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Home » Crude oil fell for three consecutive days amid a recent spike in corona cases. Major MCX Commodity Update.

Crude oil fell for three consecutive days amid a recent spike in corona cases. Major MCX Commodity Update.

Crude Oil

 

Crude oil fell for three consecutive days on Thursday amid a recent spike in corona cases as it created concern for further fall demand of oil. On the other hand, precious metals slipped from the upper level as profit booking took place while base metals trading in a tight range.

Today, traders should concentrate on Unemployment Claims along with CB Leading Index m/m, Existing Home Sales and Natural Gas Storage from the house of the US which will impact Base metals and Bullions. If the forecast figure match with the actual data then the possible impact as follows:

USD 6:00 PM Unemployment Claims [{Previous (576K)} {Expected (607K)]. Forecast figure is negative for base metals while positive for Bullions.

USD 7:30 PM CB Leading Index m/m [{Previous (0.2%)} {Expected (1.0%)]. Forecast figure is positive for base metals while negative for Bullions.

USD 7:30 PM Existing Home Sales [{Previous (6.22M)} {Expected (6.18M)]. Forecast figure is neutral for base metals and Bullions.

USD 8:00 PM Natural Gas Storage [{Previous (61B)} {Expected (47B)]. Forecast figure is positive for Natural gas prices.

 

 

Technical Levels of Crude Oil and other Mojar Commodities

 

Gold (June)

 

Gold has its support at 47500 and resistance at 48100–48600.

Traders can buy Gold in panic around 47700 for the upside target of 48100—48600++ levels.

Fresh selling will do on a close below 47500.

Trade with the levels only.

 

Silver (May)

 

Silver has its support at 68600 and resistance at 70100–70500.

Traders can buy Silver in panic around 69200—69000 for the upside target of 70100-70500++ levels.

Fresh selling will do on a close below 68600.

Trade with the levels only.

 

Crude oil (May)

 

Crude oil has its support at 4500 and resistance at 4650.

Break and sustain below 4500 will take it to 4350–4200. More and more downside move will get to see on a close below 4200 levels.

Fresh buying will do on a close above 4650.

Trade with the levels only.

 

Natural Gas (April)

 

Natural gas has its support at 198 and resistance at 203.50.

Break and sustain above 203.50 will take it to 210—212 or else it could test its support again.

Fresh selling will do on a close below 198.

Trade with the levels only.

 

Nickel (April)

 

Nickel has its support at 1200 and resistance at 1235–1245.

Wherever it breaks and closes will decide the further direction of Nickel.

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

 

 

Commodity Update on WhatsApp

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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