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Home » Precious metals are on all-time-high while Base metals and Crude oil stuck in the range.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Precious metals are on all-time-high while Base metals and Crude oil stuck in the range.

Base Metals
Base Metals

 

 

Precious metals are on all-time-high while Base metals and Crude oil stuck in the range due to rising tension between the US and China at the same time worsening coronavirus cases hitting the economy badly which would make the Central banks to pump out stimulus to ease the economic pain as dollar index already 17 months low.

Today, traders should concentrate on the Core Durable Goods Orders m/m and Durable Goods Orders m/m from the house of 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 Durable Goods Orders m/m [{Previous (3.7%)} {Expected (3.5%)]. Forecast figure is negative for base metal while positive for Bullions.

USD 6:00 PM: Durable Goods Orders m/m [{Previous (15.7%)} {Expected (7.0%)]. Forecast figure is negative for base metal while positive for Bullions.

 

Technical Levels of Base Metals and Major Commodities

 

Gold (Oct)

On Friday, we recommended buying in Gold above 51000 for the upside target of 51500—51700 levels, it made high of 52127 and our both targets achieved successfully.

Now, what to expect??

Gold has its support at 51900 and resistance at 52400.

Break and sustain above 52400 will take it to 53000—53200 levels or else it could test its support again.

Fresh selling will do on a close below 51900.

Trade with the levels only.

 

Silver (Sep)

Silver has its immediate support at 64350 and resistance at 65200.

Break and sustain above 65200 will take it to 66300—66500 levels or else it could test its support again.

Fresh selling will do on a close below 64350.

Trade with the levels only.

 

Crude oil (Aug)

Crude oil has its support at 3040 and resistance at 3180.

Trade within the range and wait for the confirmation.

 

Natural Gas (Aug)

Natural gas has its support at 130 and resistance at 134.

Break and sustain above 134 will take it to 138—140 or else it could test its support again.

Fresh selling will do on a close below 130.

Trade with the levels only.

 

Copper (Aug)

Copper is trading in the range of 498—510.

Immediate support at 501. Fresh buying will do above 510 and could test 516—520 levels.

Fresh selling will do below 498. Below 498 could test 492—490 levels.

Trade with the levels only.

 

Zinc (Aug)

Zinc has been trading in the range of 171—178.

Immediate support at 173.50 and resistance at 177.

Above 177 could test 178. More and more upside move will see on a close above 178 till 180—182 levels or else it could test its support again.

Below 173.50 could test 171—170 or else it could test its resistance again.

Trade within the range with the given levels only.

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