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MCX Weekly report

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MCX Weekly report

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  1. WEEKLY MCX COMMODITY REPORT 29/03/19 WWW.REVENUEMAKER.IN

  2. WEEKLY SNAPSHOT For the third week in a row, the gold market has managed to scratch together another gain as the precious metal continues to fight against a resilient U.S. dollar.However, many analysts are warning investors to ignore the short-term volatility due to the U.S. dollar and focus on the bullish long-term trend after the Federal Reserve turned unambiguously dovish, lower its growth and interest rate expectations for 2019. Optimism remains strong in the gold market even as gold was only able to hold on to some of gains for the week. April gold futureslast traded at $1,312.40 an ounce, up 0.73% from last week. Hurting the yellow metal has been continued strength in the U.S. Dollar Index, which is ending the week nearly unchanged after suffering an almost 1% loss after the U.S. central bank said that it sees no rate hikes this year, down from the expectation of two rate hikes in December. Once again the gold market is eking out a weekly gain as prices trade around the critical psychological level of $1,300 an ounce. However, according to some analyst, the market lacks a catalyst to push prices to last month’s 10-month high. Although down from its highs, the market is still preparing to the week with most gains, with April gold futures last traded at $1,302 an ounce, up 0.21% from the previous week. Worries about a broadening global economic slowdown which could threaten demand for crude are likely to have the biggest impact on oil markets in the week ahead. The IHS Markit preliminary Purchasing Managers’ Index, led by Germany, plunged to 44.7 in March, its lowest level since 2012 and well below economists’ expectation of 48, data showed on Friday. It was the index's third-consecutive reading below 50 and came as new orders and employment declined.The underwhelming data exacerbated worries over slowing global growth prospects and energy demand.Oil traders will also focus on the outlook for global crude supplies amid signals that OPEC-led production cuts have helped tighten an oversupplied market. OPEC, which together with some non-affiliated producers like Russia, known as 'OPEC+', agreed late last year to reduce output by 1.2 million barrels per day (bpd) to remove a glut and prop up prices.Fresh data on U.S. commercial crude inventories and production activity will also WWW.REVENUEMAKER.IN

  3. capture the market's attention this week.The Energy Information Administration (EIA) reported that U.S. crude supplies unexpectedly fell by nearly 10 million barrels for the week ended March 15, the most since July, thanks to strong export and refining demand.Offering a hint on future production activity, U.S. energy firms reduced the number of oil rigs operating for a fifth week in a row, cutting nine rigs to the lowest count in nearly a year. The number fell by nine to 824 last week.Trade talks between the U.S. and China will also keep investors on their toes, as Treasury Secretary Steven Mnuchin and other members of the Trump administration head to Beijing. Oil futures settled lower on Friday, with prices pulling back from four-month highs as worries about the global economy weighed.U.S. West Texas Intermediate crude declined 94 cents, or about 1.6%, to settle at $59.04 a barrel by close of trade. It went as high as $60.39 on Thursday. For the week, the U.S. benchmark ended up 0.9%. Meanwhile, International Brent crude oil futures ended Friday's session down 92 cents, or roughly 1.4%, at $66.75 a barrel.Brent prices, which on Thursday hit their highest so far this year at $68.48, saw a drop of approximately 0.2% on the week. WWW.REVENUEMAKER.IN

  4. WEEKLY SUPPORT/RESISTANCE GOLD (MARCH) RESISTANCE 2: 32529 RESISTANCE 1: 32067 SUPPORT1: 31321 SUPPORT2: 31037 SILVER(MARCH) RESISTANCE 2: 39146 RESISTANCE 1: 38327 SUPPORT1: 36984 SUPPORT2: 36460 CRUDE OIL (MARCH) RESISTANCE 2: 4268 RESISTANCE 1: 4209 SUPPORT1: 4061 SUPPORT2: 3972 COPPER (MARCH) RESISTANCE 2:458 RESISTANCE 1:452.50 SUPPORT1:438.50 SUPPORT2:428.50 WWW.REVENUEMAKER.IN

  5. GOLD (MARCH) Technical outlook on GOLD: MCX Gold JUNE contract, showed upside movement this week and made a weekly high of 32352 and low of 31740 due to short-covering in usdinr and comex. In Comex, gold has strong resistance around $1324 .This week gold closed above $1300 which showing strength in comex and in short term it will go upto $1325-$1340. For the next week,Gold APRIL contract has support around 31600 levels. And strong support in range of 31500-31200 levels. Resistances are in the range of 32330/32500 levels. Above 32700 the next resistance is at 33000 and 33100levels. Strategy for Traders: SELL GOLD APRIL BELOW 31800 TG 31600 /31400 SL ABOVE 32100 BUY GOLD APRIL ABOVE 32225 TG 32350 /32550 SL BELOW 31980. WWW.REVENUEMAKER.IN

  6. SILVER(MARCH) Technical outlook on SILVER: MCX Silver MAY Contract, range-bound movement this week made a weekly high of 38950 and made a weekly low of 37900 .In Comex silver has a resistance of $15.50 and strong support at $14.90. In MCX Silver has a support around 38000 and resistance around 38950 levels. Silver took support around 38000. For the coming week, we expect Silver MAY contract go up to 39300- 39500 levels. Resistance are expected at 38950 to 39300 levels. Strategy for Traders: SELL SILVER MAY BELOW 37900 TG 37650/ 37200 SL ABOVE 38200 BUY SILVER MAY ABOVE 38500 TG 38900/39150 SL BELOW 38150. WWW.REVENUEMAKER.IN

  7. COPPER (MARCH) Technical outlook on COPPER: MCX COPPER APRIL contract showed downside movement this week and made a weekly low of 436.40, support around 432.50-428 levels . We expect in the short-term copper prices will go down to 432-430 levels. For the next week, Copper APRIL contract support at 440 levels. Resistance at 456 levels,and strong Resistance are at 452.50 level. Above it at 460-465.50 levels. Strategy for Traders: SELL COPPER APRIL AROUND 441 TG 436.50/432.50 SL ABOVE 446 BUY COPPER APRIL AROUND 432.50 TG 440/444 SL BELOW 428. WWW.REVENUEMAKER.IN

  8. CRUDE (MARCH) Technical outlook on CRUDE: MCX Crude Oil APRIL contract trading in upside movement this week and made a weekly low of 3982.In NYMEX Crude Oil has resistance of $60 and strong support of $56.80.Oil rig count has change this week and stood at 824 from 833 showed by Baker Hughes report . Crude Oil April contract having support at 4150 levels Below it at 4050 levels & strong supports at 3970 & 3900 levels. Resistances are at 4150 levels & above it at 4200 to 4270 levels & strong resistance at 4350 levels. Strategy for Traders: BUY CRUDE OIL APRIL ABOVE 4090 TGT 4125/4160 SL BELOW 4030 SELL CRUDE OIL APRIL BELOW 4020 TGT 3950/3880 SL ABOVE 4100. WWW.REVENUEMAKER.IN

  9. DISCLAIMER The information and views in this report, our website & all the service we provide are believed to be reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have the rights to choose the product/s that suits them the most. Investment in Stocks has its own risks. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it & takes no responsibility whatsoever, for any financial profit or losses which may arise from the recommendations given above. The stock price projections shown are not necessarily indicative of future price performance. The information herein, together with all estimates and forecasts, can change without notice. Revenue Maker does not purport to be an invitation or an offer to buy or sell any financial instrument. Analyst or any person related to Revenue Maker might be holding positions in the stocks recommended. It is understood that anyone who is browsing through the site has done so at his free will and does not read any views expressed as a recommendation for which either the site or its owners or anyone can be held responsible for. Any surfing and reading of the information is the acceptance of this disclaimer. All Rights Reserved. Our Clients (Paid or Unpaid), any third party or anyone else have no rights to forward or share our calls, SMS, reports or any other Information provided by us to/with anyone which is received directly or indirectly by them. If found so then Serious Legal Actions can be taken. Any surfing and reading of the information is the acceptance of this disclaimer. All Rights Reserved by Revenue Maker. WWW.REVENUEMAKER.IN

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