Weekly Newsletter MCX 23/03/2015
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Weekly MCX News Letter Contents Upcoming events Market Wrap Gold Silver Copper Natural gas Technical Analysis Gold Silver Copper Natural gas
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UPCOMING EVENTS Date
Cur.
Event
Forecast
Previous
23-Mar
USD
Existing Home Sales (Feb)
4.90M
4.82M
24-Mar
EUR
German Manufacturing PMI (Mar)
51.5
51.1
USD
Core CPI (MoM) (Feb)
0.10%
0.20%
USD
New Home Sales (MoM) (Feb)
-
-0.20%
USD
New Home Sales (Feb)
470K
481K
EUR
German Business Expectations (Mar)
103
102.5
EUR
German Current Assessment (Mar)
112
111.3
EUR
107.3
106.8
0.30%
-
USD
German Ifo Business Climate Index (Mar) Core Durable Goods Orders (MoM) (Feb) Crude Oil Inventories
3.750M
9.622M
EUR
GfK German Consumer Climate (Apr)
9.8
9.7
EUR
French GDP (QoQ) (Q4)
0.10%
0.10%
USD
Initial Jobless Claims
-
291K
USD
Services PMI (Mar)
-
57.1
USD
Natural Gas Storage
-
-45B
USD
GDP (QoQ) (Q4)
2.40%
2.20%
USD
GDP Price Index (QoQ) (Q4)
0.10%
0.10%
USD
Michigan Consumer Sentiment (Mar)
92
91.2
25-Mar
USD
26-Mar
27-Mar
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MARKET WRAP Gold Weekly Last week Gold traded with volatile node after FED announcement to unchanged the interest rate and closed at 26182 below 21 & 55 Daily EMA which is at 26730 & 27347 respectively. On weekly charts it formed a “Bullish Engulfing� short of pattern which may be a short term change in current trend but the confirmation is still on watch. In upcoming week Gold has immediate resistance at 26350 & immediate support at 25800.If Gold sustains below level of 25800 then it may test the levels of 25700-2555025400 or else above 26350 it could bounce till 26480-26650. Strength on upside is limited so have patience & trade with proper levels.
WEEKLY PIVOT COMMODITY R3 GOLD 27115
R2 R1 26675 26430
P 25990
S1 25740
S2 25300
S3 25050
OUTLOOK Trend: - Bearish Strategy: - Sell On High www.capitalheight.com capitalheight.wordpress.com
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Silver Weekly Last week Silver traded with volatile node and made a sharp recovery towards 38000 marks and triggered the weekly stop loss. Overall the trend is not specific and high volatility is expected. Last week silver closed at 37789 above 21 & 55 Daily EMA which is at 37578 & 40040 respectively. On Weekly charts it formed a Bullish Engulfing with strong bullish candle but still traded below ascending broadening wedge (Red dotted lines). In upcoming week Silver has Resistance at 37900-38500 & immediate support at 35700. If Silver sustain below 35700 then could test the levels of 35200.Multiple close below 35200 will see free fall till 34800 and more on the other hand if it manage to sustain above 38000 could bounce till 38500-39100. Fresh buying suggested only above 39100. Strength on upside is limited so have patience & trade with proper levels.
WEEKLY PIVOT COMMODITY
R3
R2
R1
P
S1
S2
S3
SILVER
41545
39685
38740
38780
35930
34070
33120
OUTLOOK Trend: - Bearish Strategy: - Sell On High www.capitalheight.com capitalheight.wordpress.com
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Copper Weekly Hope you enjoyed the profit as per the weekly recommendation. We suggested buying Copper on dips at 365-362 for the expected targets of 375380 SL below 350 and it made a high of 384.80. Last week Copper closed at 382.50 above 21 & 55 Daily EMA which is at 380.90 & 400.70 respectively. For coming trading session Copper looks positive has Resistance at 383-385 & immediate support at 367. If copper able to sustain above the level of 385 then it could test 389-391-394 where as closing below 363 could see sharp correction till 360354-350. Buy Copper on dips at 367-365 for the expected targets of 380-395 stop loss below 355 on closing basis.
WEEKLY PIVOT COMMODITY COPPER
R3 432
R2 408.50
R1 405
P 381
S1 377
S2 353
S3 349.50
OUTLOOK Trend: -Consolidate Strategy: - Buy On Dips
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Natural Gas Weekly Last week hope you enjoyed the profit as per the weekly recommendation as we suggested to Sell NG on rise at 178-177 for the expected target of 171-165 with stop loss placed above 185 and it corrected from 183.60 to 172.60. Natural Gas closed at 174.70 below 21 Daily EMA & 55 Daily EMA which is at 196.80 & 221.70 respectively. Foresightness in NG would be more specific on its daily charts (as attached) as compared to weekly charts. On daily charts it is forming a symmetrical triangle with strong support zone at 169-168 and signals for possible upcoming bearishness supported by stochastic. In next week Natural Gas has its immediate resistance at 185 while support at 168. Sustain below its support level of 168 it could test the levels of 165-162-159 else above 185 it could bounce till 189-190.Strength on upside is limited so any sharp rise could be good selling opportunity. Sell NG on rise at 182-180 for the expected target of 175-172-168 with SL placed above 191.
WEEKLY PIVOT COMMODITY NATURAL GAS
R4 198
R3 191
R2 183
R1 176
P 168
S1 161
S2 153
OUTLOOK Trend: - Bearish Strategy: - Sell On High
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