Test 4

24th April 2020

Crude oil traded sideways on Friday but remain historic week of great disturbance followed by last two weeks of panic as production shutdown failed to cope up with dry demand due to worldwide lockdown. On the other hand, Gold eased due to profit booking but weak economic data from the United States and Europe due to the novel coronavirus kept bullion on track for a weekly gain. While other MCX commodities like silver and nickel also showing signs of weakness.

Technical Levels of Crude Oil and Major MCX Commodities

Gold (Apr)

Gold has its support at 46300 and resistance at 46900.

Above 46900 could test 47300—47500 or else could test its support again.

Fresh selling will do on a close below 46300.

Trade with the levels only.

Silver (May)

Silver has its support at 41700 and resistance is at 42400.

Above 42400 could test 42850—43150 or else it could test its support again.

Fresh selling will on a close below 41700.

Trade with the levels only.

Crude Oil (April)

Crude oil has its support in 1200 and resistance at 1440.

Above1440 could test 1650—1700 levels or else it could test its support again.

Fresh selling will on a close below 1200.

Trade with the levels only.

Natural Gas (April)

Natural gas has its immediate support at 137 and resistance at 145.

Trade within the range and wait for the confirmation.

Nickel (April)

Support at 920 and resistance at 927.

Above 930 could test 935—940 or else it could test its support again.

Fresh selling will do on a close below 920.

Trade with the levels only.
Copper (April)

Support at 395 and resistance at 401.50.

Trade within the range and wait for the confirmation.

Click here! to read our yesterday major mcx commodities levels update.


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