2019 MCX DAILY REPORT REVENUE MAKER FINANCIAL SERVICES 12/4/2019
MARKET UPDATE BULLIONS Bullion counter may witness some profit booking at higher levels. Gold on Thursday hovered near a two-week peak touched in the previous session, as the dollar struggled after the U.S. Federal Reserve and the European Central Bank signalled steady interest rates amid a slowing global economy. The dollar held near two-week lows as Fed minutes reinforced dovish policy expectations while the pound held recent ranges after European leaders extended the deadline for Britain to leave the union, averting a no-deal Brexit. Gold can dip towards 32100 while facing resistance near 32400. Silver can test 37500 while facing resistance near 37900. The Fed is likely to leave interest rates unchanged this year given risks to the U.S. economy from a global slowdown and uncertainty over trade policies and financial conditions, according to the minutes from its March 19-20 policy meeting. U.S. consumer prices increased by the most in 14 months in March, but the underlying inflation trend remained benign amid slowing domestic and global economic growth. European Union leaders agreed to grant British Prime Minister Theresa May a new Brexit deadline of Oct. 31, officials said, after French President Emmanuel Macron opposed efforts to give her another year. 2 www.revenuemaker.in REVENUE MAKER FINANCIAL SERVICES
GOLD (DAILY) S3 S2 S1 PIVOT R1 R2 R3 GOLD 30909 31407 31578 31905 32076 32403 32901 TECHNICAL OUTLOOK : Gold price has slipped more than 1% after positive unemployment data for US economy and Higher Rupee against USD. On the daily chart, price has pulled back from the bottom and given trend line breakout. Moreover, price has also sustained above 21 days DEMA which supports bullish move in the counter. Furthermore, A momentum indicator RSI (14) and MACD has reversed to bullish trend with positive crossover. which may keep the prices upside. So based on the above technical analysis, we expect bullish move in Gold for the day. 3 www.revenuemaker.in REVENUE MAKER FINANCIAL SERVICES
SILVER (DAILY) S3 S2 S1 PIVOT R1 R2 R3 SILVER 35497 36338 36629 37179 37470 38020 38861 TECHNICAL OUTLOOK : MCX Silver fell down by 1.5% during Thursday session. On a weekly time frame, price has taken a support at lower Bollinger band and pulled back from there, which indicates further reversal from that level. On the daily chart, price has sustained above the trend line, supported by 21 days DEMA, which suggest robust movement in the counter. A momentum indicator RSI (14) and MACD has shown positive crossover. So based on the above technical structure, we expect upside move for the day. 4 www.revenuemaker.in REVENUE MAKER FINANCIAL SERVICES
MARKET UPDATE ENERGY Crude oil may trade lower as oil prices fell on Thursday after U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production. U.S. crude inventories rose 7 million barrels to 456.6 million barrels in the last week, their highest since November 2017, the Energy Information Administration said on Wednesday. Crude oil may dip lower towards 4430 while facing resistance near 4500 in MCX. U.S. crude oil production EIA remained at a record 12.2 million barrels per day (bpd), making the United States the world s biggest oil producer ahead of Russia and Saudi Arabia. Despite this growth in U.S. supply, global oil markets remain tight amid supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), U.S. sanctions on oil exporters Iran and Venezuela, and escalating fighting in Libya. Venezuela s oil output sank to a new long-term low last month due to U.S. sanctions and blackouts, with production plunging to 960,000 bpd in March, a drop of almost 500,000 bpd from February. Natural gas may witness lower level buying as it can test 192 while taking support near 183 in MCX. U.S. natural gas futures gained less than a penny on Wednesday as declining output offset forecasts for cooler weather and less heating demand next week. 5 www.revenuemaker.in REVENUE MAKER FINANCIAL SERVICES
CRUDEOIL (DAILY) S3 S2 S1 PIVOT R1 R2 R3 CRUDEOIL 4237 4323 4356 4409 4442 4495 4581 TECHNICAL OUTLOOK : Oil prices trader lower Thursday, pulling back from five-month highs, as the International Energy Agency s monthly report shifted attention from recent supplyside issues to the uncertainty surrounding demand. On a weekly chart, Price has sustained above 50% Retracement Level which acts as a support for bullish trend. In addition, daily price has been trading above Parabolic SAR, which suggest strong bullish trend to unfold. Moreover, price has moved above 21 days DEMA, which signifies bullish sentiments in the counter. Hence, we expect bullish move for the day. 6 www.revenuemaker.in REVENUE MAKER FINANCIAL SERVICES
MARKET UPDATE METALS Base metals prices may trade with negative bias. London copper on Thursday was almost unchanged, as support from progressing U.S.-China trade talks was countered by rising supply and concerns about a global slowdown. Copper may test 442 while facing resistance near 455 in MCX. Copper stockpiles in warehouses monitored by the Shanghai Futures Exchange stayed at 257,320 tonnes by the end of last week, up from around 100,000 tonnes at the beginning of this year. Chinese miner MMG Ltd has sent some supplies and personnel to its copper mine Las Bambas after protesters in Peru partially suspended their two-month road blockades, a company source said on Wednesday. Chile s Codelco, the world s biggest copper producer, is set to shell out $40 billion in 10 years to overhaul its century-old Chuquicamata and El Teniente mines. Zinc can test 222 while facing resistance near 226. Lead can move in range of 133-136. Nickel may dip towards 900 while facing resistance near 920. Aluminum prices may trade in range of 146-149. 7 www.revenuemaker.in REVENUE MAKER FINANCIAL SERVICES
COPPER (DAILY) S3 S2 S1 PIVOT R1 R2 R3 COPPER 431.00 437.00 439.50 443.00 445.50 449.00 455.00 TECHNICAL OUTLOOK : MCX Copper prices were slightly down on Thursday session and finding a support at lower Bollinger Band formation. On a weekly time frame, price rose again after a small correction in last week. On the daily chart, price has still been trading above Channel formation, supported by 21 days DEMA which suggest further upside for near term. In addition, a momentum indicator RSI (14) and MACD has shown positive crossover. Hence, we are expecting bullish movement for the day. 8 www.revenuemaker.in REVENUE MAKER FINANCIAL SERVICES
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