444 TheEquicom Investment Advisors Coming Together Is Beginning, Working together is Success. MCX COMMODITY WEEKLY REPORT. 14 TO 18 JAN. 2019 www.theequicom.com 09200009266. Page 1
BULLION:- Gold rally hits speed bump as US payrolls data registers 'monster' growth Gold s recent surge may have hit a speed bump. Bullion posted its first loss of 2019 on Friday and the biggest in two weeks as stronger-than-expected US payrolls data crimped demand for the metal as a haven. The decline eroded gold s weekly gain, which was the third straight. The slide comes after bullion rose above $1,300 an ounce earlier for the first time since June as investors piled into the metal amid a slump in equities, a U.S. government shutdown and mounting concerns over the outlook for global economic growth. Haven demand for bullion was also curbed Friday by the prospect of a thaw in US-China trade tensions. The payrolls figures was a monster number, said Tai Wong, head of base and precious metals derivatives trading at BMO Capital Markets. BASE METAL: Global non-ferrous metal prices may not correct further: Icra report The global non-ferrous metal prices, which witnessed a correction in the last five months due to concern over the trade war between the US and China, are unlikely to correct significantly further, a report by Icra said. According to the rating agency, the demand-supply fundamentals would not justify any further major correction, as the global market of these metals is currently in deficit. In the full calendar year 2018, the aluminium, copper and zinc markets have remained in deficit. Consequently, the risk of a further downside in base metal prices seems low in the near term, Icra President Jayanta Roy said. The agency said the global aluminium market has remained in deficit for the last six quarters because of capacity cut backs in China. ENERGY: Oil prices likely to gain early 2019 after production cuts: OPEC ministers Oil ministers from leading OPEC nations said Sunday they expect prices will arrest their recent slide and rebalance early next year, when a deal on new production cuts takes effect. Oil prices have shed more than 36 per cent since early October to trade at $54 (47 euros) per barrel, due to fears of oversupply and weak global demand. But president of OPEC and UAE Energy Minister Suhail al-mazrouei said that the surplus in the oil market was small compared to 2017 and expected it to vanish in one or two months. "Based on available figures, we have around 26 million barrels of surplus... compared to 340 million barrels in early 2017," Mazrouei told a press conference in Kuwait City. www.theequicom.com 09200009266. Page 2
TECHNICAL ANALYSIS GOLD (05 FEB.) OUTLOOK: TREND :- BULLISH. RESISTANCE :- 32180,32430 SUPPORT :- 31680,31430 STRATEGY :- BUY ON DIPS. TECHNICAL OUTLOOK Technically the trend in the Gold Feb. contract looks Bullish and is likely to continue with the trend for near term. Support is seen at 31680 while resistance is seen at level 32180. Traders may Buy around 31930 with the stop loss of 31680 for the target of 32180 according to our analyst at Theequicom. In Comex, gold has strong resistance at $1340. This week gold closed above $1285. Major support now at $1240-$1250 and strong resistance at $1340-1350. www.theequicom.com 09200009266. Page 3
SILVER (05 MAR.) OUTLOOK: TREND :- BULLISH. RESISTANCE :- 39800,40300. SUPPORT :- 38800,38300. STRATEGY :- BUY ON DIPS. TECHNICAL OUTLOOK Technically the trend in the Silver Mar. contract looks Bullish is likely to continue with the trend for near term. Support is seen at 38800 while resistance is seen at 39800 level. Traders may Buy around 39350 with the stop loss of 38800 for the target of 39800, according to our analyst at Theequicom. MCX Silver Mar. Contract, showed Bullish movement and made a weekly High of 39761. In Comex silver has a resistance of $16.10 and strong support at $15.10. \\ www.theequicom.com 09200009266. Page 4
CRUDEOIL (18 JAN.) OUTLOOK: TREND :- BULLISH. RESISTANCE :- 3705,3805. SUPPORT :- 3525,3420. STRATEGY :- BUY ON DIPS. TECHNICAL OUTLOOK The trend in MCX crude oil Jan. Contract looks Bullish and further Upside is expected for near term. Support is seen at 3525 while resistance is seen at 3705 level. Traders may Buy around 3640. With the stop loss of 3525 for the target of 3705, according to our analyst at Theequicom. www.theequicom.com 09200009266. Page 5
COPPER (28 FEB.) OUTLOOK: TREND :- CONSOLIDATE. RESISTANCE :- 421.00,426.00 SUPPORT :- 411.00,406.00 STRATEGY :- BUY ON DIPS. P TECHNICAL OUTLOOK The trend in MCX Copper Feb. contract looks Consolidate and further Upside is expected for near term. Support is seen at 411.00 while resistance is seen at 421.00 level. Traders may Buy around 416.00 with the stop loss of 411.00 for the target of 421.00 According to our analyst at Theequicom. www.theequicom.com 09200009266. Page 6
INTERNATIONAL MARKET GOLD 1291.0 SILVER 15.555 COPPER 2.6373 CRUDEOIL 51.43 NATURAL GAS 3.305 USDINR 70.540 EURUSD 1.1472 USDJPY 108.12 USDCHF 0.9832 GBPUSD 1.2847 USDCAD 1.3278 www.theequicom.com 09200009266. Page 7
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