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Home » Precious metals on the verge of best month since Jan 2012.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Precious metals on the verge of best month since Jan 2012.

Precious metals

 

 

Precious metals on the verge of the best month since Jan 2012 as the dollar crashed further after negative U.S. data created concern about a swift recovery from the pandemic-brought economic to its foot, driving investors towards the safe-haven metal. On the other, Base metals and Crude oil are trading in a range as investors are not coming forward to boost the demand due to new rise in Coronavirus cases.

Today, traders should concentrate on the Core PCE Price Index m/m along with Personal Spending m/m, Chicago PMI, and Revised UoM Consumer Sentiment 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 PCE Price Index m/m [{Previous (0.1%)} {Expected (0.2%)]. Forecast figure is neutral for Bullions and Base metals.

USD 6:00 PM: Personal Spending m/m [{Previous (8.2%)} {Expected (5.3%)]. Forecast figure is negative for base metal while positive for Bullions.

USD 7:15 PM: Chicago PMI [{Previous (36.6)} {Expected (44.0)]. Forecast figure is positive for base metal while negative for Bullions.

USD 7:30 PM: Revised UoM Consumer Sentiment [{Previous (73.2)} {Expected (72.9)]. Forecast figure is neutral for Bullions and Base metals.

 

Technical Levels of Base Metals and other Major Commodities

Gold (Oct)

Gold has its support at 53000 and resistance at 53700.

Break and sustain above 53700 could test 54500—54700 levels or else it could test its support again.

Fresh selling will do below 53000 levels.

Trade with the levels only.

 

Silver (Sep)

Silver has its immediate support at 64300 and resistance at 65400.

Break and sustain above 65400 will take it to 66500 —67000 levels or else it could test its support again.

Fresh selling will do below 64300 levels.

Trade with the levels only.

 

Crude oil (Aug)

Crude oil has its support at 2980 and resistance at 3060.

Break and sustain below 2980 will take it to 2900—2880 levels or else it could test its resistance again.

Fresh buying will do above 3060.

Trade with the levels only.

 

Natural Gas (Aug)

Natural gas has its support at 136 and resistance at 140.50.

Break and sustain above 140.50 will take it to 145—148 or else it could test its support again.

Fresh selling will do on a close below 136.

Trade with the levels only.

 

Copper (Aug)

Support at 502 and resistance at 511.

Trade within the range and wait for the confirmation.

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