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Home » Copper and Nickel on fire as they breached their resistance level. Technical levels of major mcx commodities
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Copper and Nickel on fire as they breached their resistance level. Technical levels of major mcx commodities

Copper

 

Copper and Nickel fired above their resistance levels, in the previous day session on the hope of recovery of China’s commodity industries back to their normal production and supply. On the other hand, Crude oil rose too supported by fall in the US crude inventories and production cut by OPEC members and also easing lockdown in several cities across the world helped improving demand of Crude oil.

Today, traders should concentrate on the Philly Fed Manufacturing Index along with Unemployment Claim, Flash Manufacturing PMI, CB Leading Index m/m, and Natural Gas Storage 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 6:00PM: Philly Fed Manufacturing Index [{Previous (-56.6)} {Expected (-40.0)]. The forecast figure is slightly positive for Base metals while negative for Bullions.

USD 6:00PM: Unemployment Claims [{Previous (2981K)} {Expected (2400K)]. The forecast figure is positive for Base metals while negative for Bullions.

USD 7:15PM: Flash Manufacturing PMI [{Previous (39.3)} {Expected (36.1)]. The forecast figure is positive for Base metals while negative for Bullions.

USD 7:30PM: CB Leading Index m/m [{Previous (-5.5%)} {Expected (-6.7%)]. Forecast figure is slightly positive for Base metals while negative for Bullions.

USD 8:00PM: Natural Gas Storage [{Previous (83B)} {Expected (103B)]. Forecast figure is positive for Natural gas.

 

Technical Levels of Copper along with other Major Commodities

 

Gold (June)

No major movement was seen in Gold for the last three days.

Now, what to expect???

Gold has its support at 46450 and resistance at 47450.

Gold is likely to trade within the given support and resistance levels.

The major move will get to see on either side break and sustain.

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

 

Silver (July)

Support at 47800 and Immediate resistance at 48500.

Silver could take correction below 47700 till 47400—47000 +++ levels.

Fresh buying will do on a close above 48500.

Trade with the levels only.

 

 

Crude oil (May)

Crude oil has its immediate support at 2550 and resistance at 2630.

The crude oil trend is positive.

Break and sustain above 2630 could test 2730—2750++ levels or else it could test its support again.

Fresh selling will do on a close below 2550.

Trade with the levels only.

 

Natural Gas (May)

Natural gas has its immediate support at 130 and resistance at 135.

Break and sustain below 130 will take it to 125—122++ levels or else it could test its resistance again.

Fresh buying will do on a close above 135.

Trade with the levels only.

 

Copper (May)

Yesterday, Copper finally broke its resistance level of 413.50 and skyrocketed to the level of 418.25.

Now, what to expect??

Copper has its Support at 414 and resistance at 418.50.

Break and sustain above 418.50 will see upside move till 422—424++ levels.

Fresh selling will do on a close below 414.

Trade with the levels only.

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