Weekly Newsletter MCX 11/05/2015
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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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UPCOMING EVENTS Date 12-May-15
13-May-15
14-May-15
15-May-15
Cur.
Event
Forecast
Previous
USD
JOLTs Job Openings (Mar)
5.085M
5.133M
USD
Federal Budget Balance (Apr)
146.5B
-53
EUR
German GDP (QoQ) (Q1)
0.50%
0.70%
USD
Core Retail Sales (MoM) (Apr)
0.50%
0.40%
USD
Export Price Index (MoM) (Apr)
0.10%
0.10%
USD
Import Price Index (MoM) (Apr)
0.30%
-0.30%
USD
Retail Sales (MoM) (Apr)
0.20%
0.90%
USD
Business Inventories (MoM) (Mar)
0.20%
0.30%
USD
Crude Oil Inventories
-
-3.882M
USD
Core PPI (MoM) (Apr)
0.10%
0.20%
USD
Initial Jobless Claims
-
265K
USD
PPI (MoM) (Apr)
0.20%
0.20%
USD
4.5
-1.19
USD
NY Empire State Manufacturing Index (May) Industrial Production (MoM) (Apr)
0.10%
-0.60%
USD
Michigan Consumer Expectations (May)
88.6
88.8
USD
Michigan Consumer Sentiment (May)
96
95.9
USD
TIC Net Long-Term Transactions (Mar)
-
9.8B
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MARKET WRAP Gold Weekly Last week we had observed the long range bound and consolidate movement in gold. What Next??? Last week Gold closed at 26889 above 21 & 55 Daily EMA which is at 26810 & 26693 respectively which represent positive mood. On weekly charts Gold is taking support of 21week EMA at 26715 below which could be decisive break. In upcoming week Gold has immediate resistance at 27200 & immediate support at 26700.If Gold sustains above level of 27200 then it could bounce till 27300-27450-27600 or else below 26700 it may test the levels of 26450-26150.Close below 26000 will free fall till 25750-25480. Any sharp rise towards its resistance is a good sell opportunity for positional trade. Sustainability of levels is very important. So have patience & trade on proper levels with SL. Do have an eagle on USD/INR.
WEEKLY PIVOT COMMODITY GOLD
R3 27420
R2 R1 27240 27065
P 26880
S1 26700
S2 26520
S3 26350
OUTLOOK Trend: - Consolidate. Strategy: - Sell on high. www.capitalheight.com capitalheight.wordpress.com
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Silver Weekly Hope you locked profit above weekly resistance of 37610 till 3790038200. What next??? Last week silver (JULY) closed at 37865 above 21 & 55 Daily EMA which is at 37011 & 36960 respectively. On charts look uncertain supported by MACD. In upcoming week silver has support at 37500 and Resistance at 38650 .If it brake the support zone and sustains below 37500 then could test the levels of 37100-36800.Sustain below 36800 it could expected a free fall towards 36250-35600 and more. On the other hand if it manages to sustain above Resistance of 38650 could bounce till 39100-39800. Any sharp rise towards its resistance is a good sell opportunity for positional trade. Sustainability of levels is crucial. Strength on upside is limited so have patience & trade on proper levels with SL.
WEEKLY PIVOT COMMODITY
R3
SILVER
39964
R2
R1
39103 38484
P 37623
S1
S2
37004 36143
S3 35524
OUTLOOK Trend: - Bearish. Strategy: - Sell on high.
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Copper Weekly Buy or Sell? Strong dilemma in last week. What next??? Last week Copper (JUNE) closed at 414.10 above 21 period & 55 periods of Daily EMA which is at 376.90 & 374.75 respectively which suggest a positive move. Charts represent a strong bullish move followed by the MACD. It closes far-far away from 61.8% of retracement level of past bearish trend which is at 399. Our expectation increases to retrace up to 100% 440 in coming weeks. In next week copper has Resistance at 421 and Support at 410. If copper able to sustain above the level of 421 then it could test 425-428-435 on the other hand if sustain below its support 410 then could test the levels of 405-399. Major support below 397. Risky traders may sell copper on rise at 422-421 for expected tgts of 411/397 with proper SL above 431 or follow the levels.
WEEKLY PIVOT COMMODITY COPPER
R3 429
R2 425
R1 420
P 415
S1 409
S2 405
S3 400
OUTLOOK Trend: - Bullish. Strategy: -Buy on Dips.
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Crude Oil Weekly Hope you enjoyed profitable rally above 3800 till 3989. As we clearly mentioned the double bottom break out above 3800. What Next??? Last week Crude Oil closed at 3790 above 21 Daily EMA & 55 Daily EMA which is at 3606 & 3188 respectively which reflects the strong positive run. On Daily charts an “Evening Star� formation can be observed which is a bearish reversal signature with a strong price divergence can be observed with MACD & RSI against the current up trend. Price divergence may lead change in current buying rally. Crude Oil has immediate resistance at 4000 while support at 3720. Sustain above its resistance could test the levels of 4100-4150 while trade below its support may test 35603500-3420-3370 levels. Have patience & trade on proper levels with SL.
WEEKLY PIVOT COMMODITY CRUDE OIL
R3 4200
R2 4094
R1 3942
P 3836
S1 3684
S2 3578
S3 3426
OUTLOOK Trend: -Consolidate. Strategy: - Sell On High.
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