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MCX GOLD Daily Chart GOLD Commentary Fundamental News: The price of gold has been feeling the pressure lately from a stronger U.S. dollar, which is at a four-month high, and rising Treasury yields. Technical Outlook: Gold has witnessed a profit booking near 31153 level. So, Buy above 31353 with TGT 31458 & 31727 SL 31258 or else Short near 31153 with TGT 30930 & 30727 SL 31258. Speaks, US PPI m/m, US Core PPI m/m, CHINA CPI y/y, CHINA PPI y/y, US CPI m/m, US Core CPI m/m, US Unemployment Claims, CANADA Employment Change, CANADA Unemployment Rate, US Prelim UoM Consumer Sentiment. R1 31154 R2 31458 R3 31757 S1 30926 S2 30727 S3 30312 MCX SILVER Daily Chart SILVER Commentary FOMC Member Harker Speaks Fundamental News: Silver recovery phase from 16.06 (01/05/2018 low) continues, trading above 16.40 and heading along the 16.50 range. Technical Outlook: Silver has witnessed a range bound trade in between 38231 to 40830 levels. Go long near 38987 with TGT of 39315 & 39915 and maintain SL of 38561 or else Sell near 40268 with TGT 39915 & 39489 and keep SL of 40500 level. Speaks, US PPI m/m, US Core PPI m/m, CHINA CPI y/y, CHINA PPI y/y, US CPI m/m, US Core CPI m/m, US Unemployment Claims, CANADA Employment Change, CANADA Unemployment Rate, US Prelim UoM Consumer Sentiment. R1 39877 R2 40268 R3 40830 S1 39324 S2 38987 S3 38231 2
MCX CRUDE OIL Daily Chart CRUDE OIL Commentary Fundamental News: Crude oil markets initially fell during the week, but then ended up finding enough buyers to jump in and. push to the upside. Crude oil markets have been very bullish over the majority of the previous year, and it looks like we are nowhere near the end of the uptrend. Technical Outlook: Crude Oil may expect a profit booking near 4705 nor 4794 levels. Go Short near 4705 With TGT of 4660 & 4615 and keep Sl of 4755 or else long near 4523 with TGT of 4565 & 4607 and keep stop loss of 4470. R1 4705 R2 4794 R3 4840 S1 4523 S2 4433 S3 4343 MCX NATURAL GAS Daily Chart Speaks, US PPI m/m, US Core PPI m/m, US Crude Oil Inventories, CHINA CPI y/y, CHINA PPI y/y, US CPI m/m, US Core CPI m/m, US Unemployment Claims, CANADA Employment Change, CANADA Unemployment Rate, US Prelim UoM Consumer Sentiment. NATURAL GAS Commentary Fundamental News: The natural gas markets initially tried to rally during the week but found the $2.80 level to be far too resistant to continue going higher. Technical Outlook: Natural Gas has witnessed a range bound trade in between 158.8 to 201.3 level. Go Short below 181 with TGT of 173.5 & 168.5 and keep stop loss of 187 Or else Go long near 173.3 with TGT of 178 & 183 and Keep SL of 167 level. Data to Watch: US Natural Gas Storage. R1 187.2 R2 194.1 R3 201.3 S1 173.3 S2 168.5 S3 158.8 3
MCX COPPER Daily Chart COPPER Commentary Fundamental News: Copper for July settlement on the Comex division of the New York Mercantile Exchange fell 0.55 cents or 0.2% to $3.0750 per lb. Yesterday, Unites States non-ferrous scrap exports to China were brought to a halt on news that the Chinese government has implemented a 30-day suspension on its North America customs inspection division. Technical Outlook: Copper has witnessed a range bound trade. So, go long near 445.35 with TGT of 450.3 & 455.6 and maintain Stop loss of 440 or else go short near 461.6 with TGT 456 & 451.3 and keep sl of 467 level. R1 461.6 R2 466.6 R3 473 S1 445.35 S2 433.7 S3 421.1 MCX ALUMINIUM Daily Chart Data to Watch: CHINA Trade Balance, US Fed Chair Powell Speaks, US PPI m/m, US Core PPI m/m, CHINA CPI y/y, CHINA PPI y/y, GBP Manufacturing Production m/m, GBP Monetary Policy Summary, GBP Official Bank Rate, US CPI m/m, US Core CPI m/m, US Unemployment Claims, EUR ECB President Draghi Speaks, US Prelim UoM Consumer Sentiment. ALUMINIUM Commentary Fundamental News: Base metals on the London Metal Exchange ended the week on a high at the close of trading on Friday May 4, with aluminium s three-month price rocketing 3.5% over the day. Technical Outlook: Aluminium has witnessed a high volatility trade. So, go long near 153.4 with TGT of 157 & 162.2 keep SL of 150 & Go short below 146.5 with TGT of 142.8 & 135.1 and keep Sl of 150. R1 162.2 R2 166.15 R3 171.75 Speaks, GBP Halifax HPI m/m, US PPI m/m, US Core PPI m/m, CHINA CPI y/y, CHINA PPI y/y, GBP Manufacturing Production m/ m, GBP Goods Trade Balance, GBP BOE Inflation Report, GBP Monetary Policy Summary, GBP Official Bank Rate, US CPI m/m, US Core CPI m/m, US Unemployment Claims, EUR ECB President Draghi Speaks, US Prelim UoM Consumer Sentiment. S1 153.4 S2 148.45 S3 135.1 4
MCX LEAD Daily Chart LEAD Commentary Technical Outlook: Lead has close above 158.9 means positive bias. So, go short below 154 with TGT of 152.6.& 147.5 and keep SL of 156. Data to Watch: US FOMC Member Quarles Speaks, CHINA Trade Balance, US Fed Chair Powell Speaks, GBP Halifax HPI m/m, US PPI m/m, US Core PPI m/m, CHINA CPI y/y, CHINA PPI y/y, GBP Manufacturing Production m/m, GBP Goods Trade Balance, GBP Monetary Policy Summary, GBP Official Bank Rate, US CPI m/m, US Core CPI m/m, US Unemployment Claims. R1 161.2 R2 162.85 R3 167.65 S1 151.75 S2 147.5 S3 140.35 MCX ZINC Daily Chart ZINC Commentary Technical Outlook: Zinc has close below 202.5 means some more drop ahead.. So, short below 202.5 with TGT of 200.2 & 198.4 and SL of 205.7. MCX NICKEL Daily Chart Data to Watch: US FOMC Member Quarles Speaks, CHINA Trade Balance, US Fed Chair Powell Speaks, GBP Halifax HPI m/m, US PPI m/m, US Core PPI m/m, CHINA CPI y/y, CHINA PPI y/y, GBP Manufacturing Production m/m, GBP Goods Trade Balance, GBP Monetary Policy Summary, GBP Official Bank Rate, US CPI m/m. R1 206.75 R2 211.7 R3 219.75 S1 198.3 S2 195.1 S3 189.5 NICKEL Commentary Technical Outlook: Nickel has witnessed a range bound trade.. So, go short near 981.9 with TGT of 953 & 881 SL of 1005 level. Speaks, GBP Halifax HPI m/m, US PPI m/m, US Core PPI m/m, CHINA CPI y/y, CHINA PPI y/y. R1 955.9 R2 981.9 R3 1019 S1 920 S2 880.8 S3 818.5 5
Weekly MCX COMMODITY CHANGE Indices Close Change % GOLD 31114.00-97 -0.31 SILVER 39734.00 730 1.87 CRUDE OIL 4668.00 121 2.66 NATURAL GAS 182.30-3.7-1.99 COPPER 457.45 9 2.01 ALUMINIUM 158.65 9.85 6.62 LEAD 155.55-1.05-0.67 ZINC 205.35-4.35-2.07 NICKEL 934.10 10.7 1.16 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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