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Technical Levels for Metals and Energy 23 July 2014
Commodity Exchange-- Contract----- Trend--------- S2------- --S1-------- LTP--------- R1--------- R2
Bullion
Gold -------MCX ------Aug---------Sideways----27650----27780----27895----28000----28100
Spot Gold----------------------------Sideways----1295----1301----1306----1311----1316
Gold Hedge----NCDEX----July----Sideways----24940----25050----25163----25250----25340
Silver----MCX----Sept-------------Up----44400----44700----45097----45300----45600
Spot Silver--------------------------Up----20.60----20.70----20.92----21.00----21.15
Silver Hedge----NCDEX----Aug----Sideways----4020----4040----4076----4100----4130
Base Metal
LME Copper------------------------Sideways----6960----7010----7060----7090----7120
Copper----MCX----Aug-----------Sideways----423----426----428.95----431----433
Zinc----MCX----July---------------Up----140.00----141.50----142.50----143.50----145.00
Lead----MCX----July--------------Up----130.50----131.50----132.80----134.00----135.00
Aluminium----MCX----July---------Up----120.50----121.50----122.30----123.80----124.50
Nickel----MCX----July-------------Up----1125----1135----1145.60----1155----1165
Energy
Crude Oil----MCX----Aug----------Sideways----6100----6140----6181----6220----6260
Crude Oil NYMEX----Sept----------Sideways----100.70----101.40----102.11----102.75----103.40
Crude Oil----NCDEX----Aug---------Sideways----6170----6210----6258----6290----6370
Brent Crude Oil----MCX----Aug-----Sideways----6480----6520----6570----6600----6640
Brent Crude Oil----NYMEX----Sept----Sideways----105.90----106.60----107.27----107.90----108.50
Brent Crude Oil----NCDEX----Aug----Sideways----6450----6490----6533----6570----6610
Natural Gas----MCX----July-----------Down----223----226----228.9----231----234
International Commodities
Overview
Bullion
Gold
Spot gold prices fell by around 0.4 percent as global equity markets and a stronger dollar rode a rebound in risk appetite that lifted the S&P 500 to a record high on signs of cooperation from Ukraine's pro-Russian separatists over last week's downing of a Malaysian jetliner.
However, safe haven bids were brought as the situation remained tense in the Middle East with Israel pounding targets across the Gaza Strip on Tuesday, saying no ceasefire was near as top U.S. and United Nations diplomats pursued talks on halting the fighting that has claimed more than 600 lives. Also, holdings in the SPDR Gold Trust rose 1.5 tonnes to 804.84 tonnes on Tuesday restricted sharp fall.
In the Indian markets, gold prices fell by around 0.7 percent in the last session owing to Rupee appreciation.
Silver
Silver prices in the international markets traded on a flat note taking cues from weakness in gold prices and positive trend in the base metals pack. Further, renewed safe haven demand for gold in the latter part held the prices of white metal from falling.
On the MCX, silver prices fell by 0.2 percent taking cues from Rupee appreciation and closed at Rs.45330/kg.
Outlook Gold Silver
On an intraday basis, we expect gold and silver prices to trade sideways today owing to recovery in market sentiments which will act as a negative factor for prices.
While on the other hand, safe haven demand fueled by renewed tension in Libya will support gains.
On the MCX, gold and silver prices are expected to trade sideways taking cues from international markets.
Energy
Crude Oil
Nymex crude prices fell by 0.2 percent yesterday and touched a low of $103.89/bbl as supplies remained unaffected by continuing violence in Iraq, Ukraine and Gaza.
However, sharp losses were cushioned as the European Union threatened tougher sanctions against Russia over the downing of Malaysian Air Flight 17. Also, continued violence in the Gaza strip acted as a positive factor for prices.
On the domestic bourses, prices declined by more than 1 percent on Tuesday and touched an intra-day low of Rs./bbl before closing at Rs.6181/bbl.
API Inventories Data
As per the American Petroleum Institute (API) report last night, US crude oil inventories declined by 5,55,000 barrels to 374.7 million barrels for the week ending on 18th July 2014. Gasoline inventories rose by 3.6 million barrels whereas distillate inventories gained by 2.5 million barrels for the same week.
EIA Inventories Forecast
The US Energy Department (EIA) is scheduled to release its weekly inventories report today at 9:00pm IST and US crude oil inventories is expected to fall by 2.8 million barrels for the week ending on 18th July 2014. Gasoline stocks are expected to gain by 1.3 million barrels whereas distillate inventories are expected to surge by 2.1 million barrels for the same period.
Outlook Energy
On an intraday basis, we expect crude oil prices to trade on a positive note today as a twin suicide bombing at a Libyan army base led to an escalation of clashes between Islamist militants and regular forces. Also, Libyan output fell around 20 percent, thereby adding to supply woes. Further direction will be provided by US inventory data in the evening session.
On the MCX, crude prices are expected to trade on a positive note taking cues from strong international markets.
Base Metals
Base metals on the LME traded higher due to recovery in market sentiments yesterday helped by the first signs of cooperation from Ukraine's pro-Russian separatists over the downed Malaysian Airlines plane. Also, positive housing data from the US acted as positive factor.
However, mixed trend in LME inventories along with strength in the DX restricted gains.
In the Indian markets, all the base metals traded on a positive note taking cues from international trends.
Copper
LME Copper prices gained 0.3 percent yesterday as the housing data from the US turned up on a favorable note, thereby affirming positive outlook for the US demand.
Also, decline of 0.6 percent in inventories along with rebound in global market sentiments supported gains. The red metal closed at $7051/tonne in the last session.
MCX Copper prices rose by 0.1 percent and closed at Rs.429/kg on Tuesday.
Outlook Base Metals
We except LME Copper prices to trade sideways on the back of improving prospects of the US economy which will support gains. Also, weakness in the DX coupled with rise in risk appetite in the market sentiments will act as a positive factor for prices.
While on the other hand, demand concerns in China will continue to weigh down on prices.
MCX Copper prices will trade sideways today taking cues from international markets.
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Important Events for Today
Indicator ----------------------------Country Time (IST) Actual Forecast Previous Impact
MPC Asset Purchase Facility Votes----- UK -----2:00pm - 0-0-9 0-0-9 High
MPC Official Bank Rate Votes ----------UK------ 2:00pm - 0-0-9 0-0-9 High
BBA Mortgage Approvals ---------------UK ------2:00pm - 43.4K 41.8K Medium
CBI Realized Sales---------------------- UK ------3:30pm - 18 4 Medium
BOE Gov Carney Speaks ---------------UK ------5:15pm - - - High
Crude Oil Inventories-------------------- US------- 8:00pm - -2.8M -7.5M Medium
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
Technical Levels for Metals and Energy 23 July 2014
Commodity Exchange-- Contract----- Trend--------- S2------- --S1-------- LTP--------- R1--------- R2
Bullion
Gold -------MCX ------Aug---------Sideways----27650----27780----27895----28000----28100
Spot Gold----------------------------Sideways----1295----1301----1306----1311----1316
Gold Hedge----NCDEX----July----Sideways----24940----25050----25163----25250----25340
Silver----MCX----Sept-------------Up----44400----44700----45097----45300----45600
Spot Silver--------------------------Up----20.60----20.70----20.92----21.00----21.15
Silver Hedge----NCDEX----Aug----Sideways----4020----4040----4076----4100----4130
Base Metal
LME Copper------------------------Sideways----6960----7010----7060----7090----7120
Copper----MCX----Aug-----------Sideways----423----426----428.95----431----433
Zinc----MCX----July---------------Up----140.00----141.50----142.50----143.50----145.00
Lead----MCX----July--------------Up----130.50----131.50----132.80----134.00----135.00
Aluminium----MCX----July---------Up----120.50----121.50----122.30----123.80----124.50
Nickel----MCX----July-------------Up----1125----1135----1145.60----1155----1165
Energy
Crude Oil----MCX----Aug----------Sideways----6100----6140----6181----6220----6260
Crude Oil NYMEX----Sept----------Sideways----100.70----101.40----102.11----102.75----103.40
Crude Oil----NCDEX----Aug---------Sideways----6170----6210----6258----6290----6370
Brent Crude Oil----MCX----Aug-----Sideways----6480----6520----6570----6600----6640
Brent Crude Oil----NYMEX----Sept----Sideways----105.90----106.60----107.27----107.90----108.50
Brent Crude Oil----NCDEX----Aug----Sideways----6450----6490----6533----6570----6610
Natural Gas----MCX----July-----------Down----223----226----228.9----231----234
International Commodities
Overview
- US Core Consumer Price Index (CPI) was at 0.1 percent in last month.
- UK’s Public Sector Net Borrowing was at 9.5 billion Pounds in June.
- SPDR gold holdings rose by 1.8 tonnes yesterday.
- US Existing Home Sales grew to 5.04 million in the previous month.
- UK’s CBI Industrial Order Expectations dropped to 2-mark in July.
Bullion
Gold
Spot gold prices fell by around 0.4 percent as global equity markets and a stronger dollar rode a rebound in risk appetite that lifted the S&P 500 to a record high on signs of cooperation from Ukraine's pro-Russian separatists over last week's downing of a Malaysian jetliner.
However, safe haven bids were brought as the situation remained tense in the Middle East with Israel pounding targets across the Gaza Strip on Tuesday, saying no ceasefire was near as top U.S. and United Nations diplomats pursued talks on halting the fighting that has claimed more than 600 lives. Also, holdings in the SPDR Gold Trust rose 1.5 tonnes to 804.84 tonnes on Tuesday restricted sharp fall.
In the Indian markets, gold prices fell by around 0.7 percent in the last session owing to Rupee appreciation.
Silver
Silver prices in the international markets traded on a flat note taking cues from weakness in gold prices and positive trend in the base metals pack. Further, renewed safe haven demand for gold in the latter part held the prices of white metal from falling.
On the MCX, silver prices fell by 0.2 percent taking cues from Rupee appreciation and closed at Rs.45330/kg.
Outlook Gold Silver
On an intraday basis, we expect gold and silver prices to trade sideways today owing to recovery in market sentiments which will act as a negative factor for prices.
While on the other hand, safe haven demand fueled by renewed tension in Libya will support gains.
On the MCX, gold and silver prices are expected to trade sideways taking cues from international markets.
Energy
Crude Oil
Nymex crude prices fell by 0.2 percent yesterday and touched a low of $103.89/bbl as supplies remained unaffected by continuing violence in Iraq, Ukraine and Gaza.
However, sharp losses were cushioned as the European Union threatened tougher sanctions against Russia over the downing of Malaysian Air Flight 17. Also, continued violence in the Gaza strip acted as a positive factor for prices.
On the domestic bourses, prices declined by more than 1 percent on Tuesday and touched an intra-day low of Rs./bbl before closing at Rs.6181/bbl.
API Inventories Data
As per the American Petroleum Institute (API) report last night, US crude oil inventories declined by 5,55,000 barrels to 374.7 million barrels for the week ending on 18th July 2014. Gasoline inventories rose by 3.6 million barrels whereas distillate inventories gained by 2.5 million barrels for the same week.
EIA Inventories Forecast
The US Energy Department (EIA) is scheduled to release its weekly inventories report today at 9:00pm IST and US crude oil inventories is expected to fall by 2.8 million barrels for the week ending on 18th July 2014. Gasoline stocks are expected to gain by 1.3 million barrels whereas distillate inventories are expected to surge by 2.1 million barrels for the same period.
Outlook Energy
On an intraday basis, we expect crude oil prices to trade on a positive note today as a twin suicide bombing at a Libyan army base led to an escalation of clashes between Islamist militants and regular forces. Also, Libyan output fell around 20 percent, thereby adding to supply woes. Further direction will be provided by US inventory data in the evening session.
On the MCX, crude prices are expected to trade on a positive note taking cues from strong international markets.
Base Metals
Base metals on the LME traded higher due to recovery in market sentiments yesterday helped by the first signs of cooperation from Ukraine's pro-Russian separatists over the downed Malaysian Airlines plane. Also, positive housing data from the US acted as positive factor.
However, mixed trend in LME inventories along with strength in the DX restricted gains.
In the Indian markets, all the base metals traded on a positive note taking cues from international trends.
Copper
LME Copper prices gained 0.3 percent yesterday as the housing data from the US turned up on a favorable note, thereby affirming positive outlook for the US demand.
Also, decline of 0.6 percent in inventories along with rebound in global market sentiments supported gains. The red metal closed at $7051/tonne in the last session.
MCX Copper prices rose by 0.1 percent and closed at Rs.429/kg on Tuesday.
Outlook Base Metals
We except LME Copper prices to trade sideways on the back of improving prospects of the US economy which will support gains. Also, weakness in the DX coupled with rise in risk appetite in the market sentiments will act as a positive factor for prices.
While on the other hand, demand concerns in China will continue to weigh down on prices.
MCX Copper prices will trade sideways today taking cues from international markets.
free 100 % accurate buy sell signal software free we provide.
Important Events for Today
Indicator ----------------------------Country Time (IST) Actual Forecast Previous Impact
MPC Asset Purchase Facility Votes----- UK -----2:00pm - 0-0-9 0-0-9 High
MPC Official Bank Rate Votes ----------UK------ 2:00pm - 0-0-9 0-0-9 High
BBA Mortgage Approvals ---------------UK ------2:00pm - 43.4K 41.8K Medium
CBI Realized Sales---------------------- UK ------3:30pm - 18 4 Medium
BOE Gov Carney Speaks ---------------UK ------5:15pm - - - High
Crude Oil Inventories-------------------- US------- 8:00pm - -2.8M -7.5M Medium
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
