December 2020 Performance Update: Equity Cash - 74%  | Equity Future - 67,000 (Single lot first target) | Index Premium - 60,000 (Per 2 Lot basis) | Bullion - 53,000 (As per 2 mini lots) & 2,05,000 (As per 1 mega lot first target) | Base Metals - 76,000 (As per 1 mega lot first target) | Energy - 5,000 (As per 1 mega lot first target). For Package queries kindly call your RM or Call us on +91-7065111166
Home » Evening MCX Update- Beyond expectation drop in US Crude stockpiles kept Crude oil prices higher.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Evening MCX Update- Beyond expectation drop in US Crude stockpiles kept Crude oil prices higher.

Crude Oil

 

Crude Oil traded higher with seven straight day gain on Wednesday after industry data showed beyond the expected drop in inventories and investors shrugged off rising new deaths and infections in the pandemic. On the other hand, Base metals and Precious metals trading in a range after a huge fall.

Today, traders should concentrate on the CPI m/m along with Core CPI m/m and Crude Oil Inventories from the house of the US which will impact Base metals and Bullions. If the forecast figure match with the actual data then the possible impact are as follows:

USD 7:00 PM: CPI m/m [{Previous (0.2%)} {Expected (0.4%)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:00 PM: Core CPI m/m [{Previous (0.2%)} {Expected (0.1%)]. Forecast figure is neutral for Base metals and Bullions.

USD 9:00 PM: Crude Oil Inventories [{Previous (-8.0M)} {Expected (-3.2M)]. Forecast figure is negative for Crude oil price.

 

 

Technical Levels of Crude Oil and other Major Commodities

 

Gold (Feb)

 

Gold has its support at 48900–48600 and resistance at 49600—50000.

Wherever it breaks and closes will decide the further direction of gold.

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

 

Silver (March)

 

Silver has its support at 64800–63600 and resistance at 66500–68000.

Wherever it breaks and closes will decide the further direction of Silver.

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

 

Crude oil (Jan)

 

Crude oil has its support at 3850 and resistance at 3980.

Break and sustain above 3980 will take it to 4100—4150 or else it could test its support again.

Fresh selling will do on a close below 3850.

Trade with the levels only.

 

Natural Gas (Jan)

 

Natural gas has its support at 199 and resistance at 204.

Break and sustain above 204 will take it to 210—215 or else it could test its support again.

Fresh selling will do on a close below 199.

Trade with the levels only.

 

Zinc (Jan)

 

Zinc has its Support at 218 and resistance at 221.

Break and sustain above 221 will take it to 224—227 or else it could test its support again.

Fresh selling will do on a close below 218.

Trade with the levels only.

 

 

Commodity Update on WhatsApp

 

 

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

 

 

Tags

Stock Portfolio For 2021

Stock Portfolio for 2021

Get FREE Market Updates!

Stock Market WhatsApp Broadcast
Read in your native language.
Open chat
Get Market Updates on your WhatsApp