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Home » Gold gapped down amidst worsening epidemic of coronavirus | Read today’s MCX levels
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Gold gapped down amidst worsening epidemic of coronavirus | Read today’s MCX levels

Gold
Gold

19th March 2020

 

Gold opened gaped down on Thursday amidst worsening epidemic of coronavirus. Increased fears of global recession made investors liquidate gold holdings and keep money in cash form. On the other hand, Crude eased as profit booking took place.

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

 

USD 6:00 PM: Philly Fed Manufacturing Index [{Previous (36.7M)} {Expected (9.5M)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 6:00 PM: Unemployment Claims [{Previous (211K)} {Expected (220K)]. Forecast figure is neutral for Base metals and Bullions.

USD 7:30 PM: CB Leading Index m/m [{Previous (0.8%)} {Expected (0.1%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 8:00 PM: Natural Gas Storage [{Previous (-48M)} {Expected (-5B)]. Forecast figure is negative for Natural Gas.

 

Technical Levels for today.

 


Gold (Apr)

Gold has its support at 39000 and Resistance at 41000.

Below 39300 could test 38000—37500 or else it could test its resistance again.

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

Silver (May)

Silver has its support is at 33700 and resistance is at 35800.

Below 33700 could test 31800—31000 or else it could test its resistance again.

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

Crude Oil (April)

Crude oil has its support at 1700 and Resistance in 1950.

Trade within the range and wait for the confirmation.

Natural Gas (March)

Support at 830 and resistance at 870.

Trade within the range and wait for the confirmation.

Nickel (March)

Support at 118 and resistance at 131.

Trade within the range and wait for the confirmation.

Copper (March)

Support at 330 and resistance at 380.

Trade within the range and wait for the confirmation.

 

 

Read here our yesterday’s commodity levels here.

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