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Home » Crude oil traded higher boosted by Covid-19 vaccine hopes. Major MCX Commodity update for today.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Crude oil traded higher boosted by Covid-19 vaccine hopes. Major MCX Commodity update for today.

 

 

Crude oil traded higher boosted by Covid-19 vaccine hopes also there is sentiment among investors that OPEC+ members will continue to restrain production which is supporting the price of Crude oil. On the other hand, precious metals traded lower due to uncertainty of the stimulus package and investors are waiting for further direction from the US Fed.

Today, traders should concentrate on the Flash Manufacturing PMI and Flash Services PMI 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 are as follows:

USD 8:15 PM: Flash Manufacturing PMI [{Previous (53.4)} {Expected (52.5)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 8:15 PM: Flash Services PMI [{Previous (56.9)} {Expected (55.8)]. Forecast figure is negative for Base metals while positive for Bullions.

 

 

Technical Levels of Crude Oil and other Major Commodities

 

Gold (Dec)

Gold has its support at 50000 and resistance at 50350.

Break and sustain below 50000 will take it to 49650—49500 or else it could test its resistance again.

Fresh buying will do on a close above 50350.

Trade with the levels only.

 

Silver (Dec)

Silver has its support at 61200 and resistance at 62300.

Break and sustain below 61200 will take it to 60000—59500 or else it could test its resistance again.

Fresh buying will do on a close above 62300.

Trade with the levels only.

 

Crude oil (Dec)

Crude oil has its support at 3150 and resistance at 3220.

Break and sustain above 3220 will take it to 3300—3350 levels or else it could test its support again.

Fresh selling will do on a close below 3150.

Trade with the levels only.

 

 

Natural Gas (Dec)

Natural gas has its support at 208 and resistance at 211.

Break and sustain above 211 will take it to 215—218 or else it could test its support again.

Fresh selling will do below 208.

Trade with the levels only.

 

 

Copper (Dec)

Copper has its Support at 551 and resistance at 561.

The trend is positive.

Traders can Buy Copper in panic around 556—554 levels for the upside target of 561—565. Support and stop loss will remain below 551.

Trade with the levels only.

More will update soon…

 

 

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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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