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Home » Precious metals rebounded from months low amid stimulus measure hope. Major MCX Commodity Update.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Precious metals rebounded from months low amid stimulus measure hope. Major MCX Commodity Update.

Precious Metals

 

Precious metals rebounded from a lower level on Tuesday continuing with the previous day session gain amidst hope of further stimulus measures and also investors are waiting for comments from the Secretary of the Treasury nominee Janet Yellen, on U.S. stimulus measures and the dollar during her Senate confirmation hearing later in the day. On the other hand, Crude oil also traded higher as investors are hoping that the demand for Crude oil recover once the stimulus package released.

No major economic data for the day.

 

 

Technical Levels of Precious metals and other Major Commodities 

 

 

Gold (Feb)

Gold has its support at 48800 and resistance at 49100.

Break and sustain above 49100 will take it to 49400—49600 or else it could test its support again.

Fresh selling will do on a close above 48800.

Trade with the levels only.

 

Silver (March)

Silver has its support at 65400 and resistance at 66300.

Break and sustain above 66300 will take it to 67400—68000 or else it could test its support again.

Fresh selling will do on a close below 65400.

Trade with the levels only.

 

Crude oil (Jan)

Yesterday, we recommended In Crude oil that if Crude oil holds its support level of 3790 then it could test 3890—3920++ levels, and it failed to break its support level of 3790 since yesterday and trading around 3860.

Now, what to expect??

Crude oil has its support at 3790 and resistance at 3890.

Break and sustain above 3890 will take it to 4000—4050++ levels or else it could test its support again.

(Can buy it on dip!!)

Fresh selling will do on a close below 3790.

Trade with the levels only.

 

Natural Gas (Jan)

Natural gas has its support at 192 and resistance at 196.50.

Break and sustain above 196.50 will take it to 201—205 or else it could test its support again.

Fresh selling will do on a close below 192.

Trade with the levels only.

 

Zinc (Jan)

Yesterday, we recommended in Zinc that if Zinc holds its support level of 212 then it could test 215.50—217++ levels, it made high of 216.40 and our initial target achieved successfully.

Zinc has its Support at 214 and resistance at 217.

Break and sustain above 217 will take it to 220—222 or else it could test its support again.

Fresh selling will do on a close below 214.

Trade with the levels only.

 

Commodity Market Telegram

 

 

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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