Weekly Newsletter MCX 10/08/2015
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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
Prelim Nonfarm Productivity q/q
0.016
-0.031
USD
Prelim Unit Labor Costs q/q
-0.001
0.067
USD
JOLTS Job Openings
5.42M
5.36M
USD
Crude Oil Inventories
USD
Core Retail Sales m/m
0.005
-0.001
USD
Retail Sales m/m
0.005
-0.003
USD
Unemployment Claims
272K
270K
USD
Import Prices m/m
-0.01
-0.001
USD
PPI m/m
0.001
0.004
USD
Core PPI m/m
0.001
0.003
USD
Capacity Utilization Rate
0.78
0.784
USD
Industrial Production m/m
0.003
0.003
USD
Prelim UoM Consumer Sentiment
93.5
93.1
11-Aug
12-Aug -4.4M
13-Aug
14-Aug
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MARKET WRAP GOLD Gold is maintaining the bearish trend for both short term and intraday. Last week Gold edged up in Asian trade, but remained close to a five-year price low due to euro zone’s deal on Greece has reduced the chance of a messy default and nuclear deal with Iran.
MCX Gold were up by 0.33% last week and settled at INR 24895 while COMEX gold closed with 0.36% upside. In coming week we can expect bearish movment in Gold if it manages to sustain below the level of 25150 then it can test the level of 24500-24000.
Weelky Pivot Levels COMMODITY GOLD
R3 25608
R2 25234
R1 25064
P 25860
S1 24690
S2 24486
S3 24112
Outlook Trend:
Consolidate
Resistance:
25070, 25230
Support:
24690, 24480
Strategy:
Sell on highs
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SILVER Last week MCX Silver tracked slightly international market as lower prices increases the industrial demad of Silver in spot market. Euro zone’s deal on Greece and Neculear deal with Iran reduces the safe heaven appeal. MCX Silver were slightly up by 0.02% last week and settled at INR 34031 while COMEX Silver closed at USD 14.78 with 1.93% upside. For the coming week we can expect consolidated movment in MCX Silver and it may trade in range of 33000-34800.
Weelky Pivot Levels
COMMODITY SILVER
R3
R2
R1
P
S1
S2
S3
35935
34918
34474
33901
33457
32884
31867
Outlook Trend:
Consolidate
Resistance:
34470, 34920
Support:
33450, 32880
Strategy:
Sell on highs
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CRUDE OIL Last week Crude Oil
prices fell to new multi-month lows Wednesday after weekly
inventory data showed a small increase in U.S. crude production and President Barack Obama urged lawmakers to support the Iranian nuclear deal.
MCX Crude Oil prices fell by more than 7% last week and settled at INR 3038 while NYMEX Crude closed at USD 43.84 with 6.42% downside. For the coming week we can expect downside movment in MCX Crude Oil if it sustains below the level of 2950 then it may test the level of 2720-2550.
Weelky Pivot Levels
COMMODITY COPPER
R3 3331
R2 3111
R1 2967
P 2891
S1 2747
S2 2671
S3 2451
Outlook Trend:
Consolidate
Resistance:
2970, 3110
Support:
2750, 2670
Strategy:
Sell on highs
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COPPER Last week Copper and other base metals slipped on Wednesday as the dollar strengthened on expectations that U.S. authorities were close to hiking interest rates. Markets were pressured by the dollar index hitting a 3-1/2 month peak Wednesday.
MCX Copper prices witnesses more than 1.60% downside movement last week and closed at INR 335.40 while COMEX Copper closed at USD 234.23 with 1.15% downside. For the coming week we can expect bearish movment in MCX Copper if it manages to sustain below the level of 333 then it may test the level of 326-318.
Weelky Pivot Levels
COMMODITY CRUDE OIL
R3 349
R2 340
R1 335
P 331
S1 325
S2 321
S3 312
Outlook Trend:
Consolidate
Resistance:
335, 340
Support:
325, 321
Strategy:
Sell on highs
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