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Home » Base metals trading in a range holding their recent highs. Major MCX Commodity update for today.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Base metals trading in a range holding their recent highs. Major MCX Commodity update for today.

Base Metals

 

Base metals trading in a range holding their recent highs as fear rising in wider markets about the rapid spread of Covid-19 put investors in dilemma and the same reason crude oil traded lower as fresh lockdowns are might take place.

Gold trading in a wide range due to mixed sentiment amid rising corona cases and vaccine news as investors are confused about which impact the most. On the other hand, Crude oil trading higher on the hope that OPEC and its allies will delay a planned rise in oil output lent support.

Today, traders should concentrate on the Philly Fed Manufacturing Index along with Unemployment Claims, CB Leading Index m/m, Existing Home Sales, and Natural Gas Storage from the house of the US which will impact Base metals, Natural gas prices, and Bullions. If the forecast figure matches the actual data then the possible impact as follows:

USD 7:00 PM: Philly Fed Manufacturing Index [{Previous (32.3)} {Expected (22.0)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 7:00 PM: Unemployment Claims [{Previous (709K)} {Expected (707K)]. Forecast figure is neutral for Base metals and Bullions.

USD 7:00 PM: CB Leading Index m/m [{Previous (0.7%)} {Expected (0.7%)]. Forecast figure is neutral for Base metals and Bullions.

USD 8:30 PM: Existing Home Sales [{Previous (6.54M)} {Expected (6.45M)]. Forecast figure is neutral for Base metals and Bullions.

USD 9:00 PM: Natural Gas Storage [{Previous (8B)} {Expected (22B)]. Forecast figure is negative for Natural gas price.

 

Technical Levels of Base Metals and other Major Commodities 

 

Gold (Dec)

Gold has its support at 49850 and resistance at 50200.

Break and sustain below 49850 will take it to 49500—49300 or else it could test its resistance again.

Fresh buying will do above 50200.

Trade with the levels only.

 

Silver (Dec)

Silver has its support at 61000 and resistance at 62000.

Break and sustain below 61000 will take it to 60000—65500 or else it could test its resistance again.

Fresh buying will do above 62000.

Trade with the levels only.

 

Crude oil (Dec)

Crude oil has its support at 3050 and resistance at 3150.

Break and sustain below 3050 will take it to 2950—2900 levels or else it could test its resistance again.

Fresh buying will do on a close above 3150.

Trade with the levels only.

 

Natural Gas (Nov)

Natural gas has its support at 195 and resistance at 202.

Break and sustain below 195 will take it to 190—185 or else it could test its resistance again.

Fresh buying will do above 202.

Trade with the levels only.

 

Copper (Nov)

Copper has its Support at 540 and resistance at 543

Break and sustain above 543 will take it to 547—551 or else it could test its support level again.

Fresh selling will do on a close below 540.

Trade with the levels only.

More will update soon…

 


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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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