View. To get real time FREE market updates on your WhatsApp, click on the WhatsApp icon on website and fill your details.
Home » Gold rallied as Fed unprecedented measures halted cash rush | MCX daily update
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Gold rallied as Fed unprecedented measures halted cash rush | MCX daily update

Gold MCX

24th March 2020

 

On MCX, Gold traded higher on Tuesday extending gain from previous day session after the U.S. Federal Reserve’s unprecedented measures to help an economy reeling from the coronavirus pandemic halted a rush for cash. On the other hand, Crude oil rose too after the Fed’s official statement.

Today, traders should concentrate on the Flash Manufacturing PMI along with Richmond Manufacturing Index and New Home Sales from the house of the 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:

 

Major Economic data

 

Time & Data Previous Expected Forecast figure
USD 7:15 PM: Flash Manufacturing PMI (50.7) (45.1) Forecast figure is negative for Base metals while positive for Bullions
USD 7:30 PM: Richmond Manufacturing Index (-2) (-10) Forecast figure is negative for Base metals while positive for Bullions
USD 7:30 PM: New Home Sales (764K) (750K) Forecast figure is negative for Base metals while positive for Bullions

 

 MCX Technical Levels  

Gold

Gold (April) has its support at 41000 and Resistance at 42200.

Trade within the range and wait for the confirmation.



Silver (May)

Silver has its support at 37900 and resistance is at 41200.

Trade within the range and wait for the confirmation.



Crude Oil (April)

Crude oil has its support in 1920 and resistance at 2000.

Above 2000 could test 2080—2100 or else it could test its support again.

Fresh selling will do on a close below 1920.

Trade with the levels only.

 

Natural Gas (March)

Natural gas has its immediate support at 121 and resistance at 126.

Above 126 could test 129—132 or else it could test its support again.

Trade with the levels only.

 

Stock Market Update on WhatsApp

 

Nickel (March)

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 (March)

Support at 355 and resistance at 370.

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.

Read our yesterday commodity levels here.

Short Term Monthly Investment Picks for April 2021

Short Term Monthly Investment Pick

Stock Portfolio for Year 2021

Stock Portfolio for 2021

Get FREE Market Updates!

Stock Market WhatsApp Broadcast
Read in your native language.
Open chat
Get Market Updates on your WhatsApp