What Next ??? - April 29, 2023

Jyothi Kolagatla Senior Research Analyst sQuareindia Advisory
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Gold :  

18 responded this week, 3 see prices up, while 6 see prices down, and 9 see prices unchanged. especially Trading range will be between $1965-$2013 levels.

S1:1985.45 S2:1974 S3:1965.45
R1:1996.50 R2:2001 R3:2013.50

Silver :  

Silver Prices remain volatile, but the tone toward the metal remains high, especially Trading range will be between $23.222-$26.65 levels.

S1:24.71 S2:24.03 S3:23.22
R1:25.57 R2:25.99 R3:26.65

Crude :  

14 of 20 analysts, forecast Crude Oil will rise in next week. 1 respondents predicted that futures will be little changed and 5 said the contract will rise.

S1:76.24 S2:74.91 S3:73.83
R1:78.42 R2:79.63 R3:81.04

Copper :  

8 of 20 analysts, investors and traders surveyed, said the metal will fall next week. while 10 see prices rise, and 2 see prices unchanged. Copper may trade in next week up to 725.70-768.50 levels.

MCX Gold JUN :  

Now support for the Gold is seen at 59719 and below could see a test of 59544-58855 Resistance is now likely to be seen at 60171 a move above could see prices testing 60352-60663.

S1:59719 R2:59544 R3:58855
R1:60171 S2:60352 S3:60663

MCX Silver MAY :  

Now support for the silver is seen at 73612 and below could see a test of 73049-72050 Resistance is now likely to be seen at 74712 a move above could see prices testing 75349-76050.

S1:73612 S2:73049 S3:72050
R1:74712 R2:75349 R3:76050

MCX Crude Oil MAY :  

Now support for the Crude is seen at 6230 and below could see a test of 6004. Resistance is now likely to be seen at , 6360 a move above could see prices testing 6442-6564

S1:6230 S2:6151 S3:6004
R1:6360 R2:6442 R3:6564

MCX Copper MAY :  

Now support for Copper is seen at 751.50 and below could see a test of 742.55-731.70. Resistance is now likely to be seen at 765.85, a move above could see prices testing 773.40-885.55

S1:735.50 S2:727.55 S3:715.70
R1:748.85 R2:753.40 R3:765.55

MCX Nickel MAY :  

Now support for the Nickel is seen at 2432.65 and below could see a test of 2381.80-2300.25 Resistance is now likely to be seen at 2475.20, a move above could see prices testing 2530.95-2689

S1:2432.65 S2:2381.80 S3:2300.25
R1:2475.20 R2:2530.95 R3:2689

MCX NG MAY :  

Now support for the Natural Gas is seen at 190.75 and below could see a test of 181.80-166.25. Resistance is now likely to be seen at 204.70, a move above could see prices testing 210.95-222.80

S1:190.75 S2:.181.0 S3:166.25
R1:204.70 R2:210.95 R3:222.80

MAY 1st :

ISM Manufacturing PMI:
Previous: 46.3 Forecast: 46.8
Actual > Forecast is good for Dollar

MAY 2nd :

JOLTS Job Openings :
Previous: 9.93M Forecast: 9.74M
Actual > Forecast is good for Dollar

MAY 4th :

ISM Services PMI:
Previous: 51.2 Forecast: 51.8
Actual > Forecast is good for Dollar

MAY 4th :

Federal Funds Rate :
Previous: 5.00%Forecast: 5.25%
Actual < Forecast is good for Dollar

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