Today's Bullion, Base Metals, and Energy Levels update (20th Feb 2020)
20/2/2020

Today's Bullion, Base Metals, and Energy Levels update (20th Feb 2020)

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Gold prices dipped on Thursday after China uncovered measures to soften the economic impact of the coronavirus outbreak but recovered in the 2nd half concern over the epidemic prevailed. On the other hand, Crude oil jumped followed by the previous day rise as demand concerns eased following a drop in new coronavirus cases at the epicentre of the outbreak.


Today, traders should concentrate on the Philly Fed Manufacturing Index along with Unemployment Claims, CB Leading Index m/m, Natural Gas Storage and Crude Oil Inventories 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:



Time & dataPrevious
Expected
Forecast figure
USD 7:00 PM: Philly Fed Manufacturing Index
(17.0)
(10.1)
Forecast figure is negative for base metal while positive for Bullions
USD 7:00 PM: Unemployment Claims
(205K)
(210K)
Forecast figure is neutral for Bullions
USD 8:30 PM: CB Leading Index m/m
 (-0.3%)
(0.4%)
Forecast figure is positive for Base metals while negative for Bullions
USD 9:00 PM: Natural Gas Storage
 (-115B)
(-143B)
Forecast figure is positive for Natural Gas price

USD 9:30 PM: Crude Oil Inventories 
(7.5M)
(3.3M)
Forecast figure is positive for Crude oil price




Technical Levels



Gold (April)


Gold Support at 41450 and Resistance at 41800.

Break and sustain above 41800 will take it to 42100—42300 or else it could test its support again. 

Fresh selling will do on a close below 41450.

Trade safely with the levels only.



Silver (March)


 Support is at 47200 and resistance is at 48000.

Trade safely within the range and wait for the confirmation. 



Crude Oil (March)


Support at 3820 and resistance at 3880.

Break and sustain above 3880 will take it 3940—3960 or else it could test its support again.

Fresh selling will do on a close below 3820.

Trade with the levels only.



Natural Gas (Feb)


Support at 137.50 and resistance at 142.

Break and sustain above 142 will take it to 147—150 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)


Copper Support at 428 and Resistance at 432.

Break and sustain below 428 will take it 424—422 or else it could test its resistance again.

Fresh buying will do on a close above 432.

Trade with the levels only.



Nickel (Feb)


Support at 935 and Resistance at 951.

Break and sustain below 935 will take it 920—910 or else it could test its resistance again.

Fresh buying will do on a close above 451.

Trade with the levels only.



More will update soon...

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Tags:Gold & Silver, Basemetal, Crude & Natural Gas, Full MCX

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