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Home » Crude oil crashed more than 100 points as coronavirus widespread fears demand outlook

Crude oil crashed more than 100 points as coronavirus widespread fears demand outlook

crude oil crashed


Gold rose while Crude oil crashed on Wednesday amidst news reported that Mainland China reports 406 new cases of coronavirus and San Francisco declared a “state of emergency” over the coronavirus — despite not having any confirmed cases in the city. So far 53 coronavirus cases have been confirmed in the United States, including 10 in California.

Today, traders should concentrate on the New Home Sales and Crude Oil Inventories 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:

 

Time & Data Previous Expected Forecast figure
USD 7:30 PM: New Home Sales (694K) (714K) Forecast figure is negative for Bullions while positive for Base Metals
USD 8:30 PM: Crude Oil Inventories (0.4M) (2.3M) Forecast figure is negative for Crude oil price.

 

 Technical Levels

 

Gold (April)

 

Gold has its support at 42450 and resistance at 42950.

Break and sustain below 42450 will take it to 42000—41850 or else it could test its resistance again.

Fresh buying will do on a close above 42950.

Trade with the levels only.

 

Silver (March)

 

Silver has its Support at 46900 and resistance is at 47400.

Break and sustain below 46900 will take it to 46550—46200 or else it could test its resistance again.

Fresh buying will do on a close above 47400.

Trade with the levels only.


Crude Oil (March)

 

Crude oil has its Support at 3520 and resistance is at 3630.Break and sustain below 3520 will take it to

3450—3430 or else it could test its resistance again.

Fresh buying will do on a close above 3630.

Low-risk traders can wait for today’s closing…

Trade with the levels only.

 

Natural Gas (March)

Natural gas has its Support at 131 and resistance at 135.

Break and sustain above 135 will take it to 139—141 or else it could test its support again.

Fresh selling will do on a close below 131.

Trade with the levels only.

 

Copper (March)

 

Copper has its immediate Support at 420 and Resistance at 424.50.

Break and sustain below 420 will take it to 416—412 or else it could test its resistance again.

Fresh buying will do on a close above 424.50.

Traders should trade cautiously at a lower level as metals are bouncing from lower levels and wait for today’s closing.


Nickel (March)

 

Nickel has its Support at 905 and Resistance at 920.

Break and sustain below 905 will take it 890—880 or else it could test its resistance again.

Fresh buying will do on a close above 920.

Trade with the levels only.

More will update soon…

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