Updates on Bullion, Base Metals, and Energy Levels 12th Feb 2020
12/2/2020

Updates on Bullion, Base Metals, and Energy Levels 12th Feb 2020

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Gold eased on Wednesday as equities rose amidst reducing in the number of new coronavirus cases fell, while uncertainty over the economic impact of the outbreak supporting the price of bullion. On the other hand, Crude oil traded higher after China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover from the epidemic.

 Today, traders should concentrate on the Crude Oil Inventories from the house of the US which will impact on Crude oil price. If the forecast figure match with the actual data then the possible impact as follows:



Time & DataPrevious
Expected
Forecast
USD 9:00 PM: Crude Oil Inventories
 (3.4M)
(3.1M)
Forecast figure is neutral for Crude oil price




Technical Levels



Gold (April)

Image result for Gold

Support at 40300 and Resistance at 40600.

Break and close below 40300 will take it to 40000---39900 levels in coming days or else it can test its resistance level of 40600.

Fresh buying will do on a close above 40600.

Trade with the levels only.



Silver (March)

Image result for Silver

Support is at 45400 and resistance is at 45800.

Break and sustain below 45400 will take it to 45000—44800 or else it could test its resistance again. 

Fresh buying will do on a close above 45800.

Trade with the levels only.



Crude Oil (Dec)

Image result for Crude Oil

 Support at 3580 and resistance at 3635. 

Break and sustain above 3635 will take it to 3680--3700 or else it could test its support again. 

Fresh selling will do on a close below 3580.

Trade with the levels only.



Natural Gas (Feb)

Image result for Natural Gas

Support at 127.50 and resistance at 132.50.

Break and sustain above 132.50 will take it 136—138 or else it could test its support again.

Fresh selling will do on a close below 127.50.

Traders can buy it on dip!!

Trade with the levels only.



Copper (Feb)

Image result for Copper

Support at 433 and Resistance at 435.50

Break and sustain above 435.50 will take it 438—440 or else it could test its support again.

Fresh selling will do on a close below 433.

Trade with the levels only.



Zinc mini (Feb)

Image result for Zinc

Support at 166 and Resistance at 169.

If Zinc mini holds its support level of 166 then we can expect upside move above 169 till 172—174 or else it tests its support level again.

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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