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Home » Gold eased after making an all-time high | MCX Commodities levels update
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Gold eased after making an all-time high | MCX Commodities levels update

MCX

7th April 2020

 

MCX Commodities levels Update – Gold rose to its all-time high amidst a rise in the US Jobless claim data but eased on Tuesday as the U.S. dollar and global equities strengthened on signs of a slowdown in coronavirus-related deaths. On the other hand, Crude oil eased too after Saudi Arabia and Russia delayed a meeting of oil producers aimed at resolving growing worldwide oversupply as the coronavirus pandemic pummels demand.

Today, traders should concentrate on the JOLTS Job Openings from the house of US which will impact on Base Metal and Bullions segment. If the forecast figure match with the actual data then the possible impact are as follows:

USD 6:00 PM: JOLTS Job Openings [{Previous (6.96M)} {Expected (6.55M)]. The forecast figure is neutral for Base metals and Bullions.

 

Technical Levels of MCX Commodities 

 

Gold (June)

Gold has its support at 44850 and Resistance at 45750.

Above 45750 could test —46650–46800 or else it could test its support again.

Fresh selling will on a close below 44850.

Trade with the levels only.

 

Silver (May)

Silver has its support at 42850 and resistance is at 43750.

Above 43750 could test 44750—45000 or else it could test its support again.

Fresh selling will do on a close below 42850.

Trade with the levels only.

 

Crude Oil (April)

Crude oil has its major support at 2030 and resistance is seen at 2110.

Above 2110 could test 2200—2250++ or else it could test its support again.

Fresh selling will do on a close below 2030.

Trade with the levels only.

 

Natural Gas (April)

Natural gas has its support at 130 and resistance at 136.

Above 136 could test 142—145 or else it could test its support again.

Fresh selling can be done on a close below 130.

Trade with the levels only.

 

Nickel (April)

Support at 870 and resistance at 880.

Above 880 could test 890—900 or else it could test its support again.

Fresh selling will do on a close below 870.

Trade with the levels only.

 

Zinc mini (April)

Support at 148 and resistance at 150.

Above 150 could test 152—154 or else it could test its support level of 148 again.

Fresh selling will do on a close below 148.

Trade with the levels only.

Don’t jump to sell Base metals for the time being as looks reversal on the chart.

More will update soon…

 

Click here to know our previous commodity levels update.

 


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