Research Analyst Report Premium Commodity Daily Journal

Transcription

1 Research Analyst Report Premium Commodity Daily Journal CARAT4 Strictly for Client Circulation G O L D S I L V E R contactus@24cfin.com research@24cfin.com Shekhar Central, Palasia Square, Indore , Madhya Pradesh, INDIA

2 Market Wrapup W e d n e s d a y, 3 1 s t J a n u a r y Scrip Contract Open Price High Low Close Price Gold 05-Apr Silver 05-Mar Crude Oil 16-Feb Natural Gas 23-Feb Copper Zinc Lead Aluminium Nickel

3 Support & Resistance Scrip Contract RES-2 RES-1 PIVOT SUP.1 SUP.2 Gold 05-Apr Silver 05-Mar Crude Oil 16-Feb Natural Gas 23-Feb Copper Zinc Lead Aluminium Nickel

4 Market News Special News Gold Prices Gain In Asia As Fed Views On Economy Seen More Upbeat Gold prices gained in Asia on Thursday as investors parsed the Fed language for signs of a more hawkish view on rate hikes in Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose 0.30% to $1, a troy ounce. The Caixin/Markit China manufacturing PMI for January came in at 51.5, meeting an expected steady reading of 51.5 seen on Thursday. On Wednesday, the official manufacturing PMI came in at 51.3, below the 51.5 seen and the 51.6 level in December. The Federal Reserve left interest rates unchanged at the end of its two-day policy meeting on Wednesday, keeping them in a range between 1.25% %. The Federal Reserve signalled that it would push ahead on its monetary policy tightening path as economic activity has been rising at a solid rate, while inflation remained low but is expected to "move up" in the coming months. Crude Oil Narrowly Mixed In Asia With Growing Focus On Refinery Turnarounds Crude oil prices were narrowly mixed in Asia on Thursday with the market cautious as supplies grow from production and temporary lower demand as spring refinery maintenance gathers pace. On the New York Mercantile Exchange crude futures for March delivery rose 0.25% to $64.94 a barrel, while on London's Intercontinental Exchange, Brent eased 0.01% to $68.88 a barrel. Overnight, crude oil prices settled higher shrugging off data showing US domestic oil supplies rose for the first time in 11 weeks and production rose above 10 million barrels per day in nearly half a century. Inventories of US crude fell by rose million barrels for the week ended Jan. 26, well above expectations for of a draw of 308,000 barrels. That was the biggest increase in US stockpiles in ten months. Gasoline inventories one of the products that crude is refined into fell by million barrels, confounding expectations for a build of million barrels, while supplies of distillate the class of fuels that includes diesel and heating oil unexpectedly fell by million barrels, a steeper fall than the million barrels expected.

5 Market News Commodity Buzz MCX Gold likely to trade in range between Technically Gold market is getting support at and below same could see a test of level, And resistance is now likely to be seen at 30056, a move above could see prices testing Gold on MCX settled flat at but sentiments remain firm as support seen after the U.S. Federal Reserve left interest rates unchanged but hinted at hikes later this year. Gold prices rose over 3 percent in January, their best month since August, largely due to weakness in the dollar. The dollar index, which measures the greenback against a basket of currencies was steady at At Fed Chair Janet Yellen's last policy meeting as head of the central bank, the Fed left interest rates unchanged. But its message on inflation signaled it was on track to raise borrowing costs in March under incoming chief Jerome Powell. While Inflation worries generally boost gold, which is seen as a safe-haven against rising prices. But expectations that the Fed will raise interest rates to fight inflation make gold less attractive because it does not pay interest. MCX Silver market under short covering; Support seen at Technically Silver market is under short covering as market has witnessed drop in open interest by 5.33% to settled at while prices up 196 rupees. Now MCX Silver is getting support at and below same could see a test of level, And resistance is now likely to be seen at 39421, a move above could see prices testing Silver on MCX settled up 0.5% at as prices remained supported as the dollar fell and traders awaited the outcome of the U.S. Federal Reserve's two-day meeting. The Federal Reserve left interest rates unchanged at the end of its two-day policy meeting on Wednesday, keeping them in a range between 1.25% %. The Federal Reserve signalled that it would push ahead on its monetary policy tightening path as economic activity has been rising at a solid rate, while inflation remained low but is expected to "move up" in the coming months.

6 Analyst Speaks Gold MCX Technically Gold market is getting support at and below same could see a test of levels and resistance is now likely to be seen at 30056, a move above could see prices testing BUY GOLD APR AROUND TGTS 30070/30200 SL RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT

7 Analyst Speaks CRUDE OIL MCX Technically Crude Oil market is getting support at 4076 and below same could see a test of 4040 levels and resistance is now likely to be seen at 4135, a move above could see prices testing BUY CRUDE OIL FEB AROUND TGTS 4155/4185 SL 4090 RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT

8 Today s Economic Events COUNTRY TIME EVENT ACTUAL FORECAST PREVIOUS 7:00pm Prelim Nonfarm Productivity q/q 0.8% 3.0% Prelim Unit Labor Costs q/q 0.9% -0.2% USD Unemployment Claims 237K 233K 8:30pm ISM Manufacturing PMI :00pm Natural Gas Storage -102B -288B

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