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Home » Copper and Nickel hovering around their resistance levels. Major MCX Commodities update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Copper and Nickel hovering around their resistance levels. Major MCX Commodities update.

Copper and Nickel

 

Copper and Nickel around their resistance levels

Copper and Nickel hovering around their resistance level as investors are waiting for the recovery of China’s world-leading markets for industrial commodities will enter a decisive phase this week as investors brace for a government response to the coronavirus that could determine the course of prices for the rest of this year and beyond.

Today, traders should concentrate on the Crude Oil Inventories from the house of the US which will impact on energy segment. If the forecast figure match with the actual data then the possible impact are as follows:

USD 8:00PM: Crude Oil Inventories [{Previous (1.7M)} {Expected (-0.7M)]. The forecast figure is negative for Crude oil prices.

 

Technical Levels of Copper and other Major Commodities

 

 

Gold (June)

Yesterday, Gold unable to break its support level of 46450 and bounced back. Told to fresh buy above 46950, it made high of 47354.

Now, what to expect???

Gold has its support at 46900 and resistance at 47450.

Break and sustain above 47450 will take it to 47900—48000++ levels or else it could test its support again.

Fresh selling will do on a close below 46900.

Trade with the levels only.

 

Silver (July)

Silver has its support at 48500 and immediate resistance at 49600.

Break and sustain above 49600 will take it to 50500—51000++ levels or else it could test its support again.

Fresh selling will do on a close below 48500.

Trade with the levels only.

 

 

Crude Oil (May)

 Immediate support at 2350 and resistance at 2480.

Crude oil has been trading in a range since yesterday, wherever it breaks and sustain will decide the further direction of Crude oil.

Traders can trade within the given range and wait for the confirmation.

 

 

Natural Gas (May)

Yesterday, I clearly told you that Natural gas likely to take range-bound trading.

Now, what to expect???

Natural gas has its immediate support at 136 and resistance at 141.

If Natural gas unable to break its resistance level of 141 then we expect to fall below 136 till 133—132.

Or, if it manages to give close above 141 then we can expect rise till 145—147 levels.

Trade with the levels only.

 

 

Copper (May)

Copper neither able to break its support level nor its resistance and trading in the range since yesterday.

Now, what to expect??

Copper has its Support at 409 and resistance at 413.50.

Trade within the range and wait for the confirmation.

 

 

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