MCX levels update: Gold rose on Thursday as buying initiated amidst a rise in coronavirus cases but a rise in equity markets limited bullion’s gains. On the other hand, Crude oil traded sideways with volatility as traders are waiting for the OPEC decision on cutting output of Crude oil.
Today, traders should concentrate on the Unemployment Claims along with Factory Orders m/m and Natural Gas Storage from the house of the US which will impact on Metals, Bullions and Energy segment. If the forecast figure match with the actual data then the possible impact are as follows:
| Time & Data | Previous | Expected | Forecast figure |
| USD 7:00 PM: Unemployment Claims | (219K) | (215K) | Forecast figure is neutral for Bullions and Base metals |
| USD 8:30 PM: Factory Orders m/m | (1.8%) | (-0.2%) | Forecast figure is positive for bullions while negative for Base Metals. |
| USD 9:00 PM: Natural Gas Storage | (-143B) | (-112B) | Forecast figure is positive for Natural Gas price |
Technical Levels
Gold (April)
Gold has its support at 43200 and resistance at 43800.
Trade within the range and wait for the confirmation.
Silver (May)
Silver has its support at 46200 and resistance is at 47000.
Trade within the range and wait for the confirmation.
Crude Oil (March)
Crude oil has its support at 3400 and resistance is at 3500.
Break and sustain above 3500 will take it to 3580—3600 or else it could test its support again.
Fresh selling will do on a close below 3400.
Trade with the levels only.
Natural Gas (March)
Natural gas has its support at 132 and resistance at 136.50
Break and sustain above 136.50 will take it to 140—142 or else it could test its support again.
Fresh selling will do on a close below 132.
Trade with the levels only.
Copper (March)
Copper has its immediate support at 426.50 and Resistance at 430–432.
Break and sustain below 426.50 will take it to 424—421 or else it could test its resistance again.
Fresh buying will do on a close above 432.
Trade with the levels only.
Nickel (March)
Nickel has its support at 935 and Resistance at 950.
Break and sustain below 935 will take it to 920—915 or else it could test its resistance again.
Fresh buying will do on a close above 950.
Trade with the levels only.
More will update soon…
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