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Home » Copper is on the verge of making the best quarter since last 10 years.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Copper is on the verge of making the best quarter since last 10 years.

MCX Copper

 

 

Copper is on the verge of its best quarter since 2010, helped by optimism over a stronger-than-expected demand rebound in top consumer China and mounting supply concerns in South America. On the other hand, Crude oil opened the gap down today giving up its gains from the previous session as demand worries dampened investor sentiment and Bullions are still trading in a range ahead of US fed chairman Powell’s appearance today.

Today, traders should concentrate on the Chicago PMI along with CB Consumer Confidence and Fed Chair Powell Testifies from the house of the 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 7:15 PM: Chicago PMI [{Previous (32.3)} {Expected (45.0)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:30 PM: CB Consumer Confidence [{Previous (86.6)} {Expected (91.6)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 10:00 PM: Fed Chair Powell Testifies

 

Technical Levels of Copper and other  Major Commodities

 

Gold (Aug)

Yesterday, Gold neither able to break its resistance nor support level.

Now, what to expect???

Gold has its support at 48150 and resistance at 48600

Break and sustain above 48600 will take it to 49100—49200 or else it could test its support again.

Fresh selling will do on a close below 48150.

Trade with the levels only.

 

Silver (Sep)

Silver has its immediate support at 48700 and resistance at 49300.

Above 49300 it could test 50000—50200 levels or else it could test its support again.

Fresh selling will do on a close below 48700.

Trade with the levels only.

 

Crude oil (July)

Yesterday, we recommended to go long above 2950 for the upside levels of 3050—3100, it made high of 3018, target missed by 32 points.

Now, what to expect??

Crude oil has its support at 2920 and resistance at 3020.

Break and sustain above 3020 will take it to 3120 —3150 levels or else it could test its support again.

Fresh selling will do on a close below 2920 levels.

Trade with the levels only.

 

Natural Gas (July)

Yesterday, we recommended to go long above 122.50 for the upside levels of 125.50—127, it made a high of 133 and our both targets achieved successfully

Now, what to expect??

Natural gas has its support at 128 and resistance at 133.

Break and sustain above 133 it could test 138—140 levels or else it could test its support again.

Fresh selling will do on a close below 128.

Trade with the levels only.

 

Copper (July)

Copper has its Support at 460 and resistance at 463.50.

Break and sustain above 463.50 will take it to 467—469 levels or else it could test its support again.

Fresh selling will do on a close below 460.

Trade with the levels only.

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