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Home » Crude crashed more than 200 points over no extra output cut news | MCX levels update
Commodity Levels for the day Crude & Natural Gas Full Mcx Gold & Silver

Crude crashed more than 200 points over no extra output cut news | MCX levels update

MCX Crude levels update
MCx levels update


MCX levels update: Crude oil crashed more than 200 points on Friday over the cancellation of an extra output cut by OPEC+ members. On the other hand, Gold rose to its all-time high over fears that the global coronavirus outbreak could deal a hard blow to the world economy.

Today, traders should concentrate on the Average Hourly Earnings m/m along with Non-Farm Employment Change, Unemployment Rate and Trade Balance 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

Time & Data  Previous Expected Forecast figure
USD 7:00 PM: Average Hourly Earnings m/m (0.2%) (0.3%) Forecast figure is slightly positive for Base metals while negative for Bullions.
USD 7:00 PM: Non-Farm Employment Change (225K) (175K) Forecast figure is negative for Base metals while positive for Bullions.
USD 7:00 PM: Unemployment Rate (3.6%) (3.6%) Forecast figure is neutral for Base metals and Bullions
USD 7:00 PM: Trade Balance (-48.9B) (-46.3B) Forecast figure is neutral for Base metals and Bullions


Technical Levels


Gold (April)

Gold has its support at 44200 and resistance at 45000.

Above 45000 could test 45500—45800 in the near term.

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


Silver (May)

Silver has its support at 46900 and resistance is at 47700.

Above 47700 could test 48500—49000 in the near term.

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



Crude Oil (March)

Crude oil has its support at 3200 and resistance is at 3350.

Below 3200 could test 3000—2800 in the days to come or else it could take bounce back to the level of 3350—3400.

Till then trade safely within the range.


Natural Gas (March)

Natural gas has its support at 128.50 and resistance at 132.50.

Break and sustain below 128.50 will take it to 124—122 or else it could test its resistance again.

Fresh buying will do on a close above 132.50.

Trade with the levels only.


Copper (March)

Copper has its immediate support at 426 and Resistance at 430–432.

Break and sustain below 426 will take it to 424—421 or else it could test its resistance again.

Fresh buying will do on a close above 432.

Trade with the levels only.



Nickel (March)

Nickel has its support at 945 and Resistance at 962.

Either side break and sustain will decide the further direction of Nickel.

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

Gold tends to rise in the near term amidst global fears of coronavirus.

More will update soon…

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