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Home » Crude oil prices rose as Saudi Arabia announced to cut more oil production.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Crude oil prices rose as Saudi Arabia announced to cut more oil production.

Crude Oil

 

Crude oil rose unexpectedly in the previous day session after Saudi Arabia announced to cut more oil production in June which will help to reduce the oversupply of Crude oil in the global market. On the other hand, Gold rose and Base metals slip amid fear of the second wave of coronavirus.

Today, traders should concentrate on the Core CPI m/m and CPI m/m from the house of US which will impact on metal and Bullions segment. If the forecast figure will match with the actual data then the possible impact will be as follows:

USD 6:00 PM: CPI m/m [{Previous (-0.4%)} {Expected (-0.7%)]. Forecast figure is neutral for Base metals and Bullions.

USD 6:00 PM: Core CPI m/m [{Previous (-0.1%} {Expected (-0.2%)]. Forecast figure is neutral for Base metals and Bullions.

 

Technical Levels of Crude Oil and other Major Commodities

 

Gold (June)

Gold has its immediate support at 45300 and resistance at 46000.

It has again started to trade in the range for the last three days within the above-given range.
Traders can trade within the range for the time being and wait for the confirmation.

 

Silver (July)

Support at 42850 and immediate resistance at 43800.

Silver unable to break its support and resistance level of yesterday given level and end up making dozi candle on the daily chart.

Traders can trade within the range for the time being and wait for the confirmation.

 

 

Crude Oil (May)

It its immediate support at 1740 and resistance in 2050.

Crude oil has made continuously 4 dozi candles on a daily chart suggesting that it has been stuck in the range.

The overall trend is positive.

Traders can buy it on a dip or wait for it to break and sustain above or below the given level.

 

Natural Gas (May)

Natural gas has its support at 137.50 and resistance at 142.

Break and sustain below 137.50 will take it to 134—132++ levels or else it could test its resistance again.

Fresh buying will do on a close above 142.

Trade with the levels only.

 

Copper (May)

Copper has its Support at 403.50 and resistance at 408.

Break and sustain below 403.50 will take it to 398—396++ levels or else it could test its resistance again.

Fresh buying will do on a close above 408.

Trade with the levels only.

 

More will update soon…

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