Life @ TradeIndia Research

Thursday 13 October 2016

Commodity Tips | International Updates | MCX Support Level

MCX SUPPORT & RESISTANCE LEVEL

GOLD JUNE FUTURE
R2–30712,
R1 -30484,
S1-29247,
S2-29112,

SILVER JULY FUTURE
R2 –43119,
R1- 42846,
S1-41019,
S2-40780,

CRUDE OIL JUNE FUTURE
R2 –3430,
R1-3370,
S1-3280,
S2-3250,

COPPER JUNE FUTURE
R2 –327,
R1-323,
S1-316,
S2-311.

Commodity Tips: Bullion

Gold

On Wednesday, spot gold prices rose marginally by 0.16 percent to close at $154.7 per ounce after minutes from the Federal Reserve's September meeting showed several voting policymakers judged an interest rate hike would be warranted "relatively soon" if the U.S. economy continued to improve.

The minutes of the Sept. 20-21 meeting, however, showed the depth of the divide on how much longer they should allow the labor market and inflation to improve before raising rates.

On the MCX, gold prices declined marginally by 0.23 percent to close at $29651 per 10 gms.

Silver

Spot silver prices rose marginally by 0.1 percent on Wednesday to close at $17.5 per ounce in line with rise in gold prices. Strength in dollar index however capped the rally.

On the MCX, silver prices rose marginally by 0.13 percent to close at Rs.42051 per 10 gms.
Outlook

On an intraday basis, we expect gold prices to trade lower as the possibility of rate hike in the December meeting of the US Federal Reserve looks very likely. Besides, spate of economic data also indicates growth and optimism on the economy.

On the MCX, gold prices are expected to trade lower today.

Energy Crude Oil Outlook

On an intraday basis, we expect oil prices to trade higher as it trades closer to the psychological barrier of $50 mark. On the other side, OPEC said that their production of around 33.39 million barrels in September is the highest in the last eight years which will be a close watch by investors across the globe.


On the MCX, oil prices are expected to trade lower today on account of profit booking, as international markets are trading lower by around 0.7 percent at $49.81 per barrel.


CALL:- BUY ONGC 265 CALL
ABOVE 8.60
TG1 9.20
TG2 10.90
SL 6.60

INTERNATIONAL MARKET UPDATE
GOLD $ 1261.95.
SILVER $ 17.668,
COPPER $324.00,
CRUDE OIL $ 49.83,
INR 66.805.

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