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Home » Copper slipped from upper level after China’s negative economic data.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Copper slipped from upper level after China’s negative economic data.

MCX Copper

 

Copper slipped from $2.99 after China’s trade balance reported negative which negative for Base metals too as China is the major consumer of base metals. On the other hand, Crude oil fell too due to China’s data which is causing concern for fresh demand for Crude oil.

Today, traders should concentrate on the CPI m/m and Core CPI m/m 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 6:00 PM: CPI m/m [{Previous (-0.1%)} {Expected (0.5%)]. Forecast figure is positive for base metal while negative for Bullions.

USD 6:00 PM: Core CPI m/m [{Previous (-0.1%} {Expected (0.1%)]. Forecast figure is positive for base metal while negative for Bullions.

 

Technical Levels of Copper and other Major Commodities

Gold (XAU/USD)

Support at $1790 and Resistance at $1820.

Gold has been stuck in the given support and resistance.

Trade within the range for the time being and wait for the confirmation.

 

 

Silver (XAG/USD)

Silver has its support at $18.90 and resistance at $19.12.

Break and sustain above $19.12 will take it to $19.35–$19.50 or else it could test its support again.

Fresh selling will do on a close below $18.90.

Trade with the levels only.

 

NYMEX Crude Oil

Yesterday, we recommended trading within the range of $39.50–$41.10 in Crude oil. It crashed below $39.50 and made low of $39.06.

Now, what to expect??

Support at $39.00 and Resistance at $39.70.

Break and sustain above $39.70 will take it to $40.10–$40.35 levels or else it could test its support again.

Crude oil taking U-turn from the lower level.

Risky traders can buy on dip!!

Trade with the levels only.

 

COMEX Copper

Support at $2.895 and Resistance at $2.940.

Break and sustain above $2.940 will take it to $2.980–$3.00 or else it could test its support again.

Fresh selling will do on a close below $2.895.

Trade with the levels only.

Read our previous day’s International Commodity update.

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