(28 th -Jan-2019) 1
28 th -Jan-2019 MCX GOLD Daily Chart GOLD Commentary Fundamental News: Gold touched the lows of January early in the week but has bounced back and is now at the best levels since last Friday. Technical Outlook: Gold has witnessed a positive bias and it possible to 32800 level by positional. So, Buy near 32309 with TGT 32390 & 32490 SL 32227 or else Short below 32146 with TGT 32065 & 31965 SL 32227. R1 32490 R2 32652 R3 32800 S1 32065 S2 31965 S3 31802 MCX SILVER Daily Chart Data to Watch: US CB Consumer Confidence, US ADP Non-Farm Employment Change, US FOMC Statement, US Federal Funds Rate, CHINA Manufacturing PMI, CANADA GDP m/m, CANADA RMPI m/ m, US Core PCE Price Index m/m, US Employment Cost Index q/q, US Personal Spending m/m, US Chicago PMI, CHINA Caixin Manufacturing PMI, US Average Hourly Earnings m/m, US Non- Farm Employment Change, US Unemployment Rate, US ISM SILVER Commentary Fundamental News: The U.S. dollar has weakened again ahead of next week s FOMC meeting amid growing expectations that the [Federal Reserve] will reiterate the need to pause its [interestrate] hiking cycle. Technical Outlook: Silver has witnessed a positive bias. Go long near 39563 with TGT of 39775 & 39984 and maintain SL of 39374 or else Sell below 39186 with TGT 38997 & 38764 and keep SL of 39374 level. R1 39775 R2 39984 R3 40361 Data to Watch: US CB Consumer Confidence, US ADP Non-Farm Employment Change, US FOMC Statement, US Federal Funds Rate, CHINA Manufacturing PMI, CANADA GDP m/m, CANADA RMPI m/ m, US Core PCE Price Index m/m, US Employment Cost Index q/q, US Personal Spending m/m, US Chicago PMI, CHINA Caixin Manufacturing PMI, US Average Hourly Earnings m/m, US Non- Farm Employment Change, US Unemployment Rate, US ISM S1 38997 S2 38764 S3 38387 2
MCX CRUDE OIL Daily Chart CRUDE OIL Commentary Fundamental News: Oil prices rose on Friday as turmoil in Venezuela triggered concerns that its crude exports could soon be disrupted. Technical Outlook: Crude Oil may expect a positive range bound trade. Go long above 3844 With TGT of 3881 & 3927 and keep Sl of 3807 or else short below 3770 with TGT of 3733 & 3687 and keep stop loss of 3807. R1 3860 R2 3927 R3 4001 S1 3733 S2 3687 S3 3613 MCX NATURAL GAS Daily Chart Data to Watch: US CB Consumer Confidence, US ADP Non-Farm Employment Change, US Crude Oil Inventories, US FOMC Statement, US Federal Funds Rate, CHINA Manufacturing PMI, CANADA GDP m/m, CANADA RMPI m/m, US Employment Cost Index q/q, US Personal Spending m/m, US Chicago PMI, CHINA Caixin Manufacturing PMI, US Average Hourly Earnings m/m, US Non-Farm Employment Change, US Unemployment Rate, US ISM NATURAL GAS Commentary Fundamental News: Enbridge Inc reversed the direction of natural gas flows on its Texas Eastern (TETCO) pipeline in Ohio after an explosion on one of its lines there on Monday, according to financial data provider Refinitiv. Technical Outlook: Natural Gas has witnessed a range bound trade. Go Short below 220.6 with TGT of 215.3 & 208.7 and keep stop loss of 225.9 Or else Go long above 231.3 with TGT of 236.6 & 243.2 and Keep SL of 225.9 level. Data to Watch: US Natural Gas Storage. R1 236.6 R2 243.2 R3 253.8 S1 215.3 S2 208.7 S3 198 3
MCX COPPER Daily Chart COPPER Commentary Fundamental News: Copper s three-month price appreciated by 2.2% over the afternoon and total volumes traded topped the complex with 20,400 lots changing hands. Technical Outlook: Copper has witnessed a positive rally with resistance of 445.5 level and to utilize a drop for buying opportunity. So, go long near 427 with TGT of 434.5 & 445.5 and maintain Stop loss of 424 or else go short near 421.1 with TGT 418.15 & 414.5 and keep sl of 424 level. R1 434.5 R2 439.55 R3 445.5 S1 418.15 S2 414.5 S3 408.55 MCX ALUMINIUM Daily Chart Data to Watch: EUR ECB President Draghi Speaks, US CB Consumer Confidence, US ADP Non-Farm Employment Change, US Federal Funds Rate, CHINA Manufacturing PMI, US Core PCE Price Index m/m, US Employment Cost Index q/q, US Personal Spending m/m, US Chicago PMI, CHINA Caixin Manufacturing PMI, GBP Manufacturing PMI, US Average Hourly Earnings m/m, US Non- Farm Employment Change, US Unemployment Rate, US ISM ALUMINIUM Commentary Fundamental News: Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Friday January 25, with a downturn in the US dollar index supporting higher prices. Technical Outlook: Aluminium has witnessed a positive range bound trade. So, go short below 133.35 with TGT of 132.35 & 131.1 keep SL of 134.35 & Go long above 135.35 with TGT of 136.35 & 137.6 and keep Sl of 134.35. R1 136.35 R2 137.6 R3 139.6 S1 132.35 S2 131.1 S3 129.05 Data to Watch: EUR ECB President Draghi Speaks, US CB Consumer Confidence, US ADP Non-Farm Employment Change, US Federal Funds Rate, CHINA Manufacturing PMI, US Core PCE Price Index m/m, US Employment Cost Index q/q, US Personal Spending m/m, US Chicago PMI, CHINA Caixin Manufacturing PMI, GBP Manufacturing PMI, US Average Hourly Earnings m/m, US Non- Farm Employment Change, US Unemployment Rate, US ISM 4
21 28 st th -May-2018 -Jan-2019 MCX LEAD Daily Chart LEAD Commentary Technical Outlook: Lead was the third metal to break past its nearby support level over the afternoon, trading above $2,100 per tonne and reaching its highest level since October 16, 2018. So, go long near 148.45 with TGT of 149.9 & 151.65 and keep SL of 146.9. MCX ZINC Daily Chart Data to Watch: EUR ECB President Draghi Speaks, US ADP Non- Farm Employment Change, US Federal Funds Rate, CHINA Manufacturing PMI, US Employment Cost Index q/q, US Chicago PMI, CHINA Caixin Manufacturing PMI. R1 149.9 R2 151.65 R3 154.5 S1 144.1 S2 142.3 S3 139.45 ZINC Commentary Technical Outlook: Zinc s three-month price is also trending higher and is taking a significant step towards $2,700 per tonne. So, long near 190.15 with TGT of 191.7 & 193.6 and SL of 188.6. MCX NICKEL Daily Chart Data to Watch: EUR ECB President Draghi Speaks, US CB Consumer Confidence, US ADP Non-Farm Employment Change, US Federal Funds Rate, CHINA Manufacturing PMI, US Core PCE Price Index m/m, US Employment Cost Index q/q, US Personal Spending m/m, US Chicago PMI, CHINA Caixin Manufacturing PMI. R1 191.7 R2 193.6 R3 196.7 S1 185.5 S2 183.6 S3 180.5 NICKEL Commentary Technical Outlook: Nickel has witnessed a positive bias. So, go long near 841.3 with TGT of 846.3 & 852.3 SL of 836.4 level. Data to Watch: EUR ECB President Draghi Speaks, US CB Consumer Confidence, US ADP Non-Farm Employment Change, US Federal Funds Rate, CHINA Manufacturing PMI. R1 846.3 R2 852.3 R3 862.2 S1 826.5 S2 820.5 S3 810.6 5
Weekly MCX COMMODITY CHANGE Indices Close Change % GOLD 32343.00 252 0.79 SILVER 39670.00 472 1.20 CRUDE OIL 3812.00-42 -1.09 NATURAL GAS 224.50-13.7-5.75 COPPER 428.50-0.85-0.20 ALUMINIUM 134.65 1.55 1.16 LEAD 149.20 7.35 5.18 ZINC 191.20 5.9 3.18 NICKEL 842.80 4.9 0.58 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
Source : Forex Factory Weekly Commodity Report ECONOMIC CALENDER 8
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