Mcx commodity report sai proficient

DAILYDAILY TECHNICAL REPORT COMMODITY REPORT

MCX COMMODITY REPORT DATE- April 28, 2016

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COMMODITY NEWS

DAILY COMMODITY REPORT COMMODITY NEWS 

Gold rises on positive global cues, jewelers buying Traders said a firm trend globally where gold rose on speculation that the US central bank will be slow to tighten policy further, bolstered the metal's appeal, which also hit dollar.

Gold futures climbed back above the key $1,300-level in European trade on Tuesday, as the U.S. dollar crashed to 15-month lows against a basket of other major currencies.

Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

Oil fell on Tuesday, as rising output from the Middle East and North Sea renewed concerns about a global supply overhang.

Brent crude futures were trading 37 cents lower at $45.46 per barrel at 0919 GMT, retreating from earlier gains. U.S. crude futures were also down 37 cents at $44.41 per barrel.

The Reserve Bank of Australia cut its benchmark interest rate by 25 basis points to a record low 1.75%, the first easing in a year, as it seeks to restrain a rising currency and stave off the creeping curse of deflation.

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MARKET OUTLOOK (Wednesday, May 4) 

The U.S. is to release the monthly ADP nonfarm payrolls report as well as data on the ISM non-manufacturing index, while the U.S. Energy Information Administration is to release its weekly report on oil stockpiles.

TOP 5 THINGS TO KNOW IN THE MARKET ON TUESDAY 1. Dollar extends losses against yen, euro 2. EU Commission cuts euro zone growth forecasts 3. RBA cuts rates, Aussie slides 4. Factory activity in China, U.K. contracts in April 5. Gold climbs back above $1,300

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{DAILY COMMODITY REPORT (MAY 4, 2016)}

MCX CRUDE OIL “Crude Oil fails to sustain 3000 level�

Energy Overview: - Crude oil prices continued to quote higher and headed till 3012.

The bearish candle stick formation on daily charts and the constant rise in prices moving the major momentum indicators into turn from overbought zone are indicating minor correction till 2900 then 2880 levels. On the broader scenario, overall trend is still looking bullish and dips can be utilized for initiating long positions.

Date MAY 4, 2016

Commodity CRUDE OIL

Expiry

Open

High

Low

Close

MAY 19,2016

2999

3012

2944

2958

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

3024

3000

2950

2910

2875

Recommendation: BUY ABOVE 2970, TARGET- 3000/3020 with the S/L2945.

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{DAILY COMMODITY REPORT (MAY 4, 2016)}

MCX GOLD “Gold tries to sustain our position around 30500�

Bullion Overview: - Gold prices continued to quote higher and headed till 30448.

The bullish big candle stick formation on daily charts and the constant rise in prices moving the major momentum indicators into overbought zone are indicating minor correction till 30286 then 30180 levels. On the broader scenario, overall trend is still looking bullish and dips can be utilized for initiating long positions.

Date

Commodity

MAY 4, 2016

GOLD

Expiry June 3, 2016

Open

High

Low

Close

30258

30448

30180

30335

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

30830

30724

30305

30170

29840

Recommendation: BUY above 30240 levels with a stop loss placed 30140 levels for target of 30375/30430 levels. (OR) SELL BELOW 30180, target- 29886/29646, SL- 30350

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{DAILY COMMODITY REPORT (MAY 4, 2016)}

COPPER “MCX Copper dropped from 342 levels” Market Outlook:

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Copper prices will bounce till immediate resistance of 336. A

break and close above 338 will turn the over trend to bullish. Traders can buy around 334 for targets of 3338 then 340, whereas failure to hold above 334 will once again draw it down till 328.

Date

Commodity

MAY 4, 2016

COPPER

Expiry

Open

High

JUNE30, 2016

334.65

334.65

Low 330.6

Close 331.35

Resistance 2

Resistance 1

Pivot Point

Support 1

Support 2

340

337

333

329

327

Recommendation: BUY above, 333 levels with a stop loss placed 329.50 levels for target 336/338 levels.

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{DAILY COMMODITY REPORT (MAY 4, 2016)}

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{DAILY COMMODITY REPORT (MAY 4, 2016)}