Updates on Bullion, Base Metals, and Energy Levels 7th Feb 2020
07/2/2020

Updates on Bullion, Base Metals, and Energy Levels 7th Feb 2020

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Gold traded in a range amid mixed sentiments in the market. Concerns over coronavirus spread is weighing down on the prices of Base metals while supporting the prices of Gold, while China is working on controlling the spread of Virus which is supporting optimism among market participants. On the other hand, Crude oil also traded lower due to growth concerns and now impacted by the spread of Coronavirus which giving fuel to the slowdown.

Today, traders should concentrate on Non-farm employment change data of the US which will have an impact on the 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: Average Hourly Earnings m/m
 (0.1%)
(0.3%)
Forecast figure is negative for Bullions.
USD 7:00 PM: Non-Farm Employment Change
 (145K)
 (163K)
Forecast figure is negative for Bullions
USD 7:00 PM: Non-Farm Employment Change
(145K)
 (163K)
Forecast figure is negative for Bullions
USD 7:00 PM: Unemployment Rate
(3.5%)
(3.5%)
Forecast figure is neutral for Bullions




Technical Levels


Gold (April)

Image result for Gold

Support at 40300 and Resistance at 40600.

Break and close above 40600 will take it up to 40850---41000 levels in coming days or else it can come down to touch its support level of 40300 again

Buy it on dips!



Silver (March)

Image result for Silver

Support is at 45850 and resistance is at 46400.

Break and sustain above 46400 will take it to 46900—45300 or else it could test its support again. 

Buy it on dips!

Trade with the levels only.



Crude Oil (Dec)

Image result for Crude Oil

 Support at 3580 and resistance at 3675. 

If it will be unable to break and sustain below 3580, then we can expect an upside move till its resistance level of 3675 again.

Above 3675, we can see an upside move till 3740---3800 levels.

The major trend is weak, trade with the confirmation.

Trade with levels only.



Natural Gas (Feb)

Image result for Natural Gas

Support at 132.00 and resistance at 134.50.

Break and sustain below 132.00 will take it 129—126 or else it could test its resistance again.

Fresh buying can be seen only and only on a close above 134.50.

Trade with the levels only.



Copper (Feb)

Image result for Copper

Support at 431.00 and Resistance at 435.

Break and sustain above 435 will take it 439.00—442.00 or else it could test its support again.

Wait for confirmation.

Trade with the levels only.



Alumini (Feb)

Image result for aluminium

Support at 137.50 and Resistance at 139.50

Break and sustain above 139.50 will take it to 141—143or else it could its support again.

Buy it on dips!

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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