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Market Wrapup W e d n e s d a y, 3 1 s t J a n u a r y 2 0 1 8 Scrip Contract Open Price High Low Close Price Gold 05-Apr-2018 30029 30079 29920 29966 Silver 05-Mar-2018 39209 39382 39139 39331 Crude Oil 16-Feb-2018 4090 4122 4063 4119 Natural Gas 23-Feb-2018 205.4 205.4 189.6 190.5 Copper 451.4 455 450.2 451.1 Zinc 226.05 226.85 224.85 225.8 Lead 166.65 167.9 165.7 167.2 Aluminium 141.3 141.85 140.4 140.7 Nickel 858.9 867.2 856.7 859.9
Support & Resistance Scrip Contract RES-2 RES-1 PIVOT SUP.1 SUP.2 Gold 05-Apr-2018 30147 30056 29988 29897 29829 Silver 05-Mar-2018 39523 39421 39280 39178 39037 Crude Oil 16-Feb-2018 4158 4135 4099 4076 4040 Natural Gas 23-Feb-2018 210.9 200.7 195.1 184.9 179.3 Copper 456.8 453.8 452 449 447.2 Zinc 229 228.2 227.5 226.7 226.1 Lead 168.4 167.3 166 164.9 163.6 Aluminium 142.3 141.7 141.1 140.4 139.8 Nickel 871.1 866.3 859.9 855.1 848.7
Market News Special News Gold Prices Gain In Asia As Fed Views On Economy Seen More Upbeat Gold prices gained in Asia on Thursday as investors parsed the Fed language for signs of a more hawkish view on rate hikes in 2018. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose 0.30% to $1,347.10 a troy ounce. The Caixin/Markit China manufacturing PMI for January came in at 51.5, meeting an expected steady reading of 51.5 seen on Thursday. On Wednesday, the official manufacturing PMI came in at 51.3, below the 51.5 seen and the 51.6 level in December. The Federal Reserve left interest rates unchanged at the end of its two-day policy meeting on Wednesday, keeping them in a range between 1.25% - 1.50%. The Federal Reserve signalled that it would push ahead on its monetary policy tightening path as economic activity has been rising at a solid rate, while inflation remained low but is expected to "move up" in the coming months. Crude Oil Narrowly Mixed In Asia With Growing Focus On Refinery Turnarounds Crude oil prices were narrowly mixed in Asia on Thursday with the market cautious as supplies grow from production and temporary lower demand as spring refinery maintenance gathers pace. On the New York Mercantile Exchange crude futures for March delivery rose 0.25% to $64.94 a barrel, while on London's Intercontinental Exchange, Brent eased 0.01% to $68.88 a barrel. Overnight, crude oil prices settled higher shrugging off data showing US domestic oil supplies rose for the first time in 11 weeks and production rose above 10 million barrels per day in nearly half a century. Inventories of US crude fell by rose 6.776 million barrels for the week ended Jan. 26, well above expectations for of a draw of 308,000 barrels. That was the biggest increase in US stockpiles in ten months. Gasoline inventories one of the products that crude is refined into fell by 1.980 million barrels, confounding expectations for a build of 1.877 million barrels, while supplies of distillate the class of fuels that includes diesel and heating oil unexpectedly fell by 1.940 million barrels, a steeper fall than the 1.454 million barrels expected.
Market News Commodity Buzz MCX Gold likely to trade in range between 29829-30147 Technically Gold market is getting support at 29897 and below same could see a test of 29829 level, And resistance is now likely to be seen at 30056, a move above could see prices testing 30147. Gold on MCX settled flat at 29966 but sentiments remain firm as support seen after the U.S. Federal Reserve left interest rates unchanged but hinted at hikes later this year. Gold prices rose over 3 percent in January, their best month since August, largely due to weakness in the dollar. The dollar index, which measures the greenback against a basket of currencies was steady at 89.139. At Fed Chair Janet Yellen's last policy meeting as head of the central bank, the Fed left interest rates unchanged. But its message on inflation signaled it was on track to raise borrowing costs in March under incoming chief Jerome Powell. While Inflation worries generally boost gold, which is seen as a safe-haven against rising prices. But expectations that the Fed will raise interest rates to fight inflation make gold less attractive because it does not pay interest. MCX Silver market under short covering; Support seen at 39178 Technically Silver market is under short covering as market has witnessed drop in open interest by 5.33% to settled at 16273 while prices up 196 rupees. Now MCX Silver is getting support at 39178 and below same could see a test of 39037 level, And resistance is now likely to be seen at 39421, a move above could see prices testing 39523. Silver on MCX settled up 0.5% at 39319 as prices remained supported as the dollar fell and traders awaited the outcome of the U.S. Federal Reserve's two-day meeting. The Federal Reserve left interest rates unchanged at the end of its two-day policy meeting on Wednesday, keeping them in a range between 1.25% - 1.50%. The Federal Reserve signalled that it would push ahead on its monetary policy tightening path as economic activity has been rising at a solid rate, while inflation remained low but is expected to "move up" in the coming months.
Analyst Speaks Gold MCX Technically Gold market is getting support at 29897 and below same could see a test of 29829 levels and resistance is now likely to be seen at 30056, a move above could see prices testing 30147. BUY GOLD APR AROUND 29960-29970 TGTS 30070/30200 SL 29860 RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT 2 30147 30056 29988 29897 29829
Analyst Speaks CRUDE OIL MCX Technically Crude Oil market is getting support at 4076 and below same could see a test of 4040 levels and resistance is now likely to be seen at 4135, a move above could see prices testing 4158. BUY CRUDE OIL FEB AROUND 4120-4125 TGTS 4155/4185 SL 4090 RESISTANCE 2 RESISTANCE 1 PIVOT SUPPORT 1 SUPPORT 2 4158 4135 4099 4076 4040
Today s Economic Events COUNTRY TIME EVENT ACTUAL FORECAST PREVIOUS 7:00pm Prelim Nonfarm Productivity q/q 0.8% 3.0% Prelim Unit Labor Costs q/q 0.9% -0.2% USD Unemployment Claims 237K 233K 8:30pm ISM Manufacturing PMI 58.7 59.7 9:00pm Natural Gas Storage -102B -288B
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