Updates on Bullion, Base Metals, and Energy Levels (14th Feb 2020)
14/2/2020

Updates on Bullion, Base Metals, and Energy Levels (14th Feb 2020)

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Gold inched up on Friday 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 traded higher amid the possibility of deeper supply cuts from major producers.


Today, traders should concentrate on the Core Retail Sales m/m along with Import Prices m/m, Industrial Production m/m and Prelim UoM Consumer Sentiment from the house of 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 Retail Sales m/m 
(0.7%)
(0.3%)
Forecast figure is slightly positive for Bullions while negative for Base Metals
USD 7:00 PM: Import Prices m/m
(0.3%)
(-0.2%)
Forecast figure is slightly positive for Bullions while negative for Base Metals.
USD 7:45 PM: Industrial Production m/m
(-0.3%)
(-0.2%)
Forecast figure is neutral for Base Metals
USD 8:30 PM: Prelim UoM Consumer Sentiment
 (99.8)
 (99.5)

Forecast figure is neutral for Base Metals and Bullions.





Technical Levels


Gold (April)

Immediate Support at 40550 and Resistance at 40750.


Gold trading around its resistance level of 40750. Risky traders can sell Gold on the rise around 40700—40730,

for the downside target of 40450—40350. Resistance and stop loss will remain above 40750.


Trade safely with the levels only.



Silver (March)


Support is at 45550 and resistance is at 46050.


Break and sustain above 46050 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)


Support at 3650 and resistance at 3730.


Break and sustain above 3730 will take it 3780—3800 or else it could test its support again.


Fresh selling will do on a close below 3650.


Traders can buy it on dip!!


Trade with the levels only.



Natural Gas (Feb)


Support at 128.50 and resistance at 132.50.


Break and sustain above 132.50 will take it to 137—139 or else it could test its support again.


Fresh selling will do on a close below 128.50.


Trade with the levels only.



Copper (Feb)


Support at 432 and Resistance at 436.


Break and sustain below 432 will take it 428—426 or else it could test its resistance again.


Fresh buying will do on a close above 436.


Trade with the levels only.



Nickel (Feb)


Support at 948 and Resistance at 960.


Either side breaks and sustain with volume will decide the further direction of Nickel.


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


More will update soon...


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Tags:Gold & Silver, Basemetal, Crude & Natural Gas, Full MCX

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