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Home » Whole MCX segment trading range-bound | Today’s MCX levels
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Whole MCX segment trading range-bound | Today’s MCX levels

MCX Levels

26th March 2020

 

Whole MCX levels segment trading range-bound due to less volume and demand in the market due to coronavirus lockdown as restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity.

 

Today, traders should concentrate on the Unemployment Claims along with Richmond Final GDP q/q, Goods Trade Balance, Prelim Wholesale Inventories m/m and Natural Gas Storage from the house of US which will impact on Base Metal, Bullion’s segment and Energy. If the forecast figure match with the actual data then the possible impact are as follows:

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

USD 6:00 PM: Goods Trade Balance [{Previous (-65.9B)} {Expected (-64.5M)]. Forecast figure is neutral for Base metals and for Bullions.

USD 6:00 PM: Prelim Wholesale Inventories m/m [{Previous (-0.4%)} {Expected (-0.2%)]. Forecast figure is slightly negative for Base Metals.

USD 8:00 PM: Natural Gas Storage [{Previous (-9B)} {Expected (-30B)]. Forecast figure is positive for Natural Gas price.


Today’s MCX Technical Levels



Gold (Apr)

Gold has its support at 41400 and Resistance at 42800.

Either side break and sustain will decide the further direction of Gold.

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



Silver (May)

Silver has its support at 40000 and resistance is at 42000.

Either side break and sustain will decide the further direction of Silver.

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



Crude Oil (April)

Crude oil has its support in 1800 and resistance at 2000.

Trade within the range and wait for the confirmation.



Natural Gas (April)

Natural gas has its immediate support at 130 and resistance at 136.

Above 136 could test 142—145 or else it could test its support again.

Fresh selling can be done on a close below 130.

Trade with the levels only.



Nickel (April)

Support at 850 and resistance at 875.

Either side break and sustain will decide the further direction of Nickel. Till then trade within the

range and wait for the confirmation.



Copper (April)

Support at 370 and resistance at 380.

Either side break and sustain will decide the further direction of Copper. Till then trade within

the range and wait for the confirmation.

More will update soon…



Read our yesterday  MCX Levels Update.

 

 


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