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Home » Base metals and Crude oil dipped over negative data from China. Major MCX commodities evening support & resistance levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Base metals and Crude oil dipped over negative data from China. Major MCX commodities evening support & resistance levels.

Base Metals

 

 

Base metals and Crude oil dipped on Tuesday after China’s “Trade balance “data reported negative as China is the largest consumer of metals and energy. On the other hand, Gold dipped too as the U.S. dollar strengthened, although worries over surging coronavirus cases globally and Sino-U.S. tensions providing support to the bullion prices.

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

USD 6:00 PM: CPI m/m [{Previous (-0.1%)} {Expected (0.5%)]. Forecast figure is positive for base metal while negative for Bullions.

USD 6:00 PM: Core CPI m/m [{Previous (-0.1%} {Expected (0.1%)]. Forecast figure is positive for base metal while negative for Bullions.

 

Technical Levels of Base metals and other Major Commodities

 

Gold (Aug)

Yesterday, Gold neither able to break support (48900) level nor its resistance (49350) level.

Now, what to expect??

Gold has its support at 48700 and resistance at 49100.

Break and sustain below 48700 will take it to 48300—48200 levels or else it could test its resistance again.

Fresh buying will do on a close above 49100.

Trade with the levels only.

 

Silver (Sep)

Silver has its immediate support at 51950 and resistance at 52600.

Break and sustain below 51950 will take it to 51300—51000 levels or else it could test its resistance again.

Fresh buying will do on a close above 52600.

Trade with the levels only.

 

Crude oil (July)

Crude oil has its support at 2900 and resistance at 3100.

Trade within the range and wait for the confirmation.

Traders can sell it on the rise around 3050—3080 and buy it on dip around 2960—2950 levels.

Trade with the levels only.

 

Natural Gas (July)

Natural gas has its support at 129 and resistance at 133.

Break and sustain below 129 will take it to 125—123 levels or else it could test its resistance again.

Fresh buying will do on a close above 133.

Trade with the levels only.

 

Nickel (July)

Nickel has its Support at 1020 and resistance at 1031.

Break and sustain above 1031 could test 1041—1045 levels or else it could test its support again.

Fresh selling will do on a close below 1020.

Trade with the levels only.

 

Copper(July)

Copper has its Support at 497 and resistance at 503.

Trade within the range and wait for the confirmation.

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