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Home » Crude oil crashed almost 200 points after a jump in U.S. oil inventories.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Crude oil crashed almost 200 points after a jump in U.S. oil inventories.

Crude Oil

 

 

Crude oil crashed almost 200 points from yesterday after a jump in U.S. oil inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. On the other hand, Gold slipped from the higher level as profit booking took place and Base metals trading in a tight range amidst supply and demand slowed down amidst fear of coronavirus.

Today, traders should concentrate on the Core Durable Goods Orders m/m along with Final GDP q/q, Unemployment Claims, Prelim Wholesale Inventories m/m, and Natural Gas Storage 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: Core Durable Goods Orders m/m [{Previous (-7.7%)} {Expected (2.1%)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 6:00 PM: Final GDP q/q [{Previous (-5.0%)} {Expected (-5.0%)]. Forecast figure is neutral for Base metals and Bullions.

USD 6:00 PM: Unemployment Claims [{Previous (1508K)} {Expected (1320K)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 6:00 PM: Prelim Wholesale Inventories m/m [{Previous (0.3%)} {Expected (0.4%)]. Forecast figure is neutral for Base metals and Bullions.

USD 8:00 PM: Natural Gas Storage [{Previous (85B)} {Expected (108B)]. Forecast figure is negative for Natural gas price.

 

Technical Levels of Crude Oil and other Major Commodities

 

Gold (Aug)

Yesterday, we recommended Gold unable to break its resistance level of 48600 and crashed also we recommended that below 48200 will do fresh selling, it made low of 47889.

Now, what to expect??

Gold has its support at 47650 and resistance at 48200.

Break and sustain above 48200 will take it to 48800 — 49000 levels or else it could test its support again.

Fresh selling will do on a close below 47650.

Trade with the levels only.

 

Silver (July)

Silver has its immediate support at 47400 and resistance at 48100.

Below 47400 it could test 47000—46400 levels or else it could test its resistance again.

Fresh buying will do on a close above 48100.

Trade with the levels only.

 

Crude oil (July)

Yesterday, we recommended to sell Crude oil below 2980 for the downside target of 2850—2800 levels, it made low of 2816, almost both targets achieved.

Now, what to expect??

Crude oil has its support at 2750 and resistance at 2900.

Break and sustain above 29000 will take it to 3050 —3100 levels or else it could test its support again.

Fresh selling will do on a close below 2750 levels.

Trade with the levels only.

 

Natural Gas (July)

Natural gas has its support at 124 and resistance at 128.

Break and sustain below 124 it could test its 120—118 levels or else it could test its resistance again.

Fresh buying will do on a close above 128.

Trade cautiously at the lower level.

 

Copper (July)

Copper has its Support at 450 and resistance at 456.50.

Trade within the range and wait for the confirmation.

 

Nickel (July)

Support at 950 and resistance at 960.

Break and sustain below 950 will take it to 940–935++ levels or else it could test its resistance again.

Fresh buying will do on a close above 960 levels.

Trade with the levels only.

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