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Home » Precious metals heading north steadily amid dovish stance from Fed. Major MCX Commodity Technical support & resistance levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Precious metals heading north steadily amid dovish stance from Fed. Major MCX Commodity Technical support & resistance levels.

 

Precious metals heading north steadily as Federal Reserve officials remain committed to their dovish stance, despite signs that the US economic recovery is picking up. Policymakers at the Federal Reserve believe any rise in inflation will be temporary and consider it necessary to continue supporting the economy until recovery is on firmer ground. (Source: Investing)

Today, traders should concentrate on Unemployment Claims 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 (719K)} {Expected (682K)]. Forecast figure is positive for base metals while negative for Bullions.

USD 8:00 PM Natural Gas Storage [{Previous (14B)} {Expected (22B)]. Forecast figure is negative for Natural gas prices.

 

 

Technical Levels of Precious metals and other Major Commodities 

 

 

Gold (June)

Gold has its support at 46500 and resistance at 46800.

Break and sustain above 46800 will take it to 47100—47300 or else it could test its support again.

Fresh selling will do on a close below 46500.

Trade with the levels only.

 

Silver (May)

Silver has its support at 66700 and resistance at 67550.

Break and sustain above 67550 will take it to 68500—69000 or else it could test its support again.

Fresh selling will do on a close below 66700.

Trade with the levels only.

 

Crude oil (April)

Crude oil has its support at 4200 and resistance at 4550.

Trade within the range and wait for confirmation.

 

Natural Gas (April)

Natural gas has its support at 183 and resistance at 190.

Break and sustain above 190 will take it to 197—200 or else it could test its support again.

Fresh selling will do on a close below 183.

Trade with the levels only.

 

Copper (April)

Copper has its support at 685 and resistance at 697.

Break and sustain above 697 will take it to 710—715 or else it could test its support again.

Fresh selling will do on a close below 685.

Trade with the levels only.

 

 

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