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Home » US Fed Chairman Powell testimony due later today: May clear precious metals direction. Major MCX Commodities levels for the evening session.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

US Fed Chairman Powell testimony due later today: May clear precious metals direction. Major MCX Commodities levels for the evening session.

US Fed Chairman Powell


Today’s main event to look for – US Fed Chairman Powell testimony due

 

 

Precious metals trading range-bound where Gold inched up supported by a dip in the US Treasury yields while traders are waiting for the US Fed Chairman Powell testimony due later today which might clear the direction of precious metals.

Today, traders should concentrate on New Home Sales and Richmond Manufacturing Index 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 7:30 PM New Home Sales [{Previous (923K)} {Expected (872K)]. Forecast figure is negative for base metals while positive for Bullions.

USD 7:30 PM Richmond Manufacturing Index [{Previous (14)} {Expected (15)]. Forecast figure is neutral for base metals and Bullions.

 

 

Technical Levels of Major MCX Commodities for today

 

 

Gold (April)

 

Gold has its support at 44600–44150 and resistance at 45300–45700.

Trade within the range and wait for confirmation.

 

 

Silver (May)

 

Silver has its support at 66700—65000 and resistance at 67000–68500.

Trade within the range and wait for confirmation.

 

 

Crude Oil (March)

Crude oil has its support at 4270 and resistance at 4400.

Break and sustain below 4270 will take it to 4180—4150 or else it could test its resistance again.

(Traders can sell Crude oil on rising around 4320 with stop loss above 4400 on a closing basis)

Fresh buying will do on a close above 4400.

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.

 

 

 

Zinc (March)

 

Zinc has its support at 218.50 and resistance at 220.50.

Break and sustain below 218.50 will take it to 216.50—215 or else it could test its resistance again.

Fresh buying will do on a close above 220.50.

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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