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Home » Evening MCX Update – Natural Gas is ready to breach multiyear high – Short covering expected.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Evening MCX Update – Natural Gas is ready to breach multiyear high – Short covering expected.


We had seen a sluggish move in the metal and energy segment because the US session closed yesterday. Today, we will expect some good moves during US markets. Today there is an important US Empire State Manufacturing Index data at 7 PM. It’s a leading indicator of economic health – businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment.

 

USD 7:00 PM Empire State Manufacturing Index [{Previous (3.5)} {Expected (6.2)]. The forecast figure is positive for base metals while negative for bullions.

 

 

Technical Levels Of  Natural Gas and other major MCX Commodities

 

Gold (April)

 

Gold has its support at 47100 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 47100 will take it to 46900—46600 levels.

Trade safely with levels only and wait for confirmation.

 

 

 

Silver (March)

 

Silver has its support at 70100 and resistance at 70950.

Break and sustain above 70950 will take it to 72650++ levels or else it could test its support again.

Break and sustain below 70100 will take it to 69500—69200 levels.

Trade safely with levels only and wait for confirmation.

 

 

 

Crude Oil (Feb)

 

Crude oil has its support at 4325 and resistance at 4390—4425.

Break and sustain above 4425 will take it to 4490—4550 levels or else it could test its support again.

Fresh selling will do on a close below 4325.

Trade with the levels only.

 

 

Natural Gas (Feb)

 

Natural Gas has its support at 214 and resistance at 223.50.

Above 223.50… target looks 232. More and upside rally we will we see on close above 232 mark

Fresh selling will do on a close below 214 levels only.

 

 

 

Copper (Feb)

 

Copper has its support at 641 and resistance at 651.

Break and sustain below 641 will take it to 632—625 levels or else it could test its resistance again.

Fresh buying we will do on a close above 651 levels only.

 

 

Traders can trade safely with given levels only. To get real time news, updates and recommendations on your WhatsApp. Kindly click on the banner given below.

 

 

 

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