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Home » Deteriorating demand of fuel weighed down on the price of Crude oil. Major MCX Commodity update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Deteriorating demand of fuel weighed down on the price of Crude oil. Major MCX Commodity update.

Crude Oil

 

Deteriorating demand for fuel weighed down on the price of Crude oil, however, it recovered some from the lower level on Thursday but still trading in the negative zone. On the other hand, Bullions opened a gap down amidst recovery in the dollar index.

Today, traders should concentrate on the Unemployment Claims along with CB Leading Index m/m, Existing Home Sales, and Natural Gas Storage from the house of the US which will impact Base metals, Bullions, and Energy segment. If the forecast figure match with the actual data then the possible impact are as follows:

USD 6:00 PM: Unemployment Claims [{Previous (898K)} {Expected (860K)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:30 PM: CB Leading Index m/m [{Previous (1.2%)} {Expected (0.8%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 7:30 PM: Existing Home Sales [{Previous (6.00M)} {Expected (6.20M)]. Forecast figure is neutral for Base metals and Bullions.

USD 8:00 PM: Natural Gas Storage [{Previous (46B)} {Expected (52B)]. Forecast figure is neutral for Natural gas price.

 

 

Technical Levels of Crude Oil and other Major Commodities

 

 

Gold (Dec)

Gold has its support at 51050 and resistance at 51200.

Break and sustain below 51050 will take it to 50950—50800 levels or else it could test its resistance again.

Fresh buying will do above 51200.

Trade with the levels only.

 

Silver (Dec)

Silver has its support at 62600 and resistance at 63250.

Break and sustain below 62600 will take it to 62200—61750 levels or else it could test its resistance again.

Fresh buying will do above 63250.

Trade with the levels only.

 

Crude oil (Oct)

Crude oil has its support at 2920 and resistance at 3000.

Break and sustain below 2920 will take it to 2840—2800 levels or else it could test its resistance again.

Fresh buying will do above 3000.

Trade with the levels only.

 

Natural Gas (Oct)

Natural gas has its support at 216 and resistance at 225.

Break and sustain above 225 will take it to 235—240 levels or else it could test its support again.

(Risky traders can buy Natural gas on dip around 219.)

Fresh selling will do on a close below 216 levels.

Trade with the levels only.

 

Zinc (Oct)

(Yesterday’s given levels activated and will continue with the same.)

Zinc has its Support at 200 and resistance at 205.60.

Break and sustain above 205.60 will take it to 208—210 levels or else it could test its support again.

Fresh selling will do on a close below 200 levels.

(Yesterday’s given: Traders can buy it on dip around 202.50—202.00 levels. )

Trade with the levels only.

More will update soon…

 

Commodity Telegram Channel

 

 

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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