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Home » Crude oil falls, but about to give monthly closing on the green note for the first time this year. Major commodities technical levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Crude oil falls, but about to give monthly closing on the green note for the first time this year. Major commodities technical levels.

Crude Oil

 

Crude oil falls on Friday amidst fear of weak demand amidst worsening relation between US and China and second wave of coronavirus while getting support from the rumor that OPEC+ member will extend the time period of production cut beyond June. On the other hand, Bullions and base metals are still stuck in the range.

Today, traders should concentrate on the Core PCE Price Index m/m along with Personal Spending m/m, Goods Trade Balance, Prelim Wholesale Inventories m/m, Chicago PMI, Revised UoM Consumer Sentiment and Speech of Fed chairman Powell 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 PCE Price Index m/m [{Previous (-0.1%)} {Expected (-0.3%)]. Forecast figure is negative for base metal while positive for Bullions.

USD 6:00 PM: Personal Spending m/m [{Previous (-7.5%} {Expected (-12.6%)]. Forecast figure is negative for base metals while positive for Bullions.

USD 6:00 PM: Goods Trade Balance [{Previous (-64.2B)} {Expected (-64.8B)]. Forecast figure is slightly negative for base metals while positive for Bullions.

USD 6:00 PM: Prelim Wholesale Inventories m/m [{Previous (-0.8%)} {Expected (-0.5%)]. Forecast figure is slightly positive for base metals while negative for Bullions.

USD 7:15 PM: Chicago PMI [{Previous (35.4)} {Expected (40.1)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:30 PM: Revised UoM Consumer Sentiment [{Previous (73.7)} {Expected (73.7)]. Forecast figure is neutral for Base metals and Bullions.

USD 8:30 PM: Fed Chair Powell Speaks

 

Technical Levels of Crude Oil and other MCX Commodities

 

Gold (June)

Gold has its support at 46450 and resistance at 46900

Break and sustain above 46900 will take it to 47350 —47500+++ levels or else it could test its support again.

Fresh selling will do on a close below 46450.

Trade with the levels only.

 

Silver (July)

Silver not able to breach its support level of 4250 which we have provided yesterday and bounced back.

Now, what to expect??

Silver has its immediate support at 48700–48450 and resistance at 49550.
Break and sustain above 49550 could test 50500—51000+++ levels or else it could test its support again.

Fresh selling will do on a close below 48450.

Trade with the levels only.

 

Crude Oil (Jun)

Yesterday, Crude oil not able to breach our support level of 2380 and took a sharp recovery above 2500 and hit 2595.

Now, what to expect??

Crude oil has its immediate support at 2380 and resistance at 2530.

Break and sustain below 2380 will take it 2280—2250++ levels or else it could test its resistance again.

Fresh buying will do on a close above 2530 levels.

Trade with the levels only.

 

Natural Gas (Jun)

Natural gas has its support at 136 and resistance at 141.50.

Break and sustain above 141.50 will take it to 147—149++ levels or else it could test its support again.

Fresh selling will do on a close below 141.50.

Buy it on dip!!

Trade with the levels only.

 

Copper (Jun)

Copper has its Support at 409 and resistance at 418.

Wherever it breaks and sustain will decide the further direction of Copper.

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

 

Zinc (Jun)

Two days ago we recommended buying zinc on dip around 157—156 with a stop loss of 154. Those are holding as per our level can hold with revise stop loss at their cost as made high of 158.80 and book part profit.

Now, what to expect??

Zinc has its support at 157 and resistance at 160.

Break and sustain above 160 will take it to 163—164++ levels or else it could test its support again.

Fresh selling will do on a close below 157.

Trade with the levels only.

 

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