(26 th -Nov-2018) 1
26 th -Nov-2018 MCX GOLD Daily Chart GOLD Commentary Fundamental News: The first gold coins appeared around 560 B.C. Over time it became a practice to store larger amounts of gold in warehouses. Paper receipts were issued certifying that the gold was on deposit. Technical Outlook: Gold has witnessed a negative bias with positional support in between 30280 to 30318 level. So, Buy above 30769 with TGT 30889 & 31037 SL 30649 or else Short near 30529 with TGT 30409 & 30318 SL 30649. R1 30889 R2 31037 R3 31277 S1 30409 S2 30318 S3 30021 MCX SILVER Daily Chart Data to Watch: US CB Consumer Confidence, US FOMC Member Bostic Speaks, US Prelim GDP q/q, US Fed Chair Powell Speaks, ALL G20 Meetings, CANADA Current Account, US Core PCE Price Index m/m, US Personal Spending m/m, US Unemployment Claims, US FOMC Meeting Minutes, CHINA Manufacturing PMI, CHINA Non- Manufacturing PMI, CANADA GDP m/m, CANADA RMPI m/m, US FOMC Member Williams Speaks, US Chicago PMI. SILVER Commentary Fundamental News: The major silver miners stocks have been largely abandoned this year, spiraling to brutal multi-year lows. Such miserable technicals have exacerbated the extreme bearishness plaguing this tiny contrarian sector. While profitable silver mining is challenging at today s exceedingly-low silver prices, these miners are chugging along. Their recently-reported Q3 18 results show their earnings are ready to soar as silver recovers. Technical Outlook: Silver has witnessed a negative range bound trade. Go long above 36560 with TGT of 36811 & 37121 and maintain SL of 36309 or else Sell near 36058 with TGT 35807 & 35497 and keep SL of 36309 level. R1 36811 R2 37121 R3 37623 S1 35807 S2 35497 S3 34995 Data to Watch: US CB Consumer Confidence, US FOMC Member Bostic Speaks, US Prelim GDP q/q, US Fed Chair Powell Speaks, ALL G20 Meetings, CANADA Current Account, US Core PCE Price Index m/m, US Personal Spending m/m, US Unemployment Claims, US FOMC Meeting Minutes, CHINA Manufacturing PMI, CHINA Non- Manufacturing PMI, CANADA GDP m/m, CANADA RMPI m/m, US FOMC Member Williams Speaks, US Chicago PMI. 2
MCX CRUDE OIL Daily Chart CRUDE OIL Commentary Fundamental News: The short version is that oil prices are a reflection of supply and demand. Global demand has already been falling for the last several months and oil prices are now waking up that reality. Technical Outlook: Crude Oil has remains in under selling pressure. Go long above 3894 With TGT of 4005 & 4141 and keep Sl of 3783 or else short near 3673 with TGT of 3562 & 3426 and keep stop loss of 3783. R1 4005 R2 4141 R3 4362 S1 3562 S2 3426 S3 3204 MCX NATURAL GAS Daily Chart Data to Watch: US CB Consumer Confidence, US FOMC Member Bostic Speaks, US Prelim GDP q/q, US Crude Oil Inventories, US Fed Chair Powell Speaks, ALL G20 Meetings, CANADA Current Account, US Personal Spending m/m, US Unemployment Claims, US FOMC Meeting Minutes, CHINA Manufacturing PMI, CANADA GDP m/m, CANADA RMPI m/m, US FOMC Member Williams Speaks, US Chicago PMI. NATURAL GAS Commentary Fundamental News: Natural gas markets continue to be very volatile, after seeing so much in the way of gains over the last couple of weeks. We are going to finish the week with a less than impressive bullish tone, and I think it s only a matter of time before we see this market completely rollover. Technical Outlook: R1 336.6 R2 349.4 R3 370.1 Natural Gas has witnessed a high volatility trade and also positive bias has remains in this counter. Until close below 285 level. Go long above 326.2 with TGT of 336.6 & 349.4 and Keep SL of 315.8 level or else Go Short below 305.5 with TGT of 295.1 & 282.3 and keep stop loss of 315.8 Data to Watch: US Natural Gas Storage. S1 295.1 S2 282.3 S3 261.5 3
MCX COPPER Daily Chart COPPER Commentary Fundamental News: Copper s 12,059 lots a close second. Across the afternoon however, selling pressure began to mount across base metals. Technical Outlook: Copper has witnessed a negative range bound trade. So, go long above 439.6 with TGT of 443.4 & 448.1 and maintain Stop loss of 435.75 or else go short near 431.95 with TGT 428.15 & 423.4 and keep sl of 435.75 level. R1 443.4 R2 448.1 R3 455.75 S1 428.15 S2 423.4 S3 415.8 MCX ALUMINIUM Daily Chart Member Bostic Speaks, GBP Bank Stress Test Results, US Prelim GDP q/q, US Fed Chair Powell Speaks, ALL G20 Meetings, EUR German Prelim CPI m/m, US Core PCE Price Index m/m, US Personal Spending m/m, US Unemployment Claims, US FOMC Meeting Minutes, CHINA Manufacturing PMI, EUR CPI Flash Estimate y/y, EUR Core CPI Flash Estimate y/y, US FOMC Member Williams Speaks, US Chicago PMI. ALUMINIUM Commentary Fundamental News: QME made its debut in October this year when it launched a spot domestic alumina price. But liquidity has been slow to build up and few alumina market participants in China are using the spot platform. Technical Outlook: Aluminium has witnessed a tight negative range bound trade. So, go short near 136.65 with TGT of 135.85 & 134.75 keep SL of 137.5 & Go long above 138.3 with TGT of 139.1 & 140.1 and keep Sl of 137.5. R1 139.1 R2 141.7 R3 143.9 S1 135.85 S2 134.75 S3 133 Member Bostic Speaks, GBP Bank Stress Test Results, US Prelim GDP q/q, US Fed Chair Powell Speaks, ALL G20 Meetings, EUR German Prelim CPI m/m, US Core PCE Price Index m/m, US Personal Spending m/m, US Unemployment Claims, US FOMC Meeting Minutes, CHINA Manufacturing PMI, EUR CPI Flash Estimate y/y, EUR Core CPI Flash Estimate y/y, US FOMC Member Williams Speaks, US Chicago PMI. 4
26 21 th st -Nov-2018 -May-2018 MCX LEAD Daily Chart LEAD Commentary Technical Outlook: Lead has witnessed a momentum trade. So, go short near 137.6 with TGT of 135.95 & 133.95 and keep SL of 139.2. Member Bostic Speaks, GBP Bank Stress Test Results, US Prelim GDP q/q, US Fed Chair Powell Speaks, ALL G20 Meetings, EUR German Prelim CPI m/m, US Core PCE Price Index m/m, US Personal Spending m/m, US Unemployment Claims. R1 142.45 R2 144.45 R3 147.7 S1 135.95 S2 133.95 S3 130.7 MCX ZINC Daily Chart ZINC Commentary Technical Outlook: Zinc has witnessed a high volatility trade. So, short near 182.85 with TGT of 180.35 & 177.25 and SL of 185.35. Member Bostic Speaks, GBP Bank Stress Test Results, US Prelim GDP q/q, US Fed Chair Powell Speaks, ALL G20 Meetings, EUR German Prelim CPI m/m, US Core PCE Price Index m/m. MCX NICKEL Daily Chart R1 190.3 R2 193.4 R3 198..4 S1 180.35 S2 177.25 S3 172.3 NICKEL Commentary Technical Outlook: Nickel has witnessed a support near 740 range. So, go short near 764.4 with TGT of 753.5 & 740 SL of 775.4 level. Member Bostic Speaks, GBP Bank Stress Test Results. R1 797.3 R2 810.8 R3 832.7 S1 753.5 S2 740 S3 718.1 5
Weekly MCX COMMODITY CHANGE Indices Close Change % GOLD 30495.00-512 -1.65 SILVER 36061.00-930 -2.51 CRUDE OIL 3623.00-486 -11.83 NATURAL GAS 312.20 14.3 4.80 COPPER 429.85-13.05-2.95 ALUMINIUM 136.65-2.65-1.90 LEAD 137.10-6.6-4.59 ZINC 181.95-10.25-5.33 NICKEL 764.40-52.3-6.40 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 ECONOMIC CALENDER 7
Source : Forex Factory ECONOMIC CALENDER 8
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