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Home » Base metals reversed from lower-level amidst positive economic data from China. Technical levels of Major MCX Commodities
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Base metals reversed from lower-level amidst positive economic data from China. Technical levels of Major MCX Commodities

Base-Metals

 

Base metals crashed on the Friday trading and reversed on Monday after China’s CPI y/y reported positive and Crude oil opened gap up too as demand hope has risen due to positive China data but traders remained cautious due to U.S.-China tensions and uncertainty over a U.S. stimulus package.

Today, traders should concentrate on the JOLTS Job Openings from the house of US which will impact metal, energy, and Bullion’s segment. If the forecast figure match with the actual data then the possible impact are as follows:

USD 7:30 PM: JOLTS Job Openings [{Previous (5.40M)} {Expected (5.30M)]. Forecast figure is neutral for Base metals and Bullions.

 

Technical Levels Base Metals and other Major Commodities

 

Gold (Oct)

Gold has its support at 54650 and resistance at 55100.

Break and sustain below 54650 will take it to 54300—54000 levels or else it could test its resistance again.

Fresh buying will do above 55100.

Trade with the levels only.

 

Silver (Sep)

Silver has its support at 74300–73500 and resistance at 76250—77000—78000.

Trade within the given range and wait for the confirmation.

 

Crude oil (Aug)

Crude oil has its support at 3080 and resistance at 3170.

Break and sustain below 3080 will take it to 2980—2950 levels or else it could test its resistance again.

Fresh buying will do above 3170.

Trade with the levels only.

 

Natural Gas (Aug)

Natural gas has its support at 163 and resistance at 172.

Break and sustain above 172 will take it to 180—185 or else it could test its support again.

Fresh selling will do on a close below 163.

Trade with the levels only.

 

Copper (Aug)

Support at 504 and resistance at 509.

Break and sustain above 509 will take it to 514—516 levels or else it could test its support again.

Fresh selling will do below 504.

Trade with the levels only.

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