(7 th -Jan-2019) 1
7 th -Jan-2019 MCX GOLD Daily Chart GOLD Commentary Fundamental News: Gold hit its much-awaited $1,300 target Friday, triggering an equally anticipated profit-taking raid that allows the market a breather after a three-week buildup. Technical Outlook: Gold has witnessed a mild profit booking rally. So, Buy above 31687 with TGT 31808 & 31959 SL 31565 or else Short below 31443 with TGT 31321 & 31170 SL 31565. Data to Watch: CANADA Ivey PMI, US ISM Non-Manufacturing PMI, CANADA Trade Balance, JAPAN Average Cash Earnings y/y, US FOMC Member Evans Speaks, CANADA Overnight Rate, US FOMC Unemployment Claims, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks, US FOMC Member Clarida Speaks, US CPI m/m, US Core CPI m/m. R1 31808 R2 31959 R3 32203 S1 31321 S2 31170 S3 30927 MCX SILVER Daily Chart SILVER Commentary Fundamental News: For one thing, Fed Chairman Jerome Powell has signaled that he might be more "patient" with rate hikes in 2019, just as President Donald Trump has been hoping the central bank would. silver futures fell 0.3% to $15.75 per troy ounce. Technical Outlook: Silver has witnessed a profit booking rally. Go long above 39345 with TGT of 39559 & 39823 and maintain SL of 39131 or else Sell below 38917 with TGT 38703 & 38439 and keep SL of 39131 level. R1 39559 R2 39823 R3 40251 Data to Watch: CANADA Ivey PMI, US ISM Non-Manufacturing PMI, CANADA Trade Balance, JAPAN Average Cash Earnings y/y, US FOMC Member Evans Speaks, CANADA Overnight Rate, US FOMC Unemployment Claims, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks, US FOMC Member Clarida Speaks, US CPI m/m, US Core CPI m/m. S1 38703 S2 38439 S3 38011 2
MCX CRUDE OIL Daily Chart CRUDE OIL Commentary Fundamental News: The Trump Administration seems to be achieving its tri-fold agenda of punishing Iran while balancing the world s energy needs and keeping oil prices low, as crude markets posted on Friday their largest weekly loss since February. Technical Outlook: Crude Oil may expect a recovery from lower level. Go long near 3368 With TGT of 3424 & 3501 and keep Sl of 3300 or else short near 3238 with TGT of 3176 & 3099 and keep stop loss of 3300. R1 3424 R2 3501 R3 3625 S1 3176 S2 3099 S3 2975 MCX NATURAL GAS Daily Chart Data to Watch: CANADA Ivey PMI, CANADA Trade Balance, JAPAN Average Cash Earnings y/y, US FOMC Member Evans Speaks, CANADA Overnight Rate, US Crude Oil Inventories, US FOMC Unemployment Claims, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks, US FOMC Member Clarida Speaks, US CPI m/m. NATURAL GAS Commentary Fundamental News: U.S. natural gas inventories dropped by much less than expected last week and prices that have moved lower over the past two weeks lost a bit of their early-morning gains. Technical Outlook: Natural Gas may expect a recovery rally until close below 200 level. Go Short below 209 with TGT of 203.6 & 197 and keep stop loss of 214.3 Or else Go long above 219.7 with TGT of 225.1 & 231.7 and Keep SL of 214.3 level. Data to Watch: US Natural Gas Storage. R1 225.1 R2 231.7 R3 242.4 S1 203.6 S2 197 S3 186.2 3
MCX COPPER Daily Chart COPPER Commentary Fundamental News: Copper s three-month price was the best performer over the afternoon, gaining more than 3% and reaching an intraday high of $5,933 per tonne. The metal s three-month price has been trading below $6,000 per tonne since December 20, Technical Outlook: Copper has witnessed a mixed bag. So, go long near 413.5 with TGT of 417.9 & 423.35 and maintain Stop loss of 409.1 or else go short near 404.75 with TGT 400.35 & 394.9 and keep sl of 409.1 level. R1 417.9 R2 423.35 R3 432.15 S1 400.35 S2 394.9 S3 386.15 MCX ALUMINIUM Daily Chart Unemployment Claims, GBP ECB Monetary Policy Meeting Accounts, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, GBP GDP m/m, GBP Manufacturing Production m/m, US CPI m/m, US Core CPI m/m. ALUMINIUM Commentary Fundamental News: The benchmark for the supply of aluminium to main Japanese ports (MJP) in the first quarter of 2019 has settled in a premium range of $83-85 per tonne cif over the London Metal Exchange price, the lowest level in more than two years. Technical Outlook: Aluminium has witnessed a short covering rally. So, go short below 127.4 with TGT of 126.25 & 124.8 keep SL of 128.6 & Go long near 129.75 with TGT of 130.95 & 132.4 and keep Sl of 128.6. R1 130.95 R2 132.4 R3 134.75 S1 126.25 S2 124.8 S3 122.45 Unemployment Claims, GBP ECB Monetary Policy Meeting Accounts, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks, US FOMC Member Clarida Speaks, GBP GDP m/m, GBP Manufacturing Production m/ m, US CPI m/m, US Core CPI m/m. 4
21 7 thst -Jan-2019 -May-2018 MCX LEAD Daily Chart LEAD Commentary Technical Outlook: Lead may expect a mixed trade. So, go long near 139.75 with TGT of 141.2 & 143 and keep SL of 138.3. Unemployment Claims, GBP ECB Monetary Policy Meeting Accounts, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks. R1 141.2 R2 143 R3 145.9 S1 135.35 S2 133.55 S3 130.65 MCX ZINC Daily Chart ZINC Commentary Technical Outlook: Zinc has remains in a high volatility trade. So, long near 173.4 with TGT of 175.1 & 177.25 and SL of 171.6. MCX NICKEL Daily Chart Unemployment Claims, GBP ECB Monetary Policy Meeting Accounts, US Fed Chair Powell Speaks, US FOMC Member Bullard Speaks, US FOMC Member Evans Speaks. R1 175.1 R2 177.25 R3 180.7 S1 168.2 S2 166.05 S3 162.6 NICKEL Commentary Technical Outlook: Nickel has witnessed a positive bias until close below 735 range. So, go long above 769.5 with TGT of 777.4 & 787.1 SL of 761.6 level. Member Rosengren Speak, US FOMC Meeting Minutes. R1 777.4 R2 787.1 R3 802.9 S1 745.8 S2 736.1 S3 720.3 5
Weekly MCX COMMODITY CHANGE Indices Close Change % GOLD 31456.00-142 -0.45 SILVER 39173.00 467 1.21 CRUDE OIL 3348.00 163 5.12 NATURAL GAS 210.10-22.4-9.63 COPPER 409.60-7.7-1.85 ALUMINIUM 130.15 0.65 0.50 LEAD 136.60-5.8-4.07 ZINC 171.55-2.25-1.29 NICKEL 773.10 29.5 3.97 ECONOMIC CALENDER Country Economic Event Forecast Previous Date &Time JAPAN Current Account 0.23T -0.78T 9th June (5.20 AM) JAPAN Final GDP q/q 1.4% 1.5% 9th June (5.20 AM) CANADA Housing Starts 185K 195K 9th June (5.45 PM) AUD RBA Gov Stevens Speaks - - 9th June (9.00 PM) GBP BRC Retail Sales Monitor y/y - 4.2% 10th June (4.31 AM) JAPAN Tertiary Industry Activity m/m -3.3% 2.4% 10th June (5.20 AM) AUD Home Loans m/m 0.3% -0.9% 10th June (7.00 AM) CHINA CPI y/y 2.4% 1.8% 10th June (7.00 AM) CHINA PPI y/y -1.5% -2.0% 10th June (7.00 AM) EUR French Industrial Production m/m 0.3% -0.7% 10th June (12.15 PM) CHINA New Loans 750B 775B 10th 14th June GBP Manufacturing Production m/m 0.4% 0.5% 10th June (2.00 PM) Source : Forex Factory 6
Source : Forex Factory Weekly Commodity Report ECONOMIC CALENDER 7
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