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Home » Gold rose to its record high due to concern of a new rise in coronavirus cases. Major mcx commodities technical levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Gold rose to its record high due to concern of a new rise in coronavirus cases. Major mcx commodities technical levels.

Gold

 

Gold traded to its record high on Wednesday due to concern of a new rise in coronavirus cases alarmed risks impeding the recovery of the global economy and appealed demand for safe-haven assets. Also, due to which Crude oil falls, and Base metals are facing panic too.

Today, traders should concentrate on the HPI m/m and Crude Oil Inventories 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 7:30 PM: HPI m/m [{Previous (0.1%)} {Expected (0.3%)]. Forecast figure is slightly positive for base metal while negative for Bullions.

USD 8:00 PM: Crude Oil Inventories [{Previous (1.2M)} {Expected (1.2M)]. Forecast figure is neutral for Crude oil price.

 

Technical Levels of Gold and other Major Commodities

 

Gold (Aug)

Yesterday, we recommended to go long above 48300 for the upside targets of 49000—49200, it has recently broken its resistance level of 48300.

Now, what to expect??

Gold has its support at 48200 and resistance at 48600.

Break and sustain above 48600 will take it to 49000 — 49200 levels or else it could test its support again.

Fresh selling will do on a close below 48200.

Trade with the levels only.

 

Silver (July)

Silver has its immediate support at 48550 and resistance at 49000.

Break and sustain above 49000 will take it to 49600 — 50000 levels or else it could test its support again.

Fresh selling will do on a close below 48550.

Trade with the levels only.

 

Crude oil (Jun)

Yesterday, we have given the resistance of 3200 in crude oil which it has been unable to break and crashed.

Now, what to expect??

Crude oil has its immediate support at 2980 and resistance at 3120.

Break and sustain below 2980 will take it to 2850 —2800 levels or else it could test its resistance again.

Fresh buying will do on a close above 3120—3200 levels.

Trade with the levels only.

 

Natural Gas (Jun)

Natural gas has its support at 122 and resistance at 126.

Break and sustain below 122 will take it to 117–115++ levels or else it could test its resistance again.

Fresh buying will do on a close above 126 levels.

Trade with the levels only.

 

Copper (Jun)

Copper has its Support at 445.50 and resistance at 452.

Trade within the range and wait for the confirmation.

 

Nickel (Jun)

Support at 955 and resistance at 970.

Break and sustain below 955 will take it to 940–935++ levels or else it could test its resistance again.

Fresh buying will do on a close above 970 levels.

Trade with the levels only.

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