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Home » Base metals traded lower along with Crude oil hit by lockdown in Europe due to spread of new coronavirus. Major MCX Commodity Update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Base metals traded lower along with Crude oil hit by lockdown in Europe due to spread of new coronavirus. Major MCX Commodity Update.

Base metals

Base metals traded lower along with Crude oil hit by lockdown in Europe due to spread of new coronavirus and new curbs on movement in China, the world’s second-largest oil user, where infections jumped which concerns demand recovery. On the other hand, Precious metals made some recovery from the lower level amid the concern of new coronavirus.

 

No Major Economic Data for the day.

 

Technical Levels of Base Metals and other Major Commodities

 

 

Gold (Feb)

 

Gold has its support at 49100 and resistance at 49400.

Break and sustain above 49400 will take it to 49700—49900 or else it could test its support again.

Fresh selling will do on a close below 49100.

Trade with the levels only.

 

Silver (March)

 

Silver has its support at 64900 and resistance at 65600.

Break and sustain above 65600 will take it to 66300—66500 or else it could test its support again.

Fresh selling will do on a close below 64900.

Trade with the levels only.

 

Crude oil (Jan)

 

Crude oil has its support at 3740 and resistance at 3840.

Break and sustain above 3840 will take it to 3950—4000 or else it could test its support again.

Fresh selling will do on a close below 3740.

Trade with the levels only.

 

Natural Gas (Jan)

 

Natural gas has its support at 188 and resistance at 195.

Break and sustain below 188 will take it to 180—177 or else it could test its resistance again.

Fresh buying will do on a close above 195.

Trade with the levels only.

 

Copper (Jan)

 

Copper has its Support at 611 and resistance at 617.

Break and sustain above 617 will take it to 623—625 or else it could test its support again.

Fresh selling will do on a close below 611.

Trade with the levels only.

 

 

 

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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