Daily Market Reflection 9th June 2016 Market Outlook
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Gold and silver showed highly bullish movement and closed above its important resistance levels. Interest rate hike decision can be delayed and investor was buying in the anticipation. In coming session if interest rate hike was delayed then market can show bullish movement. Crude was also very bullish because of the supply disruptions and in coming session more bullishness can be seen. Buying crude would be profitable strategy. Base metals showed bullish movement in which Nickel and Zinc were highly bullish.
MCX
Gold touched a fresh two-week high on Wednesday as the Fundamental Factors possibility of an early US interest rate hike appeared to dim following dovish comments by Federal Reserve chair Janet Yellen earlier this week. Fed Chair Janet Yellen gave a largely upbeat assessment of the US economy on Monday and said interest rate increases were coming, but investors focused on her lack of guidance about when. US crude rises above $51 for first time since July on supply disruptions. Important Data
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Currency
CNY GBP
Event
Forecast Previous
Bank Holiday Goods Trade Balance
GOLD SILVER CRUDE COPPER ALUMINIUM LEAD NICKEL ZINC NATURALGAS COMEX GOLD SILVER CRUDE COPPER USDINR $ INDEX
Date 7-06-16 29366 39010 3345 303.35 104.25 113.60 576.70 132.95 165.10 Date 7-06-16 1248.00 16.394 50.36 2.051 66.9800 93.84
Date 8-06-16 29629 40254 3396 304.20 106.10 115.90 598.90 137.45 164 Date 8-06-16 1262.55 17.015 50.90 2.061 66.8550 93.52
% Chg +0.90% +3.19% +1.52% +0.28% +1.77% +2.02% +3.85% +3.38% -1.10% % Chg +1.24% +3.79% +1.07% +0.54% -0.19% -0.34%
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Commodity
Entry
Exit
P/L
8/06
LEAD
-
-
-
Entry -
Exit -
P/L -
Entry 39100
Exit 39400
P/L 9000
USD
NHPI m/m Unemployment Claims
7:30pm
USD
Wholesale Inventories m/m
0.1%
0.1%
Date Commodity 8/06 COPPER Trifid special
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Date 8/06
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Gold and Silver GOLD
COMEX GOLD
PIVOTS S1 MCX 29499 COMEX 1253
S2 29350 1242
R1 29725 1265
R2 29920 1275
SILVER
Gold showed strong bullish movement and found the important resistance of 29720. Now if it broke 29750 resistance level then 30000 will act as next resistance level. On the other hand 29450 will be major support level. COMEX SILVER
PIVOTS
S1
S2
R1
R2
Silver showed bullish movement after gave the breakout of
MCX COMEX
40000 16.85
39700 16.65
40500 17.10
40900 17.30
inverse head and shoulder pattern. Now if it broke the important resistance level of 40500 then 41000 act as next resistance level. On lower side 39700 will act as important support level.
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Crude and Copper CRUDE
COMEX CRUDE
Crude oil showed sideways to bullish movement and found PIVOTS
S1
S2
R1
R2
MCX
3370
3335
3420
3450
COMEX
50.60
50.10
51.35
52
COPPER
the resistance of 3400. Now if it showed bullish movement and maintain above 3425 then 3450 will be next resistance level. On the lower side important support is 335yy0. COMEX COPPER
PIVOTS
S1
S2
R1
R2
Copper showed sideways movement all the day and traded
MCX
302.75
300
307
310.30
around its important support level of 302.75 and closed
COMEX
2.0440
2.0350
2.0635
2.0740
around it. Sustain below 302.50 then next support level will be seen at 300. If some correction happens on higher side then it pull towards resistance level of 310.
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Other Commodities PIVOT S COMMODITIES S1
S2
R1
R2
VOLUME
OI
TREND
ALUMINIUM
105.50
104
107
108.50
11718
2715
Bearish
LEAD
115
114
116.50
118
19350
3209
Bearish
NICKEL
590
575
607
620
39014
20107
Bullish
ZINC
136.60
135
138
139.50
35789
10705
Bullish
NATURAL GAS
161
157
168
172
48607
10394
Bearish
LME INVENTORY dasdasdinkjjlfcnlad COMMODITIES 2/06/2016 iInventory
3/06/2016
6/06/2016
7/06/2016
8/06/2016
ALUMINIUM
-4500
-7450
-6600
-6650
-6650
COPPER
-825
+150
+20725
+21850
+11075
LEAD
-100
-100
+50
+50
-25
NICKEL
-1500
-2892
-1365
+738
-984
ZINC
-1725
+2100
-950
-800
+3075
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Agri Commodity Updates TURMERIC Turmeric showed sideways to negative movement all the day and reverted from resistance level of 8270. Now if it sustains below 8150 then 8050 will be next support level. And on higher side 8270 will be act as major resistance level.
PIVOTS
S1
S2
R1
R2
8080
8020
8270
8330
SOYABEAN Soyabean showed sideways to negative trend and found the support of 3890. Now on lower side 3880 will act as important support level below which it will drag towards the support level of 3850. On higher side some correction pulls it towards the resistance level of 3950.
PIVOTS
S1
S2
R1
R2
3880
3860
3920
3960
JEERA Jeera showed positive trend and found the resistance of 17000. Now on higher side 17000 will act as important resistance level above which it will pull towards the resistance level of 17115. On lower side some bearishness drag towards the support level of 16750.
PIVOTS
S1
S2
R1
R2
16750
16575
16935
17115
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