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Home » Bullion recovered sharply from the lower level while basemetals trading in a range. Evening support & resistance levels of major mcx commodities.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Bullion recovered sharply from the lower level while basemetals trading in a range. Evening support & resistance levels of major mcx commodities.

Bullion Gold and Silver

 

Bullion recovered sharply from the lower level amidst concern of China-US tension as a crack between Washington and Beijing over Hong Kong escalated and also price got supported by the central bank and government-provided fund to cushion the blow from the pandemic of coronavirus. On the other hand, Crude oil fell after a report showing a jump in U.S. crude stockpiles raised fresh concerns over excess supply, while doubts are also creeping in over Russia’s commitment to maintaining production curbs.

Today, traders should concentrate on the Prelim GDP q/q along with Core Durable Goods Orders m/m, Unemployment Claims, Pending Home Sales m/m, Natural Gas Storage, and Crude Oil Inventories from the house of 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 6:00 PM: Prelim GDP q/q [{Previous (-4.8%)} {Expected (-4.8%)]. Forecast figure is neutral for base metal while negative for Bullions.

USD 6:00 PM: Core Durable Goods Orders m/m [{Previous (-0.4%} {Expected (-14.8%)]. The forecast figure is negative for base metals while positive for Bullions.

USD 6:00 PM: Unemployment Claims [{Previous (2438K)} {Expected (2100K)]. The forecast figure is positive for base metals while negative for Bullions.

USD 7:30 PM: Pending Home Sales m/m [{Previous (-20.8%)} {Expected (-15.0%)]. Forecast figure is slightly positive for base metals while negative for Bullions.

USD 8:00 PM: Natural Gas Storage [{Previous (81B)} {Expected (113B)]. The forecast figure is negative for natural gas price.

USD 8:30 PM: Crude Oil Inventories [{Previous (-5.0B)} {Expected (-2.5M)]. Forecast figure is slightly negative for Crude oil price.

 

Technical Levels of Bullion and other Major Commodities

 

Gold (June)

Gold has its support at 46200 and resistance at 46750.

Break and sustain above 46750 will take it to 47000—47200+++ levels or else it could test its support again.

Fresh selling will do on a close below 46200.

Trade with the levels only.

 

Silver (July)

Silver not able to close below 47000 and took sharp recovery.

Now, what to expect??

Silver has its immediate support at 48250 and immediate resistance at 48800.

Break and sustain above 48800 could test 49300—49500+++ levels or else it could test its support again.

Fresh selling will do on a close below 48250.

Trade with the levels only.

 

Crude oil (Jun)

Yesterday, we recommended selling in Crude oil below 2525 for the downside targets of 2430—2400++ levels. It made a low of 2380 and both targets achieved successfully.

Now, what to expect??

Crude oil has its immediate support at 2380 and resistance at 2500.

Break and sustain below 2380 will take it 2280—2250++ levels or else it could test its resistance again.

Fresh buying will do on a close above 2500 levels.

Trade with the levels only.

 

Natural Gas (Jun)

Support at 140 while resistance at 147.

Natural Gas is likely to trade within the range, wait for the confirmation.

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

 

 
Copper (Jun)

Copper has its Support at 409 and resistance at 415.

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)

We will continue with yesterday’s update in Zinc.

Zinc has its support at 154 and 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.

 

Click here to see our today’s support and resistance chart of all MCX Commodities.

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