Technical Outlook for evening session – 22nd July’14 ( CMP as of 4.00 pm)
Commodity ----Unit --------Support 2 ------Support 1 ------CMP----- Resistance1 -----Resistance 2
Gold----Aug’14----Rs/10----gm----27670----27800----27920----28030----28150
Spot----Gold----$/oz----1293----1299----1306----1313----1320
Silver----Sept’14----Rs----/kg----44300----44600----44950----45100----45450
Spot----Silver----$/oz----20.50----20.65----20.83----20.97----21.2
Crude----Oil----Aug’14----Rs----/bbl----6180----6210----6246----6290----6325
Nymex----Crude----Oil----Sept’14----$/bbl----102----102.55----103.16----103.75----104.3
Natural----Gas----July’14----Rs----/mmbtu----226----229----232.1----234----237
LME----Copper----$/tonne----6960----7000----7055----7105----7150
Copper----Aug’14----Rs----/kg----425----427----430.3----433----436
Zinc----July’14----Rs----/kg----140.8----141.6----142.3----143.2----144
Lead----July’14----Rs----/kg----132----132.7----133.4----134.4----135.3
Aluminum----July’14----Rs----/kg----120.8----121.6----122.15----123----123.8
Nickel----July’14----Rs----/kg----1128----1140----1147----1160----1172
International Commodities
News and Analysis
European markets are trading on a positive note today helped by the first signs of cooperation from Ukraine's pro-Russian separatists over the downed Malaysian Airlines plane. Asian markets ended higher and US stock futures are trading in the green.
Spot gold prices traded lower by 0.5 percent today as expectations for higher U.S. interest rates and a stronger dollar outweighed haven demand amid tension in Ukraine and Gaza. Also, decline in SPDR Gold holdings by 0.22 percent acted as a negative factor. On the MCX, gold prices are trading lower by 0.6 percent at Rs.27917/10 gms.
Spot silver prices are also trading lower by 0.2 percent in line with weakness in gold prices. however, sharp downside was cushioned due to positive trend in base metals space. On the MCX, silver prices rose by 0.6 percent and currently trading at Rs.45194/kg.
Base metals on the LME are trading on a positive note on the back of recovery in the market sentiments after pro Russian Rebels agreed to co operate on the Malaysian downing tragedy. Consistent performers are Zinc that climbed to the highest price since August 2011 after falling inventory and an improving demand outlook spurred speculation that consumption will exceed supply. Aluminum reached a 16-month high. In the Indian markets, base metals traded higher in line with international trends.
LME Copper prices gained 0.4 percent ahead of Chinese manufacturing data due on Thursday. Also, rise in risk appetite in the market sentiments along with 0.6 percent decline in inventories supported gains. On the MCX, copper prices are trading higher by 0.3 percent and touched a high of Rs.431.8/kg till 4:00pm IST.
NYMEX crude oil prices traded on a flat note today amid speculation of decline in API inventories will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer acted as a positive factor. While on the other hand, restart of supply from Libya’s Brega port after Libya state oil company National Oil Corp (NOC) has reached a deal with security guards eased supply concerns exerted downside pressure on prices. On the MCX, crude prices are trading on a flat note.
The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to decline by 2.8 million barrels for the week ending on 18th July 2014.
Outlook
We expect gold and silver prices to trade sideways owing to falling safe haven demand after uncertainty was put to ease as separatists have reportedly met several of the key demands coming from Malaysia and Western countries.
Crude prices are expected to trade higher on the back of geopolitical tensions and estimates of decline in API inventories in the evening session.
Base metals are likely to trade positive owing to recovery in market sentiments along with estimates of favorable Existing Home Sales from the US in the evening session.
for trading purpose use free buy sell signal indicator recommended
Important Events for Today
Indicator ------------------------------Country Time (IST) Actual Forecast Previous Impact
Public Sector Net Borrowing ----------UK-------- 2:00pm 9.5B 10.3B 11.5B Medium
CBI Industrial Order Expectations------ UK-------- 3:30pm 2 9 11 Medium
Core CPI m/m -------------------------US ---------6:00pm - 0.2% 0.3% High
CPI m/m -------------------------------US ---------6:00pm - 0.3% 0.4% Medium
Existing Home Sales --------------------US --------7:30pm - 4.98M 4.89M High
commodity face details
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
Commodity ----Unit --------Support 2 ------Support 1 ------CMP----- Resistance1 -----Resistance 2
Gold----Aug’14----Rs/10----gm----27670----27800----27920----28030----28150
Spot----Gold----$/oz----1293----1299----1306----1313----1320
Silver----Sept’14----Rs----/kg----44300----44600----44950----45100----45450
Spot----Silver----$/oz----20.50----20.65----20.83----20.97----21.2
Crude----Oil----Aug’14----Rs----/bbl----6180----6210----6246----6290----6325
Nymex----Crude----Oil----Sept’14----$/bbl----102----102.55----103.16----103.75----104.3
Natural----Gas----July’14----Rs----/mmbtu----226----229----232.1----234----237
LME----Copper----$/tonne----6960----7000----7055----7105----7150
Copper----Aug’14----Rs----/kg----425----427----430.3----433----436
Zinc----July’14----Rs----/kg----140.8----141.6----142.3----143.2----144
Lead----July’14----Rs----/kg----132----132.7----133.4----134.4----135.3
Aluminum----July’14----Rs----/kg----120.8----121.6----122.15----123----123.8
Nickel----July’14----Rs----/kg----1128----1140----1147----1160----1172
International Commodities
News and Analysis
- Cooperation by separatists reduces safe haven appeal of gold.
- LME Copper inventories decline by 0.6 percent in the last session.
- Supply restarts from Libya’s Brega oil port.
European markets are trading on a positive note today helped by the first signs of cooperation from Ukraine's pro-Russian separatists over the downed Malaysian Airlines plane. Asian markets ended higher and US stock futures are trading in the green.
Spot gold prices traded lower by 0.5 percent today as expectations for higher U.S. interest rates and a stronger dollar outweighed haven demand amid tension in Ukraine and Gaza. Also, decline in SPDR Gold holdings by 0.22 percent acted as a negative factor. On the MCX, gold prices are trading lower by 0.6 percent at Rs.27917/10 gms.
Spot silver prices are also trading lower by 0.2 percent in line with weakness in gold prices. however, sharp downside was cushioned due to positive trend in base metals space. On the MCX, silver prices rose by 0.6 percent and currently trading at Rs.45194/kg.
Base metals on the LME are trading on a positive note on the back of recovery in the market sentiments after pro Russian Rebels agreed to co operate on the Malaysian downing tragedy. Consistent performers are Zinc that climbed to the highest price since August 2011 after falling inventory and an improving demand outlook spurred speculation that consumption will exceed supply. Aluminum reached a 16-month high. In the Indian markets, base metals traded higher in line with international trends.
LME Copper prices gained 0.4 percent ahead of Chinese manufacturing data due on Thursday. Also, rise in risk appetite in the market sentiments along with 0.6 percent decline in inventories supported gains. On the MCX, copper prices are trading higher by 0.3 percent and touched a high of Rs.431.8/kg till 4:00pm IST.
NYMEX crude oil prices traded on a flat note today amid speculation of decline in API inventories will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer acted as a positive factor. While on the other hand, restart of supply from Libya’s Brega port after Libya state oil company National Oil Corp (NOC) has reached a deal with security guards eased supply concerns exerted downside pressure on prices. On the MCX, crude prices are trading on a flat note.
The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to decline by 2.8 million barrels for the week ending on 18th July 2014.
Outlook
We expect gold and silver prices to trade sideways owing to falling safe haven demand after uncertainty was put to ease as separatists have reportedly met several of the key demands coming from Malaysia and Western countries.
Crude prices are expected to trade higher on the back of geopolitical tensions and estimates of decline in API inventories in the evening session.
Base metals are likely to trade positive owing to recovery in market sentiments along with estimates of favorable Existing Home Sales from the US in the evening session.
for trading purpose use free buy sell signal indicator recommended
Important Events for Today
Indicator ------------------------------Country Time (IST) Actual Forecast Previous Impact
Public Sector Net Borrowing ----------UK-------- 2:00pm 9.5B 10.3B 11.5B Medium
CBI Industrial Order Expectations------ UK-------- 3:30pm 2 9 11 Medium
Core CPI m/m -------------------------US ---------6:00pm - 0.2% 0.3% High
CPI m/m -------------------------------US ---------6:00pm - 0.3% 0.4% Medium
Existing Home Sales --------------------US --------7:30pm - 4.98M 4.89M High
commodity face details
( For any personal query mail me at support@mamatainfotech.com or call me at +91 9932242442, 9932461166 )
