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Home » OPEC+ members about to decide on crude oil supply ease later today. Major MCX Commodities evening support & resistance levels.
Basemetal Commodity Levels for the day Crude & Natural Gas Full Mcx Gold & Silver

OPEC+ members about to decide on crude oil supply ease later today. Major MCX Commodities evening support & resistance levels.

Base metals and other mcx commodities

OPEC+ members about to decide on supply ease later today in response crude oil could show some volatility as it will decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic. On the other hand, Base metals and Bullions are trading in a tight range.

Today, traders should concentrate on the Import Prices m/m along with Industrial Production 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 6:00 PM: Import Prices m/m [{Previous (1.0%)} {Expected (1.0%)]. Forecast figure is neutral for Bullions and Base metals.

USD 6:45 PM: Industrial Production m/m [{Previous (1.4%} {Expected (4.5%)]. Forecast figure is positive for base metal while negative for Bullions.

USD 8:00 PM: Crude Oil Inventories [{Previous (5.7M)} {Expected (-1.3M)]. Forecast figure is positive for Crude oil price.

 

Technical  Levels of Major MCX Commodities

Gold (Aug)

Support at 48700 and resistance at 49350.

Gold has been trading in a wide range with high volatility. Where ever it breaks and sustain will decide the further direction of Gold.

Risky traders can use buy on the dip and sell on rising strategy.

Trade with the levels only.

 

Silver (Sep)

Yesterday, we recommended to go short in silver below 51950, it failed to break the support level of 51950 and bounced back.

Now, what to expect??

Silver has its immediate support at 52800 and resistance at 53200.

Break and sustain above 53200 will take it to 53600—54000 levels or else it could test its support again.

Fresh selling will do on a close below 52800.

Trade with the levels only.

 

Crude Oil (July)

Hope you minted money in Crude oil yesterday as we clearly told to buy on dip with levels of 2960—2950, Crude oil made low of 2956 exactly and bounced back and made high of 3054—3084.

Now, what to expect??

Crude oil has its support at 2900 and resistance at 3100.

Trade within the range and wait for the confirmation as volatility will likely to remain due to opec+ meeting.

Trade with the levels only.

 

Natural Gas (July)

Natural gas has its support at 131 and resistance at 134.50.

Break and sustain below 131 will take it to 128—126 levels or else it could test its resistance again.

Fresh buying will do on a close above 134.50.

Trade with the levels only.

 

Nickel (July)

Nickel has its Support at 1018 and resistance at 1032—1037.

Trade within the range and wait for the confirmation.

 

Copper (July)

Copper has its Support at 497 and resistance at 505.

Trade within the range and wait for the confirmation.

 

Traders can trade safely in major mcx commodities with given levels. More will update soon.

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