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Home » Crude Oil prices jumped on the expectation of deeper oil output cut by OPEC allies, MCX levels
Basemetal Commodity Levels for the day Crude & Natural Gas Full Mcx Gold & Silver

Crude Oil prices jumped on the expectation of deeper oil output cut by OPEC allies, MCX levels

Crude prices jumped on Wednesday on the expectation of deeper oil output cut by OPEC+ allies to balance prolonged fall in demand caused by the global coronavirus outbreak. On the other hand, Gold rose too extending gain from previous day session due to rate cut by fed to balance economy impact from the fast-spreading coronavirus. MCX levels

Today, MCX levels traders should concentrate on the ADP Non-Farm Employment Change along with Final Services PMI, ISM Non-Manufacturing PMI 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:

 

Time & data Previous Expected Forecast figure
USD 6:45 PM: ADP Non-Farm Employment Change (291K) (170K) Forecast figure is positive for Bullions while negative for Base metals
USD 8:15 PM: Final Services PMI (49.4) (49.4) Forecast figure is negative for bullion
USD 8:30 PM: ISM Non-Manufacturing PMI (34B) (2B) Forecast figure is neutral for Base metals and Bullions
USD 9:00 PM: Crude Oil Inventories (0.5M) (2.8M) Forecast figure is negative for Crude oil price

Technical Levels


Gold (April)

Gold has its support at 43250 and resistance at 43800.

Trade within the range and wait for the confirmation.


Silver (May)

Silver has its support at 46200 and resistance is at 47000.

Trade within the range and wait for the confirmation.



Crude Oil (March)

Crude oil has its support at 3430 and resistance is at 3580.

Break and sustain above 3580 will take it to 3640—3660 or else it could test its support again.

Fresh selling will do on a close below 3430.

Trade with the levels only.


Natural Gas (March)

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

Break and sustain above 136 will take it to 140—142 or else it could test its support again.

Fresh selling will do on a close below 130.

Trade with the levels only.



Copper (March)

Copper has its immediate support at 427 and Resistance at 430–432.

Break and sustain below 427 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 935 and Resistance at 950.

Break and sustain below 935 will take it to 920—915 or else it could test its resistance again.

Fresh buying will do on a close above 950.

Trade with the levels only.

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