Published On 23 JAN 2019 Research Analyst Report 23 GOLD 32,159 JAN 2019 SILVER 38,127 Premium Commodity Daily Journal Strictly for Client Circulation Email: research@24cfin.com & contactus@24cfin.com
Market Wrap Tue 22 Jan 2019 Scrip Name Contract Open High Low Close GOLD SILVER CRUDE OIL NATURAL GAS COPPER ZINC LEAD ALUMINIUM NICKEL 05-Feb-2019 05-Mar-2019 18-Feb-2019 26-Jan-2019 28-Feb-2019 31998 32194 31957 32160 38820 39130 38733 39072 3855 3858 3724 3749 232.6 239.4 219 221.3 423.2 424.4 419.5 420.15 184.1 187.7 183.35 185.9 142.9 144 142.35 143.3 132.35 135.5 131.95 135.2 835 835 820.3 823.4
Support & Resistance Wed 23 Jan 2019 Scrip Name GOLD SILVER CRUDE OIL NATURAL GAS COPPER ZINC LEAD ALUMINIUM NICKEL Contract 05-Feb-2019 05-Mar-2019 18-Feb-2019 26-Jan-2019 28-Feb-2019 Res 2 Res 1 Pivot Sup 1 Sup 2 32341 32250 32104 32013 31867 39375 39224 38978 38827 38581 3911 3830 3777 3696 3643 247.0 234.1 226.6 213.7 206.2 426.3 423.2 421.4 418.3 416.5 190.0 188.0 185.7 183.6 181.3 144.9 144.1 143.2 142.4 141.6 137.8 136.5 134.2 132.9 130.7 840.9 832.2 826.2 817.5 811.5
MCX Outlook Wed 23 Jan 2019 Crude Tanks 3 % On MCX- Crude oil futures tumbled yesterday as a recent correction continued amid heavy selling pressure on global growth worries. WTI Crude tested near $52 per barrel before recovering and quotes flat at $53 per barrel right now. MCX Crude crashed 3% to close at Rs 3755 per barrel. Global stocks fell amid concerns on slowing global growth after IMF slashed its world economic forecast. DOW dropped more than a percent. European stocks slipped as global growth worries resurfaced and UK Prime Minister Theresa May's much-anticipated plan B on Brexit triggered caution. Asian markets were also lower with the Chinese stocks down more than 1%. Global Zinc Output Up 2 % Last Year- The latest update from International Lead and Zinc Study Group (ILZSG) showed that the global zinc market witnessed a supply shortage of 97kt in November, taking the 2018 YTD deficit to 326kt - this compares to a full-year deficit of 452kt in 2017. Global zinc mine production rose around 2% in 2018; however low treatment charges (TC) weighed on refined output for much of the year. The global lead market also saw a supply shortage of 35kt in November, taking the 2018 YTD deficit to 95kt, compared to a full year deficit of 147kt in 2017.
Market News Wed 23 Jan 2019 Special News Gold Sees Buying Support, INR In Focus- COMEX Gold futures stayed supported on global economic concerns. IMF Managing Director Christine Lagarde said yesterday that the fund has cut its global growth forecast for 2019 to 3.5% from 3.7% due to the high level of economic risks that are accelerating around the globe. These include the US-China trade war, Brexit and China's slowing economy. Global equities were rattled by the growth concerns and the COMEX Gold futures rose from a three week low and currently trade at $1284 per ounce, up marginally on the day. MCX Gold futures ended at Rs 32158 per 10 grams, up 0.36% on the day. Meanwhile, the Indian rupee fell by 16 paise to record its third straight session of loss -- to close at 71.44 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities. The continued weakness in INR can keep the local Gold futures supported further. Rupee recovers, opens 27 paise higher against US dollar- The rupee opened 27 paise higher at 71.17 against the US dollar on Wednesday amid fall in Asian equities and flat crude oil prices. In the previous session, prices of crude oil futures slumped 2 per cent on concerns over global growth. The domestic unit skidded by 16 paise on Tuesday to settle at 71.44 amid strengthening of the greenback and heavy selling in domestic equities.
Commodity Buzz Wed 23 Jan 2019 Aluminium market under fresh selling; Support seen at 130.8. MCX Nickel under fresh selling; Support seen at 833.7. MCX Zinc likely to trade in a range between 181.7-187.7. Copper market under fresh selling; Support seen at 420. MCX Natural Gas likely to trade in a range between 217.8-246.4. Crude Oil market under fresh buying; Support seen at 3842. MCX Silver may trade in a range between 38549-39393. Gold market under long liquidation; Support seen at 31953.
Analyst Speaks Wed 23 Jan 2019 MCX GOLD Technically Gold market is getting support at 32013 and below same could see a test of 31867 levels and resistance is now likely to be seen at 32250, a move above could see prices testing 32341. GOLD FEB BUY ABOVE 32200 TGTS 32300/32400 SL 32100 RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT 2 32341 32250 32104 32013 31867
Analyst Speaks Wed 23 Jan 2019 MCX CRUDE OIL Technically Crude Oil market is getting support at 3696 and below same could see a test of 3643 levels and resistance is now likely to be seen at 3803 a move above could see prices testing 3911. CRUDE OIL FEB SELL AROUND 3800-3010 TGTS 3760/3720 SL 3850 RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT 2 3911 3830 3777 3696 3643
Today s Economic Events Wed 23 Jan 2019 COUNTRY USD TIME EVENTS ACTUAL FORECAST PREVIOUS 07:30PM HPI m/m - 0.3% 0.3%
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