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Technical Levels for Metals and Energy 06 May 2014 free mcx tips

Commodity Exchange Contract -----Trend--------- S2 ---------S1--------- LTP-------- R1---------- R2
Bullions
Gold ----------MCX --------June------- Sideways----- 28700----- 28850---- 28935------ 29050---- 29200
Spot Gold-------------------------------- Sideways -----1298 -------1305----- 1309-------- 1314------ 1321
Gold Hedge-- NCDEX--- May --------Sideways----- 25100----- 25230---- 25307------ 25400---- 25530
Silver --------MCX --------July ---------Sideways ----41900----- 42300---- 42609----- 43000 -----43300
Spot Silver------------------------------ Sideways------ 19.10 ------19.40----- 19.50----- 19.60------- 19.80
Silver Hedge NCDEX ----June ------Sideways------ 3790------- 3830----- 3863 -------3890------- 3920
Base Metals 


 
LME Copper---------------------------- Sideways -----6600------- 6650------ 6699 ------6730-------- 6800
Copper --------MCX ------June -------Sideways -----404 ---------407------ 409.85----- 412--------- 416
Zinc -----------MCX ------May -------Sideways------ 121.50 -----122.50 ----123.75 ---124.50--- 125.50
Lead ----------MCX -------May------- Down--------- 124.00----- 125.00 ---126.00------ 127.00-- 128.00
Aluminium ---MCX -----May --------Down-------- 104.50------ 105.50---- 106.20---- 107.00 ---108.00
Nickel--------- MCX ------May --------Sideways --1080-------- 1090 ------1097.30----- 1108----- 1117
Energy
Crude Oil ------MCX------ May-------- Down------ 5900------- 5940------ 5973------- 6010------- 6050
Crude Oil ------NYMEX-- June ------Down -------98.20------ 98.80 ------99.43----- 100.00---- 100.70
Brent Crude Oil MCX---- May --------Sideways--- 6620------ 6660------ 6695------- 6730------ 6770
Brent Crude Oil NYMEX June------- Sideways -----106.50 ---107.10 ---107.70----- 108.30 ---108.90
Natural Gas----- MCX----- May -----Down ---------275 -------279 -------283.2 ------286 ---------290


Outlook gold and silver
On an intraday basis we expect gold and silver prices to trade on a positive note on escalating geo-political tensions between Ukraine and Russia. Besides, contraction in Chinese manufacturing also increases bullions safe haven appeal and act as a positive factor.
On the MCX, gold and silver prices are expected to trade positive taking cues from international markets.


API inventories forecast
The API is scheduled to release its weekly inventories report tonight at 8:00pm IST and US crude oil inventories is expected to gain by 1.5 million barrels for the week ending on 2nd May 2014. Gasoline stocks are expected to gain by 0.2 million barrels whereas distillate inventories are expected to have risen by 0.8 million barrels for the same time period.
Outlook
crude oil 
On an intraday basis, crude oil is expected to trade sideways as the data released from US shows that the economy is on a growth trajectory, while the crude oil inventories at record highs can exert downside pressure on prices.
Also, slowdown in Chinese manufacturing raises concerns on the demand side from one of the largest consumers of energy acting as a negative factor. In addition, hopes of recovering crude output from Libya can also push down prices.
On the MCX, crude oil prices are expected to trade sideways to weaker taking cues from international markets and rupee movements.


Outlook LME Copper  
We expect LME Copper prices to trade mixed today on the back of mixed market sentiments along with weak retail sales data from Euro Zone that will exert downside pressure on prices.
While on the other hand, estimates of favorable Trade Balance data from the US coupled with weakness in the DX will cushion sharp downside or even reversal in prices.
In the Indian markets, Rupee movement will provide further direction to prices.


Important Events for Today
Indicator------------------------------ Country Time (IST) Actual Forecast Previous Impact 

Bank Holiday ------------------------Japan----- All Day - - - - ------------------------------
Spanish Unemployment Change--- Euro ----12:30pm ----------- (-49.1K) (-16.6K) Medium 
Spanish Services PMI--------------- Euro----- 12:45pm ------------ 54.3-------- 54.0 Medium 
Italian Services PMI----------------- Euro----- 1:15pm ------------- 51.2-------- 49.5 Medium 
Halifax HPI m/m --------------------UK------- 6th – 8th - ----------0.8% ------(-1.1%) Medium 
Services PMI -------------------------UK------- 2:00pm ------------ 57.9----------- 57.6 High 
Retail Sales m/m ---------------------Euro----- 2:30pm ------------ -0.2%------- 0.4% Medium 
ECOFIN Meetings------------------ Euro----- All Day - - ------------------------------- Medium 
Trade Balance------------------------ US-------- 6:00pm ---------- (-40.1B)---- (-42.3B) High

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