Bullion prices were little changed on Friday as gold prices were on track for a third weekly decline. Hopes of progress in US-China trade talks kept risk appetite up. Crude oil futures fell on Friday as optimism over an end to the US-China trade war faded, leaving prices set for a weekly loss. Base metals edged higher on Friday as investors cheered signs of progress in resolving the US-China trade conflict. The report provides analysis and recommendations for gold, crude oil, base metals, and other commodities trading on the MCX for the day.

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MCX Daily Report 13TH
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News Highlights
BULLION - Bullion counter may trade with sideways bias as gold prices were little changed on
Friday, on track for a third weekly decline as optimism over the U.S.-China trade talk fanned
risk sentiment. Hopes of progressing trade talks kept risk appetite up, after U.S. President
Donald Trump said on Thursday he preferred a comprehensive trade deal with China but did
not rule out the possibility of an interim pact, even as he said an “easy” agreement would not
be possible. Elsewhere, European Central Bank chief Mario Draghi pledged indefinite stimulus
on Thursday to revive an ailing euro zone economy. The World Gold Council (WGC) on
Thursday published a set of guidelines for gold miners, responding to rising pressure from
consumers. The bigger-than-expected stimulus will increase pressure on the U.S. Federal
Reserve and Bank of Japan to ease policy next week to support a world economy increasingly
characterized by low growth and protectionist threats to free trade.
ENERGY- Crude oil may remain on weaker side as oil futures fell on Friday as optimism over an
end to the U.S.-China trade war faded, leaving prices set for a weekly loss after days of wild
gyrations. Brent has traded in a range of nearly $5 this week and is heading for the first weekly
loss in five. U.S. crude has traded similarly and is heading for its first loss in three weeks.
Gloom over the dispute between Washington and Beijing left investors shrugging off a
commitment from Organization of the Petroleum Exporting Countries (OPEC) producers to
trim output, with more signs emerging that global economic growth is being stunted by the
trade row. A market-monitoring committee formed by OPEC and allied producers, a grouping
known as OPEC+, met on Thursday in Abu Dhabi ahead of policy discussions set for Vienna in
December. OPEC+ has over-complied on average with its agreed cut of 1.2 million barrels per
day (bpd) as Iranian and Venezuelan exports collapsed due to sanctions.
BASE METAL - Base metals may trade with upside bias. Base metals edged higher on Friday as
investors cheered signs of progress in resolving the U.S.-China trade conflict, but the market
was quiet due to a public holiday in top consumer China. China renewed purchases of U.S.
farm goods, and U.S. President Donald Trump delayed a tariff increase on certain Chinese
goods by two weeks, as the two sides made conciliatory gestures ahead of planned talks later
in September and October. The premium of LME nickel cash to the three-month contract
jumped to $163 a tonne from $102 a tonne in the previous session, signalling tight nearby
supplies. On-warrant nickel stocks in LME-approved warehouses or those available for
delivery, tumbled to their lowest level in a decade at 77,628 tonnes, latest data showed.

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MCX Daily Report 13TH
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TREND : BEARISH TREND : BEARISH
WWW.CAPITALSTARS.COM +919977499927 WWW.CAPITALSTARS.COM +919977499927
Base Metals
TREND : SIDEWAYS
RESIST 2: 461.00 RESIST 2: 1270.00
RESIST 1: 457.00 RESIST 1: 1260.00
SUP 1: 450.00
SUP 2: 446.00
CS LEAD (SEP) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 188.00 RESIST 2: 157.00
RESIST 1: 187.00 RESIST 1: 156.00
SUP 1: 185.00 SUP 1: 154.00
SUP 2: 184.00 SUP 2: 153.00
RESIST 2: 142.00
RESIST 1: 141.00
SUP 1: 139.00
SUP 2: 138.00
WWW.CAPITALSTARS.COM +919977499927
Energy
TREND : SIDEWAYS TREND : SIDEWAYS

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MCX Daily Report 13TH
SEPTEMBER 2019
Pick for the DAY
MCX GOLD OCT on THRUSDAY as seen in the Daily chart opened at 37898 levels and made
day low of 37662 levels. During this period GOLD OCT high is 38228 levels and finally closed
at 37750 levels. Now, there are chances of down movement technically & fundamentally.
DAILY RECOMMENDATION: SELL MCX GOLD OCT BELOW 37710 LEVELS FOR TARGET OF
37610/37510 WITH SL 37810 OF LEVELS.

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