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Home » Crude oil opened gap down amidst rising coronavirus cases and production from Libya. Major MCX Commodity Update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Crude oil opened gap down amidst rising coronavirus cases and production from Libya. Major MCX Commodity Update.

Crude Oil

 

Crude oil opened the gap down on Monday weighed down by rising coronavirus cases in the United States and Europe creating fear of energy demand where Libya’s increase production of Crude oil also adding panic to the price. On the other hand, Gold recovered from the lower level as the dollar index slipped from the upper level and Base metals trading in a range.

Today, traders should concentrate on the New Home Sales from the house of the US which will impact on Base metals and Bullions. If the forecast figure match with the actual data then the possible impact are as follows:

USD 7:30 PM: New Home Sales [{Previous (1011K)} {Expected (1025K)]. Forecast figure is positive for Base metals while negative for Bullions.

 

Technical Levels of Crude Oil and other Major Commodities

 

Gold (Dec)

Gold has its support at 50650 and resistance at 51100.

Break and sustain above 51100 will take it to 51550—51650 levels or else it could test its support again.

Fresh selling will do below 50650.

(Traders can Gold in panic around 50850—50800 levels. Support and stop loss will remain below 50650.)

Trade with the levels only.

 

Silver (Dec)

Silver has its support at 61100 and resistance at 62000.

Break and close above 62000 will take it to 63000—63500 levels or else it could test its support again.

Fresh selling will do below 61100.

Trade with the levels only.

 

Crude oil (Nov)

Crude oil has its support at 2840 and resistance at 3030

Break and sustain below 2840 will take it to 2750—2700 levels or else it could test its resistance again.

Fresh buying will do on close above 3030 levels.

Trade with the levels only.

 

Natural Gas (Oct)

Natural gas has its support at 217 and resistance at 223.

Break and sustain above 223 will take it to 230—233 levels or else it could test its support again.

Fresh selling will do on a close below 217 levels.

Trade with the levels only.

 

Zinc (Nov)

Nickel has its Support at 200 and resistance at 202.50.

Break and sustain above 202.50 will take it to 205—207 levels or else it could test its support again.

Fresh selling will do on a close below 200 levels.

Trade with the levels only.

More will update soon…

 

 

Commodity Updates

 

 

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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