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Home » Precious metals traded lower weighed down by strong dollar index. Evening MCX Commodity update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Precious metals traded lower weighed down by strong dollar index. Evening MCX Commodity update.

Precious metals

 

Precious metals traded lower on Thursday weighed down by positive dollar index depleted that sentiment of lockdown in Europe. On the other hand, Base metals traded lower too, driven by negative equity market sentiment where copper breached 660 levels.

Today, traders should concentrate on Final GDP q/q along with Final GDP Price Index q/q, 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 Final GDP q/q [{Previous (4.1%)} {Expected (4.1%)]. Forecast figure is neutral for base metals and Bullions.

USD 6:00 PM Final GDP Price Index q/q [{Previous (2.1%)} {Expected (2.1%)]. Forecast figure is neutral for base metals and Bullions.

USD 6:00 PM Unemployment Claims [{Previous (770K)} {Expected (727K)]. Forecast figure is positive for base metals while negative for Bullions.

USD 8:00 PM Natural Gas Storage [{Previous (-11B)} {Expected (-21B)]. Forecast figure is positive for Natural gas price.

 

 

Technical Levels of Precious metals and other Major Commodities

 

 

Gold (April)

 

Gold has its support at 44550 and resistance at 44900.

Break and sustain below 44550 will take it to 44000—43800 or else it could test its resistance again.

Fresh buying will do on a close above 44900.

Trade with the levels only.

 

Silver (May)

 

Silver has its support at 64000 and resistance at 65200.

Break and sustain below 64000 will take it to 62500—62000 or else it could test its resistance again.

Fresh buying will do on a close above 65200.

Trade with the levels only.

 

Crude oil (April)

Crude oil has its support at 4350 and resistance at 4450.

Break and sustain below 4350 will take it to 4250—4200 or else it could test its resistance again.

Fresh buying will do on a close above 4450.

Trade with the levels only.

 

Natural Gas (March)

Natural gas has its support at 179–176 and resistance at 187.

Trade within the range and wait for the confirmation as the trend is not clear.

 

Copper (April)

 

Copper has its support at 657.50 and resistance at 666.

Break and sustain below 657.50 will take it to 650—647 or else it could test its resistance again.

Fresh buying will do on a close above 666.

Trade with the levels only.

 

 

 

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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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