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Home » Base metals and energy trading range-bound on the hope of stimulus package. Major MCX Commodity update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Base metals and energy trading range-bound on the hope of stimulus package. Major MCX Commodity update.

Base Metals

 

Base metals and energy trading range-bound despite the spread of the pandemic Covid-19 across Europe and the United States on the hope of stimulus package forthcoming, three-month base metals prices on the London Metal Exchange were mixed and overall little changed. On the other hand, Crude oil trading in the range of 2850—3100 levels.

Today, traders should concentrate on the Core Retail Sales m/m along with Retail Sales m/m, Industrial Production m/m, Prelim UoM Consumer Sentiment, Business Inventories m/m and Prelim UoM Inflation Expectations 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: Core Retail Sales m/m [{Previous (0.7%)} {Expected (0.4%)]. Forecast figure is negative for Base metals and positive for Bullions.

USD 6:00 PM: Retail Sales m/m [{Previous (0.6%)} {Expected (0.7%)]. Forecast figure is neutral for Bullions and Base metals.

USD 6:45 PM: Industrial Production m/m [{Previous (0.4%)} {Expected (0.6%)]. Forecast figure is neutral for Bullions and Base metals.

USD 7:30 PM: Prelim UoM Consumer Sentiment [{Previous (80.4)} {Expected (80.2)]. Forecast figure is neutral for Bullions and Base metals.

USD 7:30 PM: Business Inventories m/m [{Previous (0.1%)} {Expected (0.3%)]. Forecast figure is positive for Base metals while negative for Bullions.

 

Technical Levels of Base Metals and other Major Commodities

 

Gold (Dec)

Gold has its support at 50500 and resistance at 50850.

Break and sustain above 50850 will take it to 51200—51400 levels or else it could test its support again.

Fresh selling will do below 50500.

Trade with the levels only.

 

Silver (Dec)

Silver has its support at 61350 and resistance at 62100.

Break and sustain above 62100 will take it to 63000—63400 levels or else it could test its support again.

Fresh selling will do below 61350.

Trade with the levels only.

 

Crude oil (Oct)

Crude oil has its support at 2950 and resistance at 3030.

Break and sustain below 2950 will take it to 2850—2800++ levels or else it could test its resistance again.

Fresh buying will do above 3030.

Trade with the levels only.

 

Natural Gas (Oct)

Natural gas has its support at 202 and resistance at 208.

Break and sustain above 208 will take it to 214—218 levels or else it could test its support again.

Fresh selling will do on a close below 202 levels.

Trade with the levels only.

 

Nickel (Oct)

Nickel has its Support at 1130 and resistance at 1145.

Break and sustain above 1145 will take it to 1160—1170 levels or else it could test its support again.

Fresh selling will do on a close below 1130 levels.

Trade with the levels only.

More will update soon…

 

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