Crude oil slipped from the upper level as the Suez Canal opening cleared the blockage of supply while investors are keeping their eye on the OPEC+ meeting later this week which will talk about further supply cuts due to a lockdown in European countries amid rising corona cases. On the other hand, precious metals and base metals trading in a range.
Today, traders should concentrate on HPI m/m along with S&P/CS Composite-20 HPI y/y and CB Consumer Confidence from the house of the US which will impact Base metals and Bullions. If the forecast figure match with the actual data then the possible impact as follows:
USD 6:00 PM HPI m/m [{Previous (1.1%)} {Expected (1.2%)]. Forecast figure is neutral for base metals and Bullions.
USD 6:00 PM S&P/CS Composite-20 HPI y/y [{Previous (10.1%)} {Expected (11.4%)]. Forecast figure is neutral for base metals and Bullions.
USD 7:30 PM CB Consumer Confidence [{Previous (91.3)} {Expected (96.9)]. Forecast figure is positive for base metals while negative for Bullions.
Technical Levels of Crude Oil and other Major Commodities
Gold (June)
Gold has its support at 44400 and resistance at 44750.
Break and sustain above 44750 will take it to 45100—45300 or else it could test its support again.
Fresh selling will do on a close below 44400.
Trade with the levels only.
Silver (May)
Silver has its support at 63400 and resistance at 64200.
Trade within the range and wait for confirmation.
Crude oil (April)
Crude oil has its support at 4450 and resistance at 4550.
Break and sustain below 4450 will take it to 4350—4300 or else it could test its resistance again.
Fresh buying will do on a close above 4550.
Trade with the levels only.
Natural Gas (April)
Natural gas has its support at 192 and resistance at 198.
Break and sustain above 198 will take it to 205—208 or else it could test its support again.
Fresh selling will do on a close below 192.
Trade with the levels only.
Zinc (April)
Copper has its support at 218.50 and resistance at 222.50.
Break and sustain above 222.50 will take it to 226.50—228 or else it could test its support again.
Fresh selling will do on a close below 218.50.
Trade with the levels only.
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