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Home » OPEC+ members agreed to curb Crude output by 7.7 MB/d. Today’s Major MCX Commodity update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

OPEC+ members agreed to curb Crude output by 7.7 MB/d. Today’s Major MCX Commodity update.

OPEC+

 

Crude oil prices held steady after OPEC+ members agreed to curb output by 7.7 MB/d through December, and then shaving the cuts back to 5.8 million BPD in January which is supporting the price of Crude oil. On the other hand, Base metals and precious metals recovered from the lower level as precious metals investors are awaiting further clarity on whether a new U.S. coronavirus stimulus package will be forthcoming before next month’s presidential election.

Today, traders should concentrate on the Building Permits 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: Building Permits [{Previous (1.476M)} {Expected (1.520M)]. Forecast figure is positive for Base metals and negative for Bullions.

 


Technical Levels of Crude Oil and other Major Commodities

 


Gold (Dec)

Gold has its support at 50600 and resistance at 50800.

Break and sustain above 50800 will take it to 51000—51200 levels or else it could test its support again.

Fresh selling will do below 50600.

Trade with the levels only.

 

 

Silver (Dec)

Silver has its support at 61650 and resistance at 62600.

Break and sustain above 62600 will take it to 63600—64000 levels or else it could test its support again.

Fresh selling will do below 61650.

Trade with the levels only.

 

 

Crude oil (Oct)

Crude oil has its support at 2985 and resistance at 3050.

Break and sustain above 3050 will take it to 3120—3150++ levels or else it could test its support again.

Fresh selling will do below 2985.

Trade with the levels only.

 

 

Natural Gas (Oct)

Natural gas has its support at 208 and resistance at 216.

Break and sustain above 216 will take it to 224—230 levels or else it could test its support again.

Fresh selling will do on a close below 208 levels.

Trade with the levels only.

 

Nickel (Oct)

Nickel has its Support at 1140 and resistance at 1160.

Break and sustain above 1160 will take it to 1180—1195 levels or else it could test its support again.

Fresh selling will do on a close below 1140 levels.

Trade with the levels only.

More will update soon…

 

Commodity Update on WhatsApp

 

 

 

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

 

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