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MCX GOLD Daily Chart GOLD Commentary Fundamental News: Gold prices look likely to remain vulnerable ahead of the upcoming Federal Reserve meeting on Wednesday, when it is widely expected to raise interest rates in what would be its second rate hike this year. Technical Outlook: Gold may expect a mild profit until close above 31445 range. So, Buy long near 30657 with TGT 30825 & 31015 SL 30400 or else Short below 31100 with TGT 30840 & 30657 SL 31330. R1 31441 R2 31757 R3 32105 S1 30657 S2 30430 S3 30133 MCX SILVER Daily Chart Data to Watch: US CPI m/m, US Core CPI m/m, US PPI m/m, US Core PPI m/m, US Federal Funds Rate, US Core Retail Sales m/m, US Retail Sales m/m, US Unemployment Claims, JAPAN BOJ Policy Rate, JAPAN Monetary Policy Statement, CANADA Foreign Securities Purchases, CANADA Manufacturing Sales m/m, US Empire State Manufacturing Index, US Capacity Utilization Rate, US Industrial Production m/m, US Prelim UoM Consumer Sentiment. SILVER Commentary Fundamental News: Precious metals trading, silver futures settled at $16.82 a troy ounce, almost unchanged for the day, but posting a weekly gain of 1.87%, outperforming gold. Technical Outlook: Silver has witnessed a range bound trade. Go long near 39299 with TGT of 39615 & 40040 and maintain SL of 38815 or else Sell below 40250 with TGT 39940 & 39299 and keep SL of 40600 level. Data to Watch: US CPI m/m, US Core CPI m/m, US PPI m/m, US Core PPI m/m, US Federal Funds Rate, US Core Retail Sales m/m, US Retail Sales m/m, US Unemployment Claims, JAPAN BOJ Policy Rate, JAPAN Monetary Policy Statement, CANADA Foreign Securities Purchases, CANADA Manufacturing Sales m/m, US Empire State Manufacturing Index, US Capacity Utilization Rate, US Industrial Production m/m, US Prelim UoM Consumer Sentiment. R1 40825 R2 41255 R3 41987 S1 39939 S2 39299 S3 38679 2
MCX CRUDE OIL Daily Chart CRUDE OIL Commentary Fundamental News: Global oil producers for additional signals on whether they plan to exit their current production-cut agreement. will remain at the forefront of the oil market in the week ahead. Technical Outlook: Crude Oil has witnessed a short covering rally. Go Short near 4561 With TGT of 4512 & 4465 and keep Sl of 4625 or else long above 4470 with TGT of 4510 & 4561 and keep stop loss of 4411. R1 4561 R2 4720 R3 4833 Data to Watch: US CPI m/m, US PPI m/m, US Crude Oil Inventories, US Federal Funds Rate, US Retail Sales m/m, US Unemployment Claims, JAPAN BOJ Policy Rate, JAPAN Monetary Policy Statement, CANADA Foreign Securities Purchases, CANADA Manufacturing Sales m/m, US Empire State Manufacturing Index, US Capacity Utilization Rate, US Industrial Production m/m, US Prelim UoM Consumer Sentiment. S1 4371 S2 4228 S3 4084 MCX NATURAL GAS Daily Chart NATURAL GAS Commentary Fundamental News: Forecasts for milder temperatures are likely to keep a lid on natural gas futures this week. Although we re likely to see selling pressure, the current supply deficit could continue to provide some support. This is why the market is expected to continue to trade inside a wide range, but with a bias to the downside. Technical Outlook: Natural Gas has remains in profit booking rally until close above 203.4 level. Go Short below 193 with TGT of 190.5 & 187.7 and keep stop loss of 196.9 Or else Go long above 206 with TGT of 213.3 & 225.2 and Keep SL of 201 level. Data to Watch: US Natural Gas Storage. R1 199.7 R2 213.3 R3 225.2 S1 187.4 S2 182.7 S3 177.9 3
MCX COPPER Daily Chart COPPER Commentary Fundamental News: While market watchers attribute price rises to concerns about the stability of supply, because of the wage negotiations at Escondida in Chile and a shutdown of Sterlite s smelter in southern India Technical Outlook: Copper has witnessed a profit booking on higher levels. So, go long near 474.8 with TGT of 479.5 & 485 and maintain Stop loss of 468 or else go short near 484 with TGT 480 & 474.8 and keep sl of 491 level. R1 498.3 R2 507 R3 511 S1 484 S2 474.8 S3 458.9 MCX ALUMINIUM Daily Chart y/y, US Federal Funds Rate, US Core Retail Sales m/m, US Retail Sales m/m, US Unemployment Claims, JAPAN BOJ Policy Rate, JAPAN Monetary Policy Statement, US Empire State Manufacturing Index, US Capacity Utilization Rate, US Industrial Production m/m, US Prelim UoM Consumer Sentiment. ALUMINIUM Commentary Fundamental News: Base metals prices on the Shanghai Futures Exchange were down across the board during Asian morning trading on Friday. Technical Outlook: Aluminium has witnessed a range bound trade. So, go short near 162.85 with TGT of 160.85 & 157.95 keep SL of 164.2 & Go long near 151.65 with TGT of 153.3 & 155 and keep Sl of 148. R1 162.85 R2 166.15 R3 171.75 y/y, US Federal Funds Rate, US Core Retail Sales m/m, US Retail Sales m/m, US Unemployment Claims, JAPAN BOJ Policy Rate, JAPAN Monetary Policy Statement, US Empire State Manufacturing Index, US Capacity Utilization Rate, US Industrial Production m/m, US Prelim UoM Consumer Sentiment. S1 151.65 S2 148.95 S3 142.7 4
MCX LEAD Daily Chart LEAD Commentary Technical Outlook: Lead has witnessed a range bound trade in between 154.5 to 172.95 level.. So, go short near 172.95 with TGT of 171.3.& 169.1 and keep SL of 175.25. y/y, US Federal Funds Rate, US Core Retail Sales m/m, US Retail Sales m/m, US Unemployment Claims, JAPAN BOJ Policy Rate. R1 170.5 R2 172.95 R3 177 S1 163.25 S2 160.95 S3 154.5 MCX ZINC Daily Chart ZINC Commentary Technical Outlook: Zinc has witnessed a short covering rally. So, short near 218 with TGT of 219.7 & 225.45 and SL of 214.9. y/y, US Federal Funds Rate, US Core Retail Sales m/m, US Retail Sales m/m, US Unemployment Claims, JAPAN BOJ Policy Rate. MCX NICKEL Daily Chart R1 219.7 R2 222.25 R3 225.45 S1 215.6 S2 211.65 S3 208.15 NICKEL Commentary Technical Outlook: Nickel has witnessed a positive bias.. So, go short below 1040 with TGT of 1027.5 & 1005 SL of 1064 level. y/y, US Federal Funds Rate, US Core Retail Sales m/m. R1 1055.9 R2 1071 R3 1088.8 S1 1027.4 S2 1005 S3 943.2 5
Weekly MCX COMMODITY CHANGE Indices Close Change % GOLD 31215.00 306.00 0.99 SILVER 40412.00 875 2.21 CRUDE OIL 4445.00 17 0.38 NATURAL GAS 195.80-2.6-1.31 COPPER 491.25 32.4 7.06 ALUMINIUM 156.90 1.65 1.06 LEAD 166.65 1.75 1.06 ZINC 217.40 7.7 3.67 NICKEL 1043.10 12.8 1.24 ECONOMIC CALENDER FOMC Member Harker Speaks 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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