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Home » Crude Oil recovered sharply over US stockpiles falls unexpectedly. International commodities support & resistance levels.
Basemetal Commodity Levels for the day Crude & Natural Gas Gold & Silver

Crude Oil recovered sharply over US stockpiles falls unexpectedly. International commodities support & resistance levels.

NYMEX Crude Oil

 

Crude oil recovered from lower level sharply on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies. On the other hand, Gold down after yesterday’s gain but losses were capped by mounting COVID-19 fears on top of worsening U.S.-China relations.

Today, traders should concentrate on the Import Prices m/m along with Industrial Production m/m and Crude Oil Inventories from the house of US which will impact on metal and Bullions segment. If the forecast figure match with the actual data then the possible impact are as follows:

 

Evening US Data Update

 

USD 6:00 PM: Import Prices m/m [{Previous (1.0%)} {Expected (1.0%)]. Forecast figure is neutral for Bullions and Base metals.

USD 6:45 PM: Industrial Production m/m [{Previous (1.4%} {Expected (4.5%)]. Forecast figure is positive for base metal while negative for Bullions.

USD 8:00 PM: Crude Oil Inventories [{Previous (5.7M)} {Expected (-1.3M)]. Forecast figure is positive for Crude oil price.

Technical Levels of Crude Oil and Other major commodities

 

Gold (XAU/USD)

Yesterday, we recommended that gold has been stuck in the range as it neither able to break its support level nor resistance level.

Now, what to expect??

Support at $1790 and Resistance at $1820.

Gold has been stuck in the given support and resistance.

Trade within the range for the time being and wait for the confirmation.

 

Silver (XAG/USD)

Yesterday, we recommended to go long in silver above $19.12 for the upside targets of $19.35–$19.50, it made high of $19.32, close to our initial target.

Now, what to expect??

Silver has its support at $19.00 and resistance at $19.36.

Break and sustain above $19.36 will take it to $19.75–$19.80 or else it could test its support again.

Fresh selling will do on a close below $19.00.

Trade with the levels only.

NYMEX Crude Oil

Yesterday, we clearly told to buy crude oil on dip with support and stop loss below $39.00 as it took sharp reversal from $39.12 and hit $40.83 also recommended that above 439.70 will give upside move till $40.10–$40.35, both targets achieved successfully.

Now, what to expect??

Support at $39.80 and Resistance at $41.10.

Trade with the range and wait for the confirmation.

 

COMEX Copper

Support at $2.89 and Resistance at $3.00.

Break and sustain below $2.89 will take it to $2.78.–$2.75 or else it could test its resistance again.

Fresh buying will do on a close above $3.00.

Trade with the levels only.

Description: These are levels update on international Gold, Silver, Crude oil and Copper.

More will update soon.

 

Stock Market Update on WhatsApp

 

 

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  • […] Crude Oil eases after Oil prices eased on Thursday after OPEC and allies such as Russia agreed to reduce record supply cut from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a big drawdown from the country’s crude stocks. Today, traders should concentrate on the Core Retail Sales m/m along with Retail Sales m/m, Philly Fed Manufacturing Index, Unemployment Claims, Business Inventories m/m, and Natural Gas Storage from the house of US which will impact on metal and Bullions segment. If the forecast figure match with the actual data then the possible impact are as follows: […]

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