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Home » Natural Gas crashed vertically in the previous day session after a jump in inventories.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Natural Gas crashed vertically in the previous day session after a jump in inventories.

 

 

Natural Gas crashed vertically in the previous day session after a jump in inventories and also rising coronavirus cases boosted the fall as it indicated that inventory is too high amidst demand which could lead to oversupply. On the other hand, Gold is on the verge of third straight weekly gain due to fear of coronavirus.

Today, traders should concentrate on the Core PCE Price Index m/m along Personal Spending m/m and Revised UoM Consumer Sentiment from the house of the 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: Core PCE Price Index m/m [{Previous (-0.4%)} {Expected (0.0%)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 6:00 PM: Personal Spending m/m [{Previous (-13.6%)} {Expected (8.9%)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:30 PM: Revised UoM Consumer Sentiment [{Previous (78.9)} {Expected (79.1)]. Forecast figure is neutral for Base metals and Bullions.

 

Technical Levels of Natural Gas and other Major Commodities

 

Gold (Aug)

Yesterday, Gold neither able to break its support level of 47650 nor its resistance level of 48200.

Now, what to expect??

Gold has its support at 47800 and resistance at 48200.

Break and sustain above 48200 will take it to 48400—48600 or else it could test its support again.

Fresh selling will do on a close below 47800.

Trade with the levels only.

 

Silver (July)

Silver has its immediate support at 47900 and resistance at 48300.

Above 48300 it could test 48700—49000 levels or else it could test its support again.

Fresh selling will do on a close below 47900.

Trade with the levels only.

 

Crude oil (July)

Crude oil has its support at 2900 and resistance at 3000.

Break and sustain above 3000 will take it to 3100 —3150 levels or else it could test its support again.

Fresh selling will do on a close below 2900 levels.

Trade with the levels only.

 

Natural Gas (July)

Yesterday, we recommended that below 124 it could test 120—118 levels, it made low 115.50, and both target achieved successfully.

Now, what to expect??

Natural gas has its support at 115 and resistance at 119.

Break and sustain below 115 it could test its 111—110 levels or else it could test its resistance again.

Fresh buying will do on a close above 119.

Trade with the levels only.

 

Copper (July)

Copper has its Support at 454 and resistance at 456.50.

Break and sustain above 456.50 will take it to 460—462 levels or else it could test its support again.

Fresh selling will do on a close below 454.

Trade with the levels only.

 

Nickel (July)

Support at 955 and resistance at 970

Break and sustain above 970 will take it to 985–990++ levels or else it could test its support again.

Fresh selling will do on a close below 955 levels.

Trade with the levels only.

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