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Home » Crude oil rose for its 2nd day as hopes of oil cut balanced the weakening demand concern; Our daily levels of MCX

Crude oil rose for its 2nd day as hopes of oil cut balanced the weakening demand concern; Our daily levels of MCX

MCX IMAGE

Oil prices rose for a second day on Tuesday in the hopes that OPEC will order deeper output cuts this week which off set the impacts of the coronavirus outbreak and growing optimism. On the other hand, Gold traded higher as expectations grew for interest rate cuts by major central banks to limit the economic fallout from the fast-spreading coronavirus.

No Major Economic Data for the Day.

Technical Levels



Gold (April)

Gold has its support at 41850 and resistance at 42500.

Break and sustain above 42500 will take it to 43000—43200 or else it could test its support again.

Fresh selling will do on a close below 41850.

Trade with the levels only.


Silver (May)

Silver has its support at 45000 and resistance is at 45600.

Break and sustain above 45600 will take it to 46000—46200 or else it could test its support again.

Fresh selling will do on a close below 45000.

Trade with the levels only.


Crude Oil (March)

Crude oil has its support at 3460 and resistance is at 3580.

Break and sustain above 3580 will take it to 3640—3660 or else it could test its support again.

Fresh selling will do on a close below 3460.

Trade with the levels only.


Natural Gas (March)

Natural gas has its support at 128.50 and resistance at 134.

Break and sustain above 134 will take it to 140—142 or else it could test its support again.

Fresh selling will do on a close below 128.50.

Trade with the levels only.



Copper (March)

Copper has its immediate support at 428 and resistance at 432.

Break and sustain above 432 will take it to 436—438 or else it could test its support again.

Fresh selling will do on a close below 428.

Trade with the levels only.


Nickel (March)

Nickel has its support at 930 and resistance at 945.

Break and sustain above 945 will take it to 960—975 or else it could test its support again.

Fresh selling will do on a close below 930.

Trade with the levels only.


More will update soon…

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