Weekly Newsletter MCX 27/07/2015
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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
Currency
Event
Forecast
Previous
USD
Core Durable Goods Orders m/m
0.004
0
USD
Durable Goods Orders m/m
0.032
-0.022
USD
CB Consumer Confidence
100.1
101.4
USD
Pending Home Sales m/m
0.012
0.009
USD
Crude Oil Inventories
-
2.5M
USD
FOMC Statement
-
-
USD
Federal Funds Rate
<0.25%
<0.25%
USD
Advance GDP q/q
0.026
-0.002
USD
Unemployment Claims
264K
255K
USD
Advance GDP Price Index q/q
0.015
0
USD
Employment Cost Index q/q
0.006
0.007
USD
Chicago PMI
50.7
49.4
27-Jul
28-Jul
29-Jul
30-Jul
31-Jul
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MARKET WRAP GOLD Last week MCX Gold setteled lower 5th weeks consecutively ahead of tracking weak international market due to fear of interest rate hike in US, strong dollar index and better jobless claim data. MCX Gold tumbled more than 3% last week and settled at INR 24731 while COMEX gold closed at USD 1098.85 with 0.85% downside. For the coming week we can expect further bearish movment in MCX Gold if it manages to sustain below the level of 25100 then it can test the level of 24250-24000.
Weelky Pivot Levels COMMODITY GOLD
R3 26933
R2 25909
R1 25320
P 24885
S1 24296
S2 23861
S3 22837
Outlook Trend:
Consolidate
Resistance:
25320, 25900
Support:
24290, 23860
Strategy:
Sell on highs www.capitalheight.com capitalheight.wordpress.com
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SILVER Last week MCX Silver tracked the Gold prices in domestic market and international market due to interest rate hike in US and strong dollar index but lower prices increases the industrial demad of Silver in spot market. MCX Silver down by 1.5% last week and settled at INR 33702 while COMEX Silver closed at USD 14.68 with 0.2% upside. For the coming week we can expect bearish movment in MCX Silver if it sustains below the level of 33900 then it may test the level of 2425024000.
Weelky Pivot Levels
COMMODITY SILVER
R3
R2
R1
P
S1
S2
S3
36154
34991
34346
33828
33183
32665
31502
Outlook Trend:
Consolidate
Resistance:
34350, 35000
Support:
33100, 32670
Strategy:
Sell on highs www.capitalheight.com capitalheight.wordpress.com
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CRUDE OIL Last week Crude Oil witnessed mixed movement in initial part of the week but settled on negative note. Dollar strength along with unexpected increase in US crude stock along with better better forcast by World Bank also put pressure on Crude Oil prices.
MCX Crude Oil prices fell more than 3.4% last week and settled at INR 3098 while NYMEX Crude closed at USD 48.23 with 3.8% downside. For the coming week we can expect downside movment in MCX Crude Oil if it sustains below the level of 3130 then it may test the level of 3030-2960.
Weelky Pivot Levels
COMMODITY COPPER
R3 3564
R2 3359
R1 3228
P 3154
S1 3023
S2 2949
S3 2744
Outlook Trend:
Consolidate
Resistance:
3230, 3360
Support:
3020, 2950
Strategy:
Sell on highs
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COPPER Last week Copper prices dropped globally due to weaker-than-expected data from China and the euro zone raised concerns over global economic growth. Copper prices fell to its lowest in last six year. MCX Copper prices witnesses more than 3.3% downside movement last week and closed at INR 340.25 while COMEX Copper closed at USD 273.53 with 3.6% downside. For the coming week we can expect bearish movment in MCX Copper if it manages to sustain below the level of 350 then it may test the level of 330-315.
Weelky Pivot Levels
COMMODITY CRUDE OIL
R3 387
R2 365
R1 352
P 343
S1 331
S2 321
S3 300
Outlook Trend:
Consolidate
Resistance:
352, 365
Support:
331, 321
Strategy:
Sell on highs
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