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Home » Nickel and Copper opened gap up as China’s manufacturing data reported positive. Major commodities today’s technical levels.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Nickel and Copper opened gap up as China’s manufacturing data reported positive. Major commodities today’s technical levels.

Nickel and Copper

 

Copper and Nickel opened the gap up on Monday on the account of positive manufacturing data from China and also there is news that China had speed up their production which is a piece of positive news for Base metals. On the other hand, Crude oil rose too as demand has risen from China.

Today, traders should concentrate on the ISM Manufacturing PMI and Construction Spending m/m 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 7:30 PM: ISM Manufacturing PMI [{Previous (41.5} {Expected (43.5)]. Forecast positive for Base metals while negative for Bullions.

USD 7:30 PM: Construction Spending m/m [{Previous (0.9%)} {Expected (-6.5%)]. Forecast figure is negative for base metal while positive for Bullions.

 

Technical Levels Nickel and other Major Commodities

 

Gold (Aug)

Gold has its support at 46800 and resistance at 47300.

Break and sustain above 47300 will take it to 47800 —48000+++ levels or else it could test its support again.

Fresh selling will do on a close below 46800.

Trade with the levels only.

 

Silver (July)

On Friday, we recommended buying in Silver above 49550 for the upside target of 50500—51000++ levels, it made high of 51065. Both targets achieved successfully.

Now, what to expect??

Silver has its immediate support at 50000 and resistance at 50600.

Break and sustain above 50600 could test 51100—51500+++ levels or else it could test its support again.

Fresh selling will do on a close below 50000 levels.

Trade with the levels only.

 

Crude Oil (Jun)

Yesterday, Crude oil not able to breach our support level of 2380 but broken our resistance level of 2530, where we clearly indicated to long above this level. It made high of 2700 above 2530.

Now, what to expect??

Crude oil has its immediate support at 2645 and resistance at 2700.

Break and sustain above 2700 will take it 2750—2800++ levels or else it could test its support again.

Fresh selling will do on a close below 2645 levels.

Trade with the levels only.

 

Natural Gas (Jun)

Natural gas unable to break its resistance level of 141.50 and crashed.

Now, what to expect???

Natural gas has its support at 134 and resistance at 137.

Break and sustain below 134 will take it to 131—128++ levels or else it could test its resistance again.

Fresh buying will do on a close above 137.

Trade with the levels only.

 

Copper (Jun)

Copper has its Support at 417 and resistance at 420.50.

Break and sustain above 420.50 will take it to 423.50—425++ levels or else it could test its support again.

Fresh selling will do on a close below 417.

Trade with the levels only.

 

NICKEL (Jun)

Nickel has its support at 940 and resistance at 957.

Break and sustain above 957 will take it to 970—975++ levels or else it could test its support again.

Fresh selling will do on a close below 940.

Trade with the levels only.

More will update soon.

 

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