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Home » Precious metals traded lower ahead of the FOMC statement. Major MCX Commodities evening update.

Precious metals traded lower ahead of the FOMC statement. Major MCX Commodities evening update.

Precious Metals

 

Precious metals traded lower on Wednesday weighed down by rising US Treasury bonds ahead of the US FOMC meeting which will take place later today in which they will provide clues on the direction of the central bank’s monetary policy. On the other hand, Base metals and energy trading in a range with volatility.

Today, traders should concentrate on Goods Trade Balance along with Prelim Wholesale Inventories m/m and Crude Oil Inventories 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 Goods Trade Balance [{Previous (-86.7B)} {Expected (-88.2B)]. Forecast figure is neutral for base metals and Bullions.

USD 6:00 PM Prelim Wholesale Inventories m/m [{Previous (0.6%)} {Expected (0.5%)]. Forecast figure is neutral for base metals and Bullions.

USD 8:00 PM Crude Oil Inventories [{Previous (0.6M)} {Expected (-0.9M)]. Forecast figure is positive Crude oil prices.

 

 

Technical Levels of Precious metals and other Major Commodities

 

Gold (June)

Gold has its support at 46800 and resistance at 47300.

Break and sustain below 46800 will take it to 46300—46000 or else it could test its resistance again.

Fresh buying will do on a close above 47300.

Trade with the levels only.

 

Silver (May)

Silver has its support at 67600–67300 and resistance at 68300.

Trade with sell on rising. Below 67600 could test 67300—66700 levels.

Fresh buying will do on a close above 68300.

Trade with the levels only.

 

Crude oil (May)

Crude oil has its support at 4640–4550 and resistance at 4750–4830.

Trade within the range and wait for confirmation.

 

Natural Gas (May)

Natural gas has its support at 214 and resistance at 223.50.

Break and sustain above 223.50 will take it to 235—240 or else it could test its support again.

Fresh selling will do on a close below 214.

Trade with the levels only.

 

Nickel (May)

Nickel has its support at 1260 and resistance at 1295.

Break and sustain above 1295 will take it to 1335—1355 or else it could test its support again.

Fresh selling will do on a close below 1260.

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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