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Home » Crude Oil down by 9.5% due to global recession threat amidst coronavirus | Read today’s MCX Level
Basemetal Crude & Natural Gas Gold & Silver

Crude Oil down by 9.5% due to global recession threat amidst coronavirus | Read today’s MCX Level

MCX Levels Update
MCX Levels Update

18th March 2020

 

MCX Update – Today, Crude Oil down by 9.5%, lowest since 2003 on Wednesday due to global recession threat amidst coronavirus. On the other hand, Gold traded sideways as stimulus measures by the United States and prompted investors to sell precious metals to hold money in cash form.

Today, traders should concentrate on the Building Permits along with Housing Starts, and Crude Oil Inventories 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 6:00 PM: Building Permits [{Previous (1.55M)} {Expected (1.50M)]. The forecast figure is negative for Base metals while positive for Bullions.

USD 6:00 PM: Housing Starts [{Previous (1.57M)} {Expected (1.51M)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 8:00 PM: Crude Oil Inventories [{Previous (7.7M)} {Expected (3.5M)]. Forecast figure is positive for Crude oil.

Technical Levels

 

Gold (Apr)

Gold has its support at 39300 and Resistance at 41000.

Below 39300 could test 38000—37500 or else it could test its resistance again.

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

 

Silver (May)

Silver has its support is at 34400 and resistance is at 36500.

Below 34400 could test 31800—31000 or else it could test its resistance again.

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

 

Crude Oil (March)

Crude oil has its support at 1880 and Resistance in 2050.

Break and close below 1880 will take it to 1700—1650 marks or else it could touch its resistance again.

Fresh buying will do on a close above 2050 levels.

Trade with the levels only.

 

Natural Gas (March)

Support at 125 and resistance at 130.

Break and close below 125 will take it to 120—118 or else it could touch its resistance level of 130.

Fresh buying will do on a close above 130.

Trade with the levels only.

 

Nickel (March)

Support at 860 and resistance at 880.

Below 860… panic likely to remain continues till 840—830.

Fresh buying will do on a close above 880.

Trade safely with levels only.

 

Copper (March)

Support at 393 and resistance at 402.

Below 393 could test 382–380 levels or else it could test its resistance again.

Fresh buying will do on a close above 402.

Trade safely with levels only.

Crude oil tends to fall in near terms due to fear of global recession due to coronavirus.

Read our MCX Update daily and mint money from the market.

 

 

 

 

More will update soon. Read our yesterday commodity update here.

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