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Home » Evening MCX Update – Crude oil trading in a range due to ongoing OPEC+ amid rising corona cases.

Evening MCX Update – Crude oil trading in a range due to ongoing OPEC+ amid rising corona cases.

Crude Oil

 

Crude Oil traded range on Tuesday due to ongoing OPEC+ meeting to discuss production policy of Crude oil as forecast seems upbeat despite rising new coronavirus spikes in India, Brazil and Japan. On the other hand, Precious metals trading in a range while Base metals are trading higher.

Today, traders should concentrate on HPI m/m along with S&P/CS Composite-20 HPI y/y, CB Consumer Confidence, and Richmond Manufacturing Index 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 6:30 PM HPI m/m [{Previous (1.0%)} {Expected (1.0%)]. Forecast figure is neutral for base metals and Bullions.

USD 6:30 PM S&P/CS Composite-20 HPI y/y [{Previous (11.1%)} {Expected (11.8%)]. Forecast figure is positive for base metals while negative for Bullions.

USD 7:30 PM CB Consumer Confidence [{Previous (109.7)} {Expected (113.1)]. Forecast figure is positive for base metals while negative for Bullions.

USD 7:30 PM Richmond Manufacturing Index [{Previous (17)} {Expected (22)]. Forecast figure is positive for base metals while negative for Bullions.

 

 

Technical Levels of Crude Oil and other Major Commodities

 

Gold (June)

 

Support at 47100 and resistance at 47650.

Gold stuck in a range. Wherever it breaks and closes will decide the further direction of Gold.

Till then trade within the range and wait for the confirmation.

 

 

 

Silver (May)

 

Support at 67900 and resistance at 69500.

Silver stuck in a range. Wherever it breaks and closes will decide the further direction of Silver.

Till then trade within the range and wait for the confirmation.

 

 

 

Crude Oil (May)

 

Crude Oil has its support at 4550 and resistance at 4700.

Trade within the range and wait for confirmation.

 

 

Natural Gas (May)

 

Natural gas has its support at 211 and resistance at 216.50.

Break and sustain above 216.50 will take it to 222—225 or else it could test its support again.

Fresh selling will do on a close below 211.

Trade with the levels only.

 

 

 

Nickel (May)

 

Nickel has its support at 1260 and resistance at 1280.

Break and sustain above 1280 will take it to 1300—1315 or else it could test its support again.

Fresh selling will do on a close below 1260.

Trade with the levels only.

 

MCX Update on WhatsApp

 

 

 

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