Weekly Newsletter MCX 07/09/2015
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Weekly MCX News Letter Contents Upcoming events Market Wrap Gold Silver Copper Crude Oil Technical Analysis Gold Silver Copper Crude Oil
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WEEKLY UPCOMING EVENTS Date
DCurrency
Events
7 Sep
USD
Bank Holiday
9 Sep
USD
10 Sep
11 Sep
Forecast
Previous
JOLTS Job Openings
5.30M
5.25M
USD
Unemployment Claims
279K
282K
USD
Import Prices m/m
-0.017
-0.009
USD
Crude Oil Inventories
-
4.7M
USD
PPI m/m
-0.001
0.002
USD
Core PPI m/m
0.001
0.003
USD
Prelim UoM Consumer Sentiment
91.8
91.9
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MARKET WRAP GOLD Last week Gold edged up in initial part of the week as turbulence in global stocks and fears of an economic downturn in China but ended with negative note due to stronger dollar and gains in equity markets tempered investor appetite for the haven asset.
In Previous week MCX Gold were down by 0.34% and settled at INR 26532 while COMEX gold closed with 1.07% downside. In coming week we can expect bearish movment in Gold if sustain below the level of 26800 then it can test the level of 26300-25900.
Weelky Pivot Levels COMMODITY GOLD
R4 R3 R2 R1 P S1 S2 S3 S4 28698 28007 27316 26924 26625 26233 25934 25243 24552
Outlook Trend:
Consolidate
Resistance:
26930, 27310
Support:
26240, 25930
Strategy:
Sell on highs
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SILVER Last week MCX Silver tracked international market and traded sideways with slightly bullish sentiments but remained within the range of previous week due Chinese economy conern and downturn in global stocks.
MCX Silver were up by 2.93% last week and settled at INR 35388 while COMEX Silver closed at USD 14.57 with 0.34% upside. For the coming week we can expect downside movment in MCX Silver and can test the level of 34000-33300 if it sustain below 36200.
Weelky Pivot Levels
COMMODITY SILVER
R4
R3
R2
R1
P
S1
S2
S3
S4
40042 38415 36788 36088 35161 34461 33534 31907 30280
Outlook Trend:
Consolidate
Resistance:
36090, 36780
Support:
34460, 33530
Strategy:
Sell on highs
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CRUDE OIL Last week U. S. Crude Oil prices traded upside despite of rise in crude oil production. Crude oil inventory rose by 4.7M which is the biggest rise in nearly five months and expected to trade volatile as China dropped the ceiling price of gasoline by 125 yuan.
MCX Crude Oil up by 3.49% last week and settled at INR 3110 while NYMEX Crude closed at USD 46.01 with 3.77% upside. For the coming week we can expect upside movment in MCX Crude Oil if it sustains above the level of 3050 then it may test the level of 3150-3300.
Weelky Pivot Levels
COMMODITY CRUDE OIL
R4 4223
R3 3843
R2 3463
R1 3286
P 3083
S1 2906
S2 2703
S3 2323
S4 1943
Outlook Trend:
Consolidate
Resistance:
3280, 3460
Support:
2910, 2700
Strategy:
Buy on dips
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COPPER Last week Copper was volatile and closed with strong positive note on Friday ahead of strong U.S. economic events such as trade balance, ISM Nonmanufacturing PMI, Average Hourly Earning and reduced unemployement rate.
MCX Copper prices up with 1.51% last week and closed at INR 347.50 while COMEX Copper closed at USD 232 with 0.4% upside. Next week we can expect slightly bullish movment in MCX Copper and it can test the level of 354-362 levels if it sustain above 342.
Weelky Pivot Levels
COMMODITY COPPER
R4 423
R3 397
R2 371
R1 359
P 345
S1 333
S2 319
S3 294
S4 268
Outlook Trend:
Consolidate
Resistance:
359, 370
Support:
333, 320
Strategy:
Buy in dips
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