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Home » Base metals trading in a tight range due to fall in demand. Major MCX commodities evening technical levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Base metals trading in a tight range due to fall in demand. Major MCX commodities evening technical levels.

Base Metals

 

Base metals trading in a tight range due to the dramatic consequences of the COVID-19-related lockdowns across Europe, and the corresponding shutdowns of industrial activities, have resulted in an enormous disruption to the supply chains across all sectors. On the other hand, Bullions slipped after a comment from that trade deal with China is over and then corrected afterward by U.S. President Donald Trump tweeting that the phase one deal between the two countries, was “fully intact”.

Today, traders should concentrate on the Flash Manufacturing PMI along with Flash Services PMI and New Home Sales from the house of the 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 7:1 PM: Flash Manufacturing PMI [{Previous (39.8)} {Expected (50.0)]. Forecast figure is positive for base metal while negative for Bullions.

USD 7:15 PM: Flash Services PMI [{Previous (37.5)} {Expected (46.9)]. Forecast figure is positive for base metal while negative for Bullions.

USD 7:30 PM: New Home Sales [{Previous (623K} {Expected (637K)]. Forecast figure is positive for base metal while negative for Bullions.

 

Technical Levels of Base metals and other Major MCX Commodities

 

Gold (Aug)

Yesterday, Gold unable to break its resistance level 48300 and crashed but also unable to break its support level of 476000.

Now, what to expect??

Gold has its support at 47600 and resistance at 48300.

Break and sustain above 48300 will take it to 49000 — 49200 levels or else it could test its support again.

Fresh selling will do on a close below 47600.

Trade with the levels only.

 

 

Silver (July)

Immediate support at 47900 and resistance at 49000.

Silver is likely to trade within the range given support and resistance range.

So, trade within the range and wait for the confirmation.

 

 

Crude Oil (Jun)

Crude oil has its immediate support at 3050 and resistance at 3200.

Break and sustain above 3200 will take it to 3350 —3400 levels or else it could test its support again.

Fresh selling will do on a close below 3050.

Trade with the levels only.

 

Natural Gas (Jun)

Natural gas has its support at 122 and resistance at 126.

Break and sustain below 122 will take it to 117–115++ levels or else it could test its resistance again.

Fresh buying will do on a close above 126 levels.

Trade with the levels only.

 

Copper (Jun)

Copper has its Support at 445.50 and resistance at 452.

Trade within the range and wait for the confirmation.

 

Nickel (Jun)

Support at 957 and resistance at 965.

Break and sustain below 957 will take it to 945–940++ levels or else it could test its resistance again.

Fresh buying will do on a close above 965 levels.

Trade with the levels only.

 

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