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Home » Precious metals traded lower weighed down by positive dollar index. Major MCX Commodity Update.
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Precious metals traded lower weighed down by positive dollar index. Major MCX Commodity Update.

Precious metals

 

Precious metals traded lower on Thursday weighed down by a positive dollar index as the US Feb policy came with no change in the interest rate due to slow economic recovery from the Covid-19 pandemic. On the other hand, Base metals traded lower amid a sharp fall in the equity market while Crude oil traded sideways with positive bias supported by positive Crude oil inventories.

Today, traders should concentrate on Advance GDP q/q along with Advance GDP Price Index q/q, Unemployment Claims, Goods Trade Balance, Prelim Wholesale Inventories m/m, CB Leading Index m/m, New Home Sales 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 7:00 PM Advance GDP q/q [{Previous (33.4%)} {Expected (4.2%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 7:00 PM Advance GDP Price Index q/q [{Previous (3.5%)} {Expected (2.2%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 7:00 PM Unemployment Claims [{Previous (900K)} {Expected (880K)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:00 PM Goods Trade Balance [{Previous (-84.8B)} {Expected (-83.4B)]. Forecast figure is positive for Base metals while positive for Bullions.

USD 7:00 PM Prelim Wholesale Inventories m/m [{Previous (0.0%)} {Expected (0.5%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 8:30 PM CB Leading Index m/m [{Previous (0.6%)} {Expected (0.3%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 8:30 PM New Home Sales [{Previous (841K)} {Expected (860K)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 9:00 PM Natural Gas Storage [{Previous (-187B)} {Expected (-140B)]. Forecast figure is negative for natural gas prices.

 

 

Technical Levels of Precious metals and other Major Commodities

 

Gold (Feb)

Gold has its support at 48500 and resistance at 49000.

Wherever it breaks and closes will decide the further direction of Gold.

Till then trade within the range and wait for the confirmation.

 

Silver (March)

Silver has its support at 65500–65000 and resistance at 66700—67250.

Trade within the range and wait for the confirmation.

 

Crude oil (Feb)

Crude oil has its support at 3790 and resistance at 3910.

Break and sustain above 3910 will take it to 4000—4050 levels or else it could test its support again.

Fresh selling will do on a close below 3790.

Trade with the levels only.

 

Natural Gas (Feb)

Natural gas has its support at 190 and resistance at 201.

Break and sustain below 190 will take it to 186—176 levels or else it could test its support again.

Fresh buying will do on a close above 201.

Trade with the levels only.

 

Nickel (Feb)

Nickel has its Support at 1280 and resistance at 1300.

Break and sustain below 1280 will take it to 1260—1250 or else it could test its support again.

Fresh buying will do on a close above 1300.

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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