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Home » Evening MCX Update – Precious metals traded range-bound near support levels amid weak dollar index.

Evening MCX Update – Precious metals traded range-bound near support levels amid weak dollar index.

Precious metals

 

Precious metals trading in a range after sharp downside panic on Friday trading session due to weak dollar index. On the other hand, Base metals traded higher as the market continued to benefit from the strong purchasing managers’ index (PMI) data which was released on Friday.

Today, traders should concentrate on Core Durable Goods Orders m/m and Durable Goods Orders m/m 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 Core Durable Goods Orders m/m [{Previous (-0.9%)} {Expected (1.6%)]. Forecast figure is positive for base metals while negative for Bullions.

USD 6:00 PM Durable Goods Orders m/m [{Previous (-1.2%)} {Expected (2.5%)]. Forecast figure is positive for base metals while negative for Bullions.

 

 

Technical Levels of Precious metals and other Major Commodities

 

 

Gold (June)

 

Support at 47100 and resistance at 47650.

Gold stuck in a range. Wherever it breaks and closes will decide the further direction of Gold.

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

 

 

 

Silver (May)

 

 Support at 67900 and resistance at 69500.

Silver stuck in a range. Wherever it breaks and closes will decide the further direction of Silver.

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

 

 

Crude oil (May)

 

Crude Oil has its support at 4550 and resistance at 4700.

Break and sustain below 4550 will take it to 4400—4350 or else it could test its resistance again.

Fresh buying will do on a close above 4700.

Trade with the levels only.

 

Natural Gas (April)

 

Natural gas has its support at 199 and resistance at 205

Break and sustain above 205 will take it to 212—215 or else it could test its support again.

Fresh selling will do on a close below 199.

Trade with the levels only.

 

 

 

Aluminum (May)

 

Aluminum has its support at 192 and resistance at 194.

Break and sustain above 194 will take it to 196—198 or else it could test its support again.

Fresh selling will do on a close below 192.

Trade with the levels only.

 

 

Commodity Market Telegram

 

 

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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