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Home » OPEC+ decision to extend output cut sent Crude oil prices to 14 months high. Technical support & resistance levels of Major MCX Commodities for today.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

OPEC+ decision to extend output cut sent Crude oil prices to 14 months high. Technical support & resistance levels of Major MCX Commodities for today.

Crude Oil

 

 

Yesterdays, the OPEC+ meeting has decided not to increase supply in April as they await a more substantial recovery in demand which send Crude oil prices to almost 14 months high. On the other hand, Precious metals and Base metals traded in a range after a blood bath in the previous day’s session.

Today, traders should concentrate on Average Hourly Earnings m/m along with Non-Farm Employment Change, Unemployment Rate and Trade Balance from the house of the US which will impact Base metals and Bullions. If the forecast figure match with the actual data then the possible impact as follows:

USD 7:00 PM Average Hourly Earnings m/m [{Previous (0.2%)} {Expected (0.2%)]. Forecast figure is neutral for Base metals and Bullions.

USD 7:00 PM Non-Farm Employment Change [{Previous (49K)} {Expected (197K)]. Forecast figure is positive for Base metals while negative for Bullions.

USD 7:00 PM Unemployment Rate [{Previous (6.3%)} {Expected (6.3%)]. Forecast figure is neutral for Base metals and Bullions.

USD 7:00 PM Trade Balance [{Previous (-66.6B)} {Expected (-67.5B)]. Forecast figure is negative for Base metals while positive for Bullions.

 

Technical Levels of Crude Oil and other Major MCX Commodities

 

Gold (Apr)

Gold has its support at 44200 and resistance at 44500.

Break and sustain below 44200 will take it to 43800—43500 or else it could test its resistance again.

Fresh buying will do on a close above 44500.

Trade with the levels only.

 

Silver (May)

Silver has its support at 65100 and resistance at 66000.

Break and sustain below 65100 will take it to 64000—63500 or else it could test its resistance again.

Fresh buying will do on a close above 66000.

Trade with the levels only.

 

Crude oil (March)

Crude oil has its support at 4700 and resistance at 4800.

Break and sustain above 4800 will take it to 4900—4950 or else it could test its support again.

Fresh selling will do on a close below 4700.

Trade with the levels only.

 

Natural Gas (March)

Natural gas has its support at 198 and resistance at 202.

Break and sustain above 202 will take it to 206. More upside could give on close above 206 levels.

Fresh selling will do on a close below 198.

Trade with the levels only.

 

Copper (March)

Copper has its Support at 673 and resistance at 690.

Trade within the range with buy on dip strategy.

Fresh selling will do below 673.

 

 

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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