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Home » Update on Gold Silver, Base metals & Energy levels for the day (18th Feb 2020)

Update on Gold Silver, Base metals & Energy levels for the day (18th Feb 2020)

MCX Commodities

Gold rose on Tuesday gained demand for safe-havens after iPhone maker Apple Inc’s revenue concerns the financial fallout of the corona virus outbreak in China. On the other hand, Crude oil slipped from a higher level as Chinese health authorities confirmed 1,886 new cases of corona virus and 98 new deaths which are creating concerns regarding the demand of the Crude oil.

Today, traders should concentrate on the Empire State Manufacturing Index from the house of US which will impact on metal and Bullion segment. If the forecast figure match with the actual data then the possible impact are as follows:

 

Time & Data Previous Expected Forecast figure
USD 7:00 PM: Empire State Manufacturing Index  (4.8) (5.1) Forecast figure is positive for base metal while negative for Bullions.


Technical Levels

Gold (April)

Support at 40900 and Resistance at 41120.

Break and sustain above 41120 will take it to 41400—41600 or else it could test its support again. 

Fresh selling will do on a close below 40900.

Trade safely with the levels only.

 

Silver (March)

Support is at 46250 and resistance is at 46550.

Break and sustain above 46550 will take it to 46900—47200 or else it could test its support again. 

Fresh selling will do on a close below 46250.

Trade with the levels only.

 

Crude Oil (Dec)

Support at 3650 and resistance at 3700.

Break and sustain below 3650 will take it 3610—3580 or else it could test its resistance again.

Fresh buying will do on a close above 3700.

Trade with the levels only.

Natural Gas (Feb)

Support at 137.50 and resistance at 141.50.

Break and sustain above 141.50 will take it to 146—148 or else it could test its support again.

Fresh selling will do on a close below 137.50.

Trade with the levels only.

Copper (Feb)

Support at 431 and Resistance at 434.50.

Break and sustain below 431 will take it 428—426 or else it could test its resistance again.

Fresh buying will do on a close above 434.50

Trade with the levels only.

Nickel (Feb)

Support at 940 and Resistance at 955.

Break and sustain below 940 will take it 925—920 or else it could test its resistance again.

Fresh buying will do on a close above 955

Trade with the levels only.

More will update soon…!!

 

Previous Gold still looks positive !

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