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Home » Crude oil is on verge of biggest weekly loss since last 4 years, Read today’s MCX levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Crude oil is on verge of biggest weekly loss since last 4 years, Read today’s MCX levels.

crude oil crashed

 

Crude Oil crashed on Friday for a sixth 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. On the other hand, Gold traded sideways amidst profit booking and mixed sentiment in the market but, as mounting concerns over the rapid spread of coronavirus supporting the price of gold.

Today, traders should concentrate on the Core PCE Price Index m/m along with Personal Spending m/m, Prelim Wholesale Inventories m/m and Chicago PMI from the house of the US which will impact 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 7:00 PM: Core PCE Price Index m/m (0.2%) (0.2%) Forecast figure is neutral for Bullions and Base Metals
USD 7:00 PM: Personal Spending m/m (0.3%) (0.3%) Forecast figure is neutral for Bullions and Base Metals
USD 7:00 PM: Prelim Wholesale Inventories m/m (-0.1%) (0.1%) The forecast figure is slightly negative for Base Metals while positive for billions.
USD 8:15 PM: Chicago PMI (42.9) (46.1) Forecast figure is positive for Base Metals while negative for billions

 

Technical Levels

 


Gold (April)

Gold has its support at 42250 and resistance at 42750. Gold Trading in a range since morning.

Trade safely within the range and wait for the confirmation.

 

Silver (March)

Silver has its Support at 45000 and resistance is at 46000.

Trade safely with the strategy of sell on the rise within the range.


Crude Oil (March)

Crude oil has its Support at 3260 and resistance is at 3360.

Break and sustain below 3260 will take it to 3160—3120 or else it could test its resistance again.

Fresh buying will do on a close above 3360.

Trade cautiously at the lower level.


Natural Gas (March)

Natural gas has its Support at 119 and resistance at 128.

Trade within the range and wait for the confirmation.

 

Copper (March)

Copper has its immediate Support at 415 and Resistance at 421.

Break and sustain below 415 will take it to 410—408 or else it could test its resistance again.

Fresh buying will do on a close above 421.

Trade with the levels only.

 

Nickel (March)

Nickel has its Support at 989 and Resistance at 900.

Break and sustain below 989 will take it 875—870 or else it could test its resistance again.

Fresh buying will do on a close above 900.

Trade with the levels only.

 

Have a look on today’s support & resistance chart of all major commodities. 

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