Daily mcxcommodity report sai proficient

SAI PROFICIENT RESEARCH MCX COMMODITY REPORT DATE- April 19, 2016

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DAILY COMMODITY REPORT MARKET OUTLOOK (TUESDAY, APRIL 19,2016) 

The Reserve Bank of Australia is to publish the minutes of its latest monetary policy meeting, giving investors insight into how officials view the economy and their policy options.



In the euro zone, the ZEW Institute is to report on German economic sentiment.



The U.S. is to release reports on building permits and housing starts.



RBA Governor Glenn Stevens is to speak at an event in New York.



Bank of England Governor Mark Carney is to testify before the economic affairs committee in London.



Bank of Canada head Stephen Poloz is testify before the finance committee in Ottawa.

COMMODITY NEWS  Oil prices recover early losses after no agreement on production freeze.  Crude prices dip as global glut outweighs Kuwait oil strike:-Kuwait's output has dropped to 1.1 million barrels per day (bpd) from 2.8 million bpd due to the worker strike. However, analysts expect the disruption to be brief and markets to soon refocus on the global glut given the failure of major exporters to agree on an output freeze at their Sunday meet.

 Gold dips as firmer oil prices boost equities:- Gold eased on Tuesday as safehaven bids retreated after oil prices steadied and equities edged higher, while uncertainty over U.S. monetary policy also weighed. FUNDAMENTALS- Spot gold XAU= had fallen 0.3 percent to $1,228.02 an ounce by 0045 GMT, after dropping 0.2 percent overnight.

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{DAILY COMMODITY REPORT (April 19, 2016)}

MCX CRUDE OIL “Oil futures tumble ahead of Doha summit” Energy overview: Oil prices recovered some of their early losses on Monday after tumbling in early trade as markets reacted to news that a meeting of major producers in Doha on Sunday ended without an agreement on capping production. Brent crude futures were down 3.43% at $41.62 at 11:09GMT after dropping almost 7% earlier. U.S. crude futures were down 3.62% at $40.20 a barrel after early falls of more than 5%.

Date April 19, 2016

Commodity CRUDE OIL

Expiry April 19,2016

Open

High

Low

Close

2675

2682

2544

2652

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

2614

2631

2660

2691

2705

Recommendation: BUY above 2705, TARGET- 2740/2765 with the S/L- 2675.

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{DAILY COMMODITY REPORT (April 19, 2016)}

MCX GOLD “Gold ready to roar�

Bullion Overview: Gold is in the news again, with prices rising as much as 14 per cent this year, which is ahead of the performance of most other asset classes. The latest bounce in the prices is raising hope that the precious metal may be getting ready to roar again.

Date

Commodity

April 19, 2016

GOLD

Expiry

Open

High

Low

Close

June 3, 2016

29010

29170

28934

28983

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

29490

29237

29040

28880

28658

Recommendation: BUY above 29110levels with a stop loss placed below 28700 levels for target of 29588 /29755 levels. (Or) SELL below 28958 targets 28670/28560 with Stop loss29250.

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{DAILY COMMODITY REPORT (April 19, 2016)}

COPPER “Copper down by 0.3% as global trend weakens�

Market outlook: Copper futures fell 0.27% to Rs 316.30 per kg today as speculators trimmed positions amid a weak trend in global markets. The metal for delivery in far-month June was trading 85 paisa, or 0.26% down, at Rs 321.25, in a business volume of 16 lots.

Date

Commodity

April 19, 2016

COPPER

Expiry

Open

High

Low

Close

April 29, 2016

316.4

319.75

314.1

318.8

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

322.13

320.06

318.10

316.12

314

Recommendation: BUY above, 317.55 levels with a stop loss placed below 314 levels for target 321/324.85 levels. (OR) SELL below 318, target- 315/313 with the stop loss- 321.

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{DAILY COMMODITY REPORT (April 19, 2016)}

DISCLAIMER The information contained here was gathered from sources deemed reliable however; no claim is made as to accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time, nor should any examples presented be deemed as such. There is a risk of loss in equity trading and you should carefully consider your financial position before making a trade. This is not, nor is it intended, to be a complete study of chart patterns or technical analysis and should not be deemed as such. SAI PROFICIENT INVESTMENT ADVISORS does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgments at this date and are subject to change without notice. For use at the sole discretion of the investor without any liability on Sai Proficient Investment Advisors.

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{DAILY COMMODITY REPORT (April 19, 2016)}