Updates on Bullion, Base Metals, and Energy Levels 17th Feb 2020
17/2/2020

Updates on Bullion, Base Metals, and Energy Levels 17th Feb 2020

Share:

Gold slipped from a higher level on Monday in Asia as China imposed tightened restrictions on movement in the Hubei province to prevent the spreading of the coronavirus. On the other hand, Crude oil traded sideways due to concerns of falling fuel demand caused by the economic fallout from the coronavirus.



No major economic data for the day.


Technical Levels



Gold (April)


Support at 40700 and Resistance at 41120.

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

Below 40700 will see downside panic till 40500—40300.  

Trade safely with the levels only.



Silver (March)


Support is at 46000 and resistance is at 46450.

Break and sustain above 46450 will take it to 46900—47200 or else it could test its support again. 

Below 46000 will see downside panic till 45600—45400.

Trade with the levels only.



Crude Oil (Dec)


Support at 3690 and resistance at 3750.

Break and sustain above 3750 will take it 3800—3820 or else it could test its support again.

Fresh selling will do on a close below 3690.

Trade with the levels only.




Natural Gas (Feb)


Support at 132 and resistance at 136.50.

Break and sustain above 136.50 will take it to 140—142 or else it could test its support again.

Fresh selling will do on a close below 132.

Trade with the levels only.



Copper (Feb)

Support at 434 and Resistance at 437.

Break and sustain above 437 will take it 440—442 or else it could test its support again.

Fresh selling will do on a close below 434.

Trade with the levels only.



Nickel (Feb)


Support at 945 and Resistance at 965.

Nickel trading in a range and likely to continue this way, traders trade patiently within the range and wait for the confirmation.

Either side break and sustain with volume will decide further direction of Nickel.




More will update soon...

Want to know more about Mcx levels

Share:

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

Join our WhatsApp broadcast list
I agree terms and conditions.