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Home » Evening MCX Update – Yellow metals are finding the support at lower levels; Expect both side movement in base metals.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Evening MCX Update – Yellow metals are finding the support at lower levels; Expect both side movement in base metals.

MCX Base metals and other mcx commodities

 

MCX Natural Gas futures extend losses as weekly U.S supplies drop by 171 billion cubic feet. The U.S. Energy Information Administration reported on Thursday that domestic supplies of natural gas declined by 171 billion cubic feet for the week ended Feb. 5. On average, the data were expected to show a drop of 175 billion cubic feet for the week, according to analysts polled by S&P Global Platts.

Natural Gas:- Inventories are used to maintain price stability during supply shortages and periods of increasing demand.

 

 

Today Data and Event

 

Prelim UOM Consumer Sentiment, Prelim UOM Inflation Expectation

USD 8:30 PM Prelim UOM Consumer Sentiment [{Previous (79.0)} {Expected (80.8)]. Forecast figure is positive for Base metals while positive for bullions.

 

 

Technical Levels of Major MCX Commodities

 

 

Gold (April)

 

Gold has its support at 47200 and resistance at 47600.

Break and sustain above 47600 will take it to 48200++ levels or else it could test its support again.

Break and sustain below 47200 will take it to 47050—46900 levels.

Trade safely with levels only and wait for confirmation.

 

Silver (March)

 

Silver has its support at 68200 and resistance at 69300.

Break and sustain above 69200 will take it to 70000++ levels or else it could test its support again.

Break and sustain below 68200 will take it to 67500—67200 levels.

Trade safely with levels only and wait for confirmation.

 

Crude Oil (Feb)

 

Crude oil has its support at 4160 and resistance at 4260.

Break and sustain above 4260 will take it to 4340—4370 levels or else it could test its support again.

Fresh selling will do on a close below 4160.

Trade with the levels only.

 

Natural Gas (Feb)

 

Natural gas has its support at 198 and resistance at 210.

Above 210… target looks 214—217. More and upside rally we will we see on close above 217 mark

Fresh selling will do on a close below 198 levels only.

 

Copper (Feb)

 

Copper has its support at 631 and resistance at 641.

Break and sustain above 641 will take it to 650 levels or else it could test its support again.

Fresh selling will do on a close below 631.

Trade with levels only.

 

Traders can trade safely in given mcx commodities. More updates and mcx commodities and news will provide on our Telegram Channel and WhatsApp broadcast.

 

Commodity Update on WhatsApp

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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