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Home » Precious metals recovered from lower levels amidst weak dollar index. Major MCX commodities for today.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Precious metals recovered from lower levels amidst weak dollar index. Major MCX commodities for today.

Precious metals

 

Precious metals recovered from lower levels amidst a weak dollar index and also investors hedged against uncertainties surrounding the coronavirus pandemic and going into the Nov. 4 U.S. presidential election. On the other hand, Base metals and energy segment trading in the range due to mixed sentiment in the market.

Today, traders should concentrate on the Flash Manufacturing PMI Flash Services PMI from the house of the US which will impact on Base metals and Bullions. If the forecast figure match with the actual data then the possible impact are as follows:

USD 7:15 PM: Flash Manufacturing PMI [{Previous (53.2)} {Expected (53.5)]. Forecast figure is neutral for Base metals and Bullions.

USD 7:15 PM: Flash Services PMI [{Previous (54.6)} {Expected (54.7)]. Forecast figure is neutral for Base metals and Bullions.

 

Technical Levels of Precious metals and other Major Commodities

 

Gold (Dec)

Gold has its support at 50650 and resistance at 50950.

Break and sustain above 50950 will take it to 51200—51500 levels or else it could test its support again.

Fresh selling will do below 50650.

Trade with the levels only.

 

Silver (Dec)

Silver has its support at 62100 and resistance at 63000.

Break and sustain above 63000 will take it to 64000—64500 levels or else it could test its support again.

Fresh selling will do below 62100.

Trade with the levels only.

 

Crude oil (Oct)

Crude oil has its support at 2920 and resistance at 3030–3100.

Trade within the range and wait for the confirmation.

 

Natural Gas (Oct)

Natural gas has its support at 214 and resistance at 220.

Break and sustain above 220 will take it to 226—230 levels or else it could test its support again.

Fresh selling will do on a close below 214 levels.

Trade with the levels only.

 

Nickel (Oct)

Nickel has its Support at 1150 and resistance at 1170.

Break and sustain above 1170 will take it to 1190—1200 levels or else it could test its support again.

Fresh selling will do on a close below 1150 levels.

Trade with the levels only.

More will update soon…

 

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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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