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Home » Crude oil rises after a drop reported in the US stockpiles. Major commodities evening session technical levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Crude oil rises after a drop reported in the US stockpiles. Major commodities evening session technical levels.

Crude Oil

 

Crude oil rose on Wednesday after a drop reported in the US stockpiles against expectation which offset the concern of demand crises and giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. On the other hand, Precious metals and Base metals are trading in a range ahead of FOMC statement later today.

Today, traders should concentrate on the Goods Trade Balance along with Prelim Wholesale Inventories m/m, Pending Home Sales m/m, Crude Oil Inventories, and FOMC Statement 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:

USD 6:00 PM: Goods Trade Balance [{Previous (-74.3B)} {Expected (-75.5B)]. Forecast figure is neutral for base metal and Bullions.

USD 6:00 PM: Prelim Wholesale Inventories m/m [{Previous (-1.2%)} {Expected (-0.4%)]. Forecast figure is negative for base metal while positive for Bullions.

USD 7:30 PM: Pending Home Sales m/m [{Previous (44.3%)} {Expected (15.6%)]. Forecast figure is negative for base metal while positive for Bullions.

USD 8:00 PM: Crude Oil Inventories [{Previous (4.9M)} {Expected (1.0M)]. Forecast figure is positive for Crude oil prices.

USD 11:30 PM: FOMC Statement

 

Technical Levels of Crude Oil and other Major Commodities

Gold (Oct)

Gold has its support at 52550 and resistance at 52900.

Break and sustain above 52900 could test 53300—53500 levels or else it could test its support again.

Fresh selling will do below 52550.

Trade with the levels.

 

Silver (Sep)

Silver has its immediate support at 64500 and resistance at 65750.

Break and sustain above 65750 could test 66400—66900 levels or else it could test its support again.

Fresh selling will do below 64500.

Trade with the levels.

 

Crude oil (Aug)

Crude oil has its support at 3000 and resistance at 3130–3200.

Trading in a tight range. Traders can buy it on the dip in the range of 3080—3050 levels.

Fresh selling will do below the 3000 levels on a closing basis.

Trade with the levels only.

 

Natural Gas (Aug)

Natural gas has its support at 136 and resistance at 141.

Break and sustain above 141 will take it to 146—148 or else it could test its support again.

Trade withFresh selling will do on a close below 136. the levels only.

 

Copper (Aug)

Copper Support at 506 and resistance at 511.

Break and sustain above 511 will take it to 516—518 levels or else it could test its support again.

Fresh selling will do below 506. Below 506 could test 504—502 levels.

Trade with the levels only.

 

Zinc (Aug)

Support at 178 and resistance at 181.10.

Break and sustain above 181.50 will take it to 184—185 levels or else it could test its support again.

Fresh selling will do below 178.

Trade with the levels only.

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