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Home » Crude oil hovering around 10 months high on the hope that stimulus package lift fuel demand. Major MCX Commodity Update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Crude oil hovering around 10 months high on the hope that stimulus package lift fuel demand. Major MCX Commodity Update.

Crude Oil Prices

 

 

Crude oil hovering around 10 months high on the hope that stimulus package lift fuel demand as the US President-elect Joe Biden proposed a $1.9 trillion rescue package. On the other hand, precious metals were trading in a range for the last 5 trading sessions as investors are waiting for further confirmation.

Today, traders should concentrate on the Core Retail Sales m/m along with Retail Sales m/m, Core PPI m/m, Empire State Manufacturing Index, Capacity Utilization Rate, Industrial Production m/m, Business Inventories m/m, and Prelim UoM Consumer Sentiment 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 are as follows:

USD 7:00 PM: Core Retail Sales m/m [{Previous (-0.9%)} {Expected (-0.1%)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:00 PM: Retail Sales m/m [{Previous (-1.1%)} {Expected (0.0%)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:00 PM: Core PPI m/m [{Previous (0.1%)} {Expected (0.1%)]. Forecast figure is neutral for Base metals and Bullions.

USD 7:00 PM: Empire State Manufacturing Index [{Previous (4.9)} {Expected (5.7)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:45 PM: Capacity Utilization Rate [{Previous (73.3%)} {Expected (73.4%)]. Forecast figure is neutral for Base metals and Bullions.

USD 7:45 PM: Industrial Production m/m [{Previous (0.4%)} {Expected (0.5%)]. Forecast figure is neutral for Base metals and Bullions.

USD 8:30 PM: Business Inventories m/m [{Previous (0.7%)} {Expected (0.5%)]. Forecast figure is neutral for Base metals and Bullions.

USD 8:30 PM: Prelim UoM Consumer Sentiment [{Previous (80.7)} {Expected (79.5)]. Forecast figure is negative for Base metals while positive for Bullions.

 

 

Technical Levels of Crude Oil and other Major Commodities 

 

 

Gold (Feb)

Gold has its support at 49000–48600 and resistance at 49400–49600.

Trade within the range and wait for the confirmation.

 

Silver (March)

Silver has its support at 64900–63500 and resistance at 66300–66900.

Trade within the range and wait for the confirmation.

 

Crude oil (Jan)

Crude oil has its support at 3790 and resistance at 3920.

Break and sustain above 3920 will take it to 4050—4100 or else it could test its support again.

Fresh selling will do on a close below 3790.

Trade with the levels only.

 

Natural Gas (Jan)

Natural gas has its support at 195 and resistance at 204.

Break and sustain above 204 will take it to 215—218 or else it could test its support again.

Fresh selling will do on a close below 195.

Trade with the levels only.

 

Nickel (Jan)

Nickel has its Support at 1300 and resistance at 1315.

Break and sustain above 1315 will take it to 1330—1336 or else it could test its support again.

Fresh selling will do on a close below 1300.

Trade with the levels only.

 

 

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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