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Home » MCX market trading in a tight range as investors await the U.S. non-farm payroll data due Friday. Major MCX Commodity update for the evening session.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

MCX market trading in a tight range as investors await the U.S. non-farm payroll data due Friday. Major MCX Commodity update for the evening session.

Major MCX

 

 

Major MCX Commodities Update for today’s evening session

 

Today, traders should concentrate on Challenger Job Cuts y/y along with Unemployment Claims, Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q, 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 Unemployment Claims [{Previous (553K)} {Expected (540K)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 6:00 PM Prelim Nonfarm Productivity q/q [{Previous (-4.2%)} {Expected (4.3%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 6:00 PM Prelim Unit Labor Costs q/q [{Previous (6.0%)} {Expected (-1.1%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 8:00 PM Natural Gas Storage [{Previous (15B)} {Expected (68B)]. Forecast figure is negative for Natural gas prices.

 

 

Technical Levels of Major MCX Commodities

 

 

Gold (June)

support at 46700–46400 and resistance at 47500.

Gold stuck in a range. Trade within the range for a while and wait for the confirmation.

 

Silver (July)

support at 69650–68800 and resistance at 70500—71000.

Silver stuck in a range. Trade within the range for a while and wait for the confirmation.

 

Crude oil (May)

Crude oil has its support at 4760 and resistance at 4880.

Break and sustain above 4880 will take it to 5100—5150 or else it could test its support again.

Fresh selling will do on a close below 4760.

Trade with the levels only.

 

Natural Gas (May)

Natural gas has its support at 213.50 and resistance at 223.

Hope you are enjoying the sell-on-rising strategy as it has been over a week and did not give either side breakout.

Trade within the range with sell on rising. Until and unless it breaks above 223.

Fresh buying will do on a close above 223.

 

Lead (May)

Lead has its support at 173.50 and resistance at 176.50.

Break and sustain above 176.50 will take it to 179.50—181 or else it could test its support again.

Fresh selling will do on a close below 173.50.

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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