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Home » Crude oil falls continuously for the fifth day as coronavirus widespread fears demand outlook

Crude oil falls continuously for the fifth day as coronavirus widespread fears demand outlook

Crude oil falls

Date: 27th Feb 2020

Fundamental view

Gold rose while Crude oil crashed on Thursday for a fifth day as a growing number of new coronavirus cases outside of China fuelled fears of a pandemic which could slow the global economy and lower crude demand.

 

Today, Traders should concentrate on the Core Durable Goods Orders m/m along with Prelim GDP q/q, Unemployment Claims, Pending Home Sales m/m and Natural Gas Storage 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 and Data Previous Expected Forecast figure
USD 7:30 PM: Core Durable Goods Orders m/m (-0.1%) (0.2%) Forecast figure is negative for Bullions while positive for Base Metals
USD 8:30 PM: Prelim GDP q/q (2.1%) (2.1%) Forecast figure is neutral for Bullions and Base Metals
USD 8:30 PM: Unemployment Claims (210K) (211K) Forecast figure is neutral for Bullions and Base Metals
USD 8:30 PM: Pending Home Sales m/m (-4.9%) (2.8%) Forecast figure is positive for Base Metals while negative for bullions
USD 8:30 PM: Natural Gas Storage (-151B) (-158B) Forecast figure is slightly positive for Natural Gas


Technical Levels

Gold (April)

Gold has its support at 42450 and resistance at 42850.

Break and sustain below 42450 will take it to 42200—41850 or else it could test its resistance again.

Fresh buying will do on a close above 42850.

Trade with the levels only.


Silver (March)

Silver has its Support at 46800 and resistance is at 47200.

Break and sustain below 46800 will take it to 46400—46200 or else it could test its resistance again.

Fresh buying will do on a close above 47200.

Trade with the levels only.


Crude Oil (March)

Crude oil has its Support at 3400 and resistance is at 3480.

Break and sustain below 3400 will take it to 3320—3300 or else it could test its resistance again.

Fresh buying will do on a close above 3480.

Sell it on Rising!!

Trade with the levels only.


Natural Gas (March)

Natural gas has its Support at 125 and resistance at 131.

Break and sustain below 125 will take it to 120—118 or else it could test its resistance again.

Fresh buying will do on a close above 131.

Trade with the levels only.


Copper (March)

Copper has its immediate Support at 420 and Resistance at 425.

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 425.

Trade with the levels only.


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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