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Home » Bullion trades higher during Asian trading hours; WTI crude and copper future extend gains on better expectation of CB Consumer confidence data. Major MCX Commodity Update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Bullion trades higher during Asian trading hours; WTI crude and copper future extend gains on better expectation of CB Consumer confidence data. Major MCX Commodity Update.

Bullion

 

 

Bullion and other commodities evening technical levels update

 

Copper is gaining altitude as major exchanges reporting record low inventory levels and coronavirus vaccines expected to pave the way for a swift global economic recovery. Comex Copper traded at $4.2160 per pound on Monday – the highest level since August 2011. Prices have more than doubled since the March crash.

 

TODAY DATA AND EVENT

 

*Fed chair Powell testifies

*CB Consumer Confidence

*Richmond Manufacturing Index

 

USD 8:30pm: –Fed chair Powell testifies [{Previous (14)} {Expected (16)]. The forecast figure is positive for bullions while negative for the base.

USD 8:30pm: –CB Consumer Confidence [{Previous (90.2)} {Expected (89.3)]. The forecast figure is positive for base metals while negative for bullions.

USD 8:30pm: –Richmond Manufacturing Index[{Previous (14)} {Expected (16)]. The forecast figure is positive for base metals while negative for billions.

 

 

Gold (April)

 

Gold has its support at 46200—45800 and resistance at 47200.

Break and sustain above 46900 will take it to 47200. More and more upside rally we will expect on a close above 47200 levels else it could test its support level of 46500—46200 again.

Fresh selling we will do on a close below 45800 levels only. So any sharp downside panic will be the best buying opportunity in it.

 

 

Silver (March)

 

Silver has its support at 68900 and resistance at 70800.

Break and sustain above 70800 will take it to 71500—71800. More and more upside rally we will see on a close above 71800 else it could test its support level of 68900 again.

Break and sustain below 68900 will take it to 67800—67500 levels.

Trade safely with levels and wait for confirmation.

 

Crude oil (March)

 

Crude oil has support at 4430 and resistance at 4580.

Break and sustain above 4580 will take it to 4630–4650. More and more upside rally we will see on a close above 4660 else it could test its support level of 4430 again.

Break and sustain below 4430 will take it to 4330–4300 levels.

 

Natural Gas (March)

 

Natural gas has its support at 210 and resistance at 215

Break and sustain above 212.50 will take it to 218–221. More and more upside rally we will see on a close above 221 else it could test its support level of 207 again.

Fresh selling will do on a close below 207 levels only.

 

Copper (March)

 

Copper has its support at 680 and resistance at 712.

Break and sustain below 680 will take it to 655—652 levels or else it could test its resistance again.

Fresh buying we will do on a close above 712 levels only.

 

 

Commodity Updates

 

 

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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