Updates on Bullion, Base Metals, and Energy Levels 19th Feb 2020
19/2/2020

Updates on Bullion, Base Metals, and Energy Levels 19th Feb 2020

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Gold rose on Wednesday to its all-time high due to as an uptick in equities due to a drop in new virus cases was offset by fears of economic fallout from the epidemic. On the other Crude oil rose too as amid broad optimism as new coronavirus cases fell for the second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market.


Today, traders should concentrate on the Building Permits along with Core PPI m/m 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: Building Permits 
(1.42M)
(1.45M)
Forecast figure is slightly positive for base metal while negative for Bullions
USD 7:00 PM: Core PPI m/m
(0.1%)
(0.1%)
Forecast figure is neutral for base metal while negative for Bullions




Technical Levels



Gold (April)


Support at 41350 and Resistance at 41600.

Break and sustain above 41600 will take it to 41850—42000 or else it could test its support again. 

Fresh selling will do on a close below 41350.

Trade safely with the levels only.



Silver (March)


Support is at 47200 and resistance is at 47750.

Break and sustain above 47750 will take it to 48250—48400 or else it could test its support again. 

Fresh selling will do on a close below 47200.

Trade with the levels only.



Crude Oil (March)


Support at 3750 and resistance at 3810.

Break and sustain above 3810 will take it 3880—3900 or else it could test its support again.

Fresh selling will do on a close below 3750.

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)


Support at 430.50 and Resistance at 434.50.

Break and sustain below 430.50 will take it 426—425 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 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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