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Home » Base metals trading in the range amidst Sino – US conflict. Support & Resistance levels of major mcx commodities.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Base metals trading in the range amidst Sino – US conflict. Support & Resistance levels of major mcx commodities.

Base Metals and Gold

 

 

Base metals trading the range amidst Sino—US conflict as concerns about the US, response to China’s proposed security law for Hong Kong countered optimism about a re-opening of the global economy. On the other hand, Gold dipped and Crude Oil trading sideways too in a big range.

 

Technical Levels of Base metal and other Major Commodities

 

Gold (June)

Gold has its support at 45900 and resistance at 46400.

Break and sustain below 45900 will take it to 45500—45300+++ levels or else it could test its resistance again.

Fresh buying will do on a close above 46400.

Trade with the levels only.

 

Silver (July)

Yesterday, we recommended selling in Silver below 48200 for the targets of 47800—47500, made low 47350. Both targets achieved successfully.

Now, what to expect??

Silver has its support at 47350–47000 and immediate resistance at 48100.

Silver is likely to trade within the range. Either side break and sustain will decide the further direction of silver.

Till then trade within the range and wait for the confirmation.

 

Crude oil (Jun)

Crude oil has its immediate support at 2525 and resistance at 2640.

Break and sustain below 2525 will take it 2430—2400++ levels or else it could test its resistance again.

Fresh buying will do on a close above 2640.

Trade with the levels only.

 

Natural Gas (Jun)

Natural gas has its support at 146 and resistance at 152.

Break and sustain above 152 will take it to 158—160++ levels or else it could test its support again.

Fresh selling will do on a close below 146.

Trade with the levels only.

 

Copper (Jun)

Copper has its Support at 410 and resistance at 417.50.

Wherever it breaks and sustain will decide the further direction of Copper.

Till then trade within the range and wait for the confirmation.

 

Zinc (Jun)

Support at 154 while resistance at 160.

Zinc trading in a wide range.

Risky traders can grab zinc 157—156 for the upside targets of 160—162++ levels.

Fresh selling will do on a close below 154.

Trade with the levels only.


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