Updates on Bullion, Base Metals, and Energy Levels 13th Feb 2020
13/2/2020

Updates on Bullion, Base Metals, and Energy Levels 13th Feb 2020

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Gold inched up on Thursday amidst a rise in the number of new coronavirus cases in China dashed hopes the epidemic was slowing and drove investors to safe-haven assets. On the other hand, Crude oil crashed after a tremendous rally in the previous day session amidst a rise in the number of new coronavirus cases in China creating concern over demand of Crude oil to fall in the first quarter of the year.

Today, traders should concentrate on the Core CPI m/m along with Unemployment Claims and Natural Gas Storage from the house of the US which will impact on metal and Bullions and Energy segment. If the forecast figure match with the actual data then the possible impact are as follows:


Time & DataPrevious
Expected
 Forecast figure
USD 7:00 PM: Core CPI m/m 
 (0.1%)
(0.2%)
The forecast figure is slightly positive for Bullions while negative for Base Metals
USD 7:00 PM Unemployment Claims
(202K)
 (210K)
 Forecast figure is neutral for bullions
USD 9:00 PM: Natural Gas Storage 
(-137B)
 (-106B)
 Forecast figure is negative for Natural Gas price





Technical Levels


Gold (April)

Image result for Gold

Immediate Support at 40600 and Resistance at 40750.

Gold trading around its resistance level of 40750. Risky traders can sell Gold on the rise around 40650—40700, for the downside target of 40450—40350. Resistance and stop loss will remain above 40750.

Trade safely with the levels only.



Silver (March)

Image result for Silver

Support is at 45550 and resistance is at 46000.

Break and sustain above 46000 will take it to 46350—46500 or else it could test its support again. 

Fresh selling will do on a close below 45550.

Trade with the levels only.



Crude Oil (Dec)

Image result for Crude Oil

 Major Support at 3580 and resistance at 3700. 

There is a big difference between support and resistance. So, Risky traders can buy Crude oil on dip around 3610—3600 for the upside target of 3660—3700. Support and stop loss will remain below 3580.

Trade with the levels only.



Natural Gas (Feb)

Image result for Natural Gas

Support at 129 and resistance at 133.

Break and sustain above 133 will take it 137—139 or else it could test its support again.

Fresh selling will do on a close below 129.

Traders can buy it on dip!!

Trade with the levels only.



Copper (Feb)

Image result for Copper

Support at 432 and Resistance at 435.

Break and sustain below 432 will take it 429—427 or else it could test its resistance again.

Fresh buying will do on a close above 435.

Trade with the levels only.



Zinc mini (Feb)

Image result for Zinc

Support at 166 and Resistance at 169.

If Zinc mini holds its support level of 166 then we can expect upside move above 169 till 172—174 or else it tests its support level again.

Trade within the range and wait for the confirmation.

More will update soon...


Click here to  know more about our MCX levels

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