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Home » Copper and other Base metals rose as sentiment lifted on the hope of Stimulus.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Copper and other Base metals rose as sentiment lifted on the hope of Stimulus.

Copper

 

 

Copper and Other Base metals rose on Tuesday and they fall afterward since it was a sentiment move as U.S. Senate Republicans proposed a $1 trillion coronavirus aid package a day earlier, lifting risk sentiment. On the other hand, precious metals slipped and Crude oil trading in a tight range due to a fall in demand.

Today, traders should concentrate on the CB Consumer Confidence 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 7:30 PM: CB Consumer Confidence [{Previous (98.1)} {Expected (94.0)]. Forecast figure is negative for base metal while positive for Bullions.

 

Technical Levels of Copper and Other Mojar Commodities

 

Gold (Oct)

Support at 51800–51450 and resistance at 52250–52600.

Gold has created a big range. So, traders can trade within the range for the time being and wait for the confirmation.

 

Silver (Sep)

Yesterday, we recommended buying in Silver above 65200 for the upside target of 66300—66500 levels, it made high of 67560 and our both targets achieved.

Now, what to expect??
Silver has its immediate support at 63050–61500 and resistance at 64800–67600.

Silver has created a big range. So, traders can trade within the range for the time being and wait for the confirmation.

 

Crude oil (Aug)

Crude oil has its support at 3000 and resistance at 3130–3200.

Trading in a tight range. Traders can buy it on a dip in the range of 3100—3050 levels.

Fresh selling will do below the 3000 levels on a closing basis.

Trade with the levels only.

 

Natural Gas (Aug)

Natural gas has its support at 132 and resistance at 136.

Break and sustain above 136 will take it to 140—142 or else it could test its support again.

Fresh selling will do on a close below 132.

Trade with the levels only.

 

Copper (Aug)

Copper is trading in the range of 498—510.

Immediate support at 501. Fresh buying will do above 510 and could test 516—520 levels.

Fresh selling will do below 498. Below 498 could test 492—490 levels.

Trade with the levels only.

 

Zinc (Aug)

Zinc has been trading in the range of 171—180.

Immediate support at 175 and resistance at 177.

Above 177 could test 179–180. More and more upside move will see on a close above 180 till 182—183 levels or else it could test its support again.

Below 175 could test 173—171 or else it could test its resistance again.

Trade within the range with the given levels only.

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