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Home » Gold recovered after previous day fall amidst rising US-China tension. Major MCX commodities technical levels for the day.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Gold recovered after previous day fall amidst rising US-China tension. Major MCX commodities technical levels for the day.

Gold Crude Oil

 

 

Gold recovered on Friday after the previous day fall amidst rising US-China tension although gold set for the weekly loss due to the recovery in the global economy as some countries have eased lockdowns. On the other hand, Crude oil opened gap down after the comment from china that they are not setting any targets for the economic growth this year due to the coronavirus.

 

 

Technical Levels of Gold, Crude and other Major Commodities

 

Gold (June)

Yesterday, we indicated that gold is likely to trade sideways as it is unable to break its resistance level and crashed and then again recovered from its lower level.

Now, what to expect??

Gold has its support at 46250 and resistance at 47450.

Wherever it breaks and give closing on a daily basis will decide the further direction of Gold.

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

 

Silver (July)

Yesterday, we recommended that silver could take correction till 47400—47000, it made a low of 47050 and bounced back. Hope you enjoyed our level.

Now, what to expect??

Silver has its support at 47500 and immediate resistance at 48100.

Above 48100 could test 48650—49000+++ levels or else it could test its support again.

Fresh selling will do on a close below 47500.

Trade with the levels only.

 

Crude oil (May)

Crude oil unable to sustain above 2630 and crashed, we recommended buying above 2630 which didn’t work out but also recommended to fresh sell below 2550, below 2550 it crashed and made low of 2375.

Now, what to expect??

Crude oil has its support at 2350 and resistance at 2480.

Break and sustain below 2350 could test 2250—2200++ levels or else it could test its resistance again.

Fresh buying will do on a close above 2480.

Trade with the levels only.

 

Natural Gas (May)

Natural gas has its immediate support at 127 and resistance at 133.

Break and sustain below 127 will take it to 121—117++ levels or else it could test its resistance again.

Fresh buying will do on a close above 133.

Trade with the levels only.

 

Copper (May)

Yesterday, Copper unable to break its resistance level of 418.50 and crashed vertically. Told to fresh sell copper below 414. Below 414 it made low of 405.50

Now, what to expect??

Copper has its Support at 405.50 and resistance at 409. Break and sustain below 405.50 will see downside move till 402—400++ levels.

Fresh buying will do on a close above 409.

Trade with the levels only.

More will update soon…

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