Commodity Weekly Report for 17/june/2013 – 22/ june/2013
MCX Gold sideways to bearish; support 27500.
The trend in gold futures for August delivery on India’s Multi Commodity Exchange (MCX) looks sideways to bearish for the day. “The commodity has broken the support level of 27700 and the next support level for the commodity is seen at 27500. Resistance is seen at 27850 and above that it may test level of 28000.
Traders may sell near 27700 with the stop loss of 27850 for target near 27500,”.US data on Current Account is scheduled to be released at 06.00 PM IST today which may have impact on US Dollar and bullion commodities to some extent.Traders are advised to wait and watch till the release of US data this before entering into short term trades. On Friday, strong Indian Rupee, poor physical demand capped gains in Indian gold prices to extent. Gold prices were seen trading flat in Asian markets.
Gold investors eyeing on US Federal Reserves policy meeting which is scheduled to be held in the next week.
Oil tops $97 amid Syria worries, ahead of US data.
The price of oil rose past $97 a barrel Friday amid concerns about a possible escalation in Syria’s civil war while traders awaited the release of several reports on the US economy. By early afternoon in Europe, benchmark oil for July delivery was up 36 cents to $97.05 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained 81 cents to close at $96.69 a barrel on Thursday.President Barack Obama’s decision, revealed Thursday, to provide some weapons to rebels fighting the forces of Syrian President Bashar Assad came after the White House said it had convincing evidence that Assad’s regime _ which has been supported by Russia, Iran and Lebanon’s Hezbollah _ had used chemical weapons against the opposition. The Middle East is a key source of crude oil and important transit routes cross the region, so conflicts which threaten disruptions in crude production or supply usually drive oil prices higher. “One way or another the Syrian conflict is escalating, it is not only morphing into a US-Russia proxy war but also into a US-Iran proxy war and nobody knows how this will terminate as militarily the US in Syria cannot afford to lose against Iran and Hezbollah.
Select base metal prices decline on global cues
Select copper, brass, aluminium, zinc and tin prices declined at the non-ferrous metal market here today on stockists selling amidst subdued demand from industrial users on the back of lower London Metal Exchange (LME) cues. Meanwhile, nickel recovered due to renewed offtake from alloy industries.The industrial metal fell at the LME to its lowest since mid-May after soft Chinese economic data at the weekend stoked worries that growth is still slowing in the world’s second-biggest economy.Brass sheet cutting shot-up by Rs 6 per kg to Rs 334 from last Saturday’s closing level of Rs 340 and Tin dropped by Rs 5 per kg to Rs 1,355 from Rs 1,345.Copper cable scrap, copper scrap heavy and copper wire bar fell by Rs 3 per kg each to Rs 485, Rs 478 and Rs 513 from Rs 488, Rs 481 and Rs 516, respectively. Copper utensils scrap moved down by Rs 2 per kg to Rs 442 from Rs 444. Brass utensil scrap, aluminium ingots and zinc all softened by a rupee per kg each to Rs 326, Rs 146 and Rs 142. However, nickel climbed by Rs 2 per kg to Rs 992 from Rs 990 previously.
MCX GOLD Technical Trend
MCX GOLD last week showed sideways movement on daily charts but unable to sustain on higher side. It took resistance of 38.2% retracement i.e. 28100 but gave closing below it. Now if it sustain above 28100 then only bullish movement will be expected. On other hand, if it surpasses the lower band of short upward channel pattern then 27500 will act as strong support for it.
Better strategy in MCX GOLD is to sell below 27500 for the targets of 27000-26200 with stop loss of 28200.
MCX SILVER Technical Trend
MCX SILVER last week showed sideways movement and took resistance of trend line but unable to break it and rebounded on last session due to US data. Closing below the trend line indicates further bearishness up to 40750. On other hand if it gives closing above 45300 then only bullish movements expected.
Better strategy in MCX SILVER at this point of time is to sell below 42400 for targets of 40800-39800, with stop loss of 45200.
MCX CRUDEOIL Technical Trend
Crude oil on daily charts took resistance of upper band of upward channel pattern and closed on a positive note. Now, if this bullish movement continues and sustain above 5700 then next resistance will seen around 5850. On lower side some correction may drag it towards the support level of 5500.
Better strategy in MCX CRUDEOIL is to buy on dips for the targets of 5850 with stop loss of 5490.
MCX COPPER Technical Trend
MCX Copper last week showed bearish movement and closed below 50% retracement, now if it sustain below 410 then next support seen around psychological level of 400. On daily chart it exhibited lower lows since past few consecutive sessions which indicates certain pull back towards the immidiate resistance of 418, if it sustain above this then next resistance is seen near 426.
Better strategy in MCX COPPER will be sell below 404, with stop loss of 412 for the target of 400-392.
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