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Home » Bullion slipped from the upper level as equity market rises in the US. Today’s MCX levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Bullion slipped from the upper level as equity market rises in the US. Today’s MCX levels.

Bullion Crude Oil Natural Gas Copper

 

Bullion slipped from the upper level as hopes of economic recovery lifted share markets with many countries easing coronavirus-driven lockdowns, although the tension between the US and China providing support to Bullion. On the other hand, Crude oil slipped too from the upper level and Base metals are trading range-bound as traders are cautious due to the rise in coronavirus cases.

Today, traders should concentrate on the HPI m/m along with CB Consumer Confidence and New Home Sales from the house of the US which will impact on metal and Bullion segment. If the forecast figure match with the actual data then the possible impact are as follows:

USD 6:30 PM: HPI m/m [{Previous (0.7%)} {Expected (0.6%)]. Forecast figure is neutral for base metal and Bullions.

USD 7:30 PM: CB Consumer Confidence [{Previous (86.9} {Expected (87.1)]. The forecast figure is neutral for base metal and Bullions.

USD 7:30 PM: New Home Sales [{Previous (627K)} {Expected (492K)]. The forecast figure is negative for base metals while positive for Bullions.

 

Technical levels of bullion and other major mcx commodities

 

Gold (June)

 Support at 46200 and resistance at 47200–47400.

Gold is trading in the given support and resistance range.

Traders can sell Gold on rising close to the resistance levels of 47200–47400 and buy on dip close to the support level of 46200 as your risk appetite.

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

Till then trade within the range.

 

 

Silver (July)

The overall Silver trend is positive.

Silver has its support at 48200 and immediate resistance at 49000-49550.

Below 48200 can take correction till 47800—47500 levels or else it could test its resistance again.

Fresh buying will do on a close above 49550 levels.

Trade with the levels only.

 

 

Crude Oil (Jun)

Crude oil has its immediate support at 2530 and resistance at 2640.

Break and sustain below 2530 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 138 and resistance at 146.

Break and sustain below 138 will take it to 130—128++ levels or else it could test its resistance again.

Fresh buying will do on a close above 146.

Trade with the levels only.

 

 

Copper (Jun)

Copper has its Support at 414 and resistance at 417.50.

Break and sustain above 417.50 will take it to 421—423++ levels. More and more upside move will get see on a close above 423 levels.

Fresh selling will do on a close below 414.

Trade with the levels only.

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