Published On 07 MAR 2019 Research Analyst Report 07 MAR 2019 GOLD 31,931 38,228 SILVER Premium Commodity Daily Journal Strictly for Client Circulation
Market Wrap Wed 06 Mar 2019 Scrip Name Contract Open High Low Close GOLD SILVER CRUDE OIL NATURAL GAS COPPER ZINC LEAD ALUMINIUM NICKEL 05-Apr-2019 03-May-2019 19-Mar-2019 26-Mar-2019 30-Apr-2019 32170 32298 31871 31948 38484 38640 38101 38165 3971 3977 3893 3938 204.2 204.7 198.4 199.4 459.65 460.45 454.5 455 197.1 198.5 196.25 196.9 148.6 148.6 146.45 147.6 145.55 145.85 144.1 144.3 960 965 950.4 955.1
Support & Resistance Thu 07 Mar 2019 Scrip Name GOLD SILVER CRUDE OIL NATURAL GAS COPPER ZINC LEAD ALUMINIUM NICKEL Contract 05-Apr-2019 03-May-2019 19-Mar-2019 26-Mar-2019 30-Apr-2019 Res 2 Res 1 Pivot Sup 1 Sup 2 32466 32207 32039 31780 31612 38841 38503 38302 37964 37763 4020 3979 3936 3895 3852 207.1 203.3 200.8 197.0 194.5 462.6 458.8 456.7 452.9 450.7 199.5 198.2 197.2 195.9 195.0 149.7 148.7 147.6 146.5 145.4 146.5 145.4 144.8 143.7 143.0 971.4 963.3 956.8 948.7 942.2
MCX Outlook Thu 07 Mar 2019 Crude Oil Tumbles On MCX, Futures Down 1.7 %- Crude oil futures tumbled today as global growth worries weighed on the market. Global economic growth will continue to weaken this year, with Euro Area countries experiencing the biggest slowdown, according to the Organisation for Economic Co-operation and Development (OECD). In its Interim Economic Statement, the OECD revised down growth for almost all of the world's 20 biggest economies, with the biggest downgrades in Germany and Italy. Vulnerabilities stemming from China and the weakening European economy, combined with a slowdown in trade and global manufacturing, high policy uncertainty and risks in financial markets, could undermine strong and sustainable medium-term growth worldwide. The OECD projects that the global economy will grow by 3.3% in 2019 and 3.4% in 2020. The outlook and projections cover all G20 economies. Copper Speculative Longs Fall Marginally- Large precious metals speculators slightly trimmed their bullish net positions in the Copper futures markets in February, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The noncommercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 878 contracts in the data reported through Tuesday February 19th. This was a weekly drop of -325 net contracts.the Copper net speculative position dipped after seeing improving positions in the previous four weeks in a row. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -2,437 contracts on the week. This was a weekly decline of -479 contracts from the total net of -1,958 contracts reported the previous week.
Market News Thu 07 Mar 2019 Special News Gold Falls Near Rs 32000 Per 10 Gram On MCX- Gold stayed slippery for another session yesterday as global equities stayed broadly supported on trade talk hopes and ideas that Chinese economic stimulus would support the world's second largest economy in near term. Chinese Premier Li Keqiang's annual work report to National People's Congress talked about wide-ranging tax cuts and targeted monetary support for the economy. China lowered its economic growth target for 2019 to a range of 6% to 6.5% from 2018 target of around 6.5%. However, targeted monetary stimuli could boost the economy in coming months. COMEX Gold futures are currently trading flat around $1288 per ounce. MCX Gold futures dropped sharply, testing lows near Rs 32100 per 10 grams and closed at Rs 32080 per 10 grams, down around 1% on the day as the Indian Rupee edged up. Indian rupee jumped on strength in local equities. INR added 42 paise to close at 70.49 per dollar. US Private Sector Job Growth Decelerates In February- US private sector job growth slowed in the month of February after spiking in January, according to a report released by payroll processor ADP on Wednesday. ADP said private sector employment increased by 183,000 jobs in February after soaring by an upwardly revised 300,000 jobs in January.
Commodity Buzz Thu 07 Mar 2019 MCX Aluminium under fresh buying; Support seen at 143.7. MCX Nickel may trade in a range between 971.4-942.2. Zinc market under fresh buying; Support seen at 195.0. Copper market under short covering; Support seen at 452.9. Natural Gas market under short covering; Support seen at 197. Crude Oil market under short covering Support seen at 3895. Silver market under short covering; Support seen at 37763. MCX Gold may trade in a range between 32466-31612.
Analyst Speaks Thu 07 Mar 2019 MCX GOLD Technically Gold market is getting support at 31780 and below same could see a test of 31612 levels and resistance is now likely to be seen at 32207, a move above could see prices testing 32466. GOLD APR SELL AROUND 31900-31920 TGTS 31800/31700 SL 32050 RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT 2 32466 32207 32039 31780 31612
Analyst Speaks Thu 07 Mar 2019 MCX CRUDE OIL Technically Crude Oil market is getting support at 3895 and below same could see a test of 3852 levels and resistance is now likely to be seen at 3979 a move above could see prices testing 4020. CRUDE OIL MAR BUY AROUND 3940-3930 TGTS 3990/4040 SL 3880 RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT 2 4020 3979 3936 3895 3852
Today s Economic Events Thu 07 Mar 2019 COUNTRY TIME EVENTS ACTUAL FORECAST PREVIOUS 07:00PM Unemployment Claims - 225K 225K USD 09:00PM Natural Gas Storage - -141B -166B 10:45PM FOMC Member Brainard Speaks - - -
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