The daily commodity outlook report summarizes the performance of gold, silver, and crude oil futures contracts on the MCX exchange. Gold prices closed marginally higher after bouncing back from intraday lows. Technical indicators suggest further selling pressure. Silver prices closed with modest gains after recovering from losses, and technicals indicate short-term buying support. Crude oil futures ended the day higher despite trading lower intraday, and technical indicators point to intermediate profit taking.

1. Daily Commodity Outlook
21st November 2011
MCX GOLD (DEC 11) - Gold opened lower at 28620. Incidentally,
Gold Silver Crude
(5 Dec-11) (5 Dec-11) (19 Dec-11)
this was also the lowest point of the day. It managed to bounce
back from the lows of the day to touch an intra-day high of 28725.
Open 28,620 55,526 5,020 It ended the day with marginal gains to close at 28704.
High 28,725 55,983 5,030
The RSI and Stochastic are placed below their respective
Low 28,620 55,493 5,017
averages. Both these conditions would lead to further selling
Close 28,704 55,850 5,024 pressure. The ADX, +DI and -DI line are moving sideways,
Prev. Close 28,629 55,438 5,008
indicating a range bound trend. MCX GOLD faces resistance at
28960, 29212, 29500 and 30000, while the supports are placed at
% Change 0.26% 0.74% 0.32% 28152, 27954, 26768 and 26000 levels.
Source – MCX
MCX SILVER (DEC 11) - Silver opened higher at 55526. It moved
Volume (In 000's) lower to touch an intra-day low of 55493. However, it managed to
bounce back from the lows of the day. It touched an intra-day high
19/11/2011 18/11/2011 % Chg. of 55983. It ended the day with modest gains to close at 55850
Gold (grms) 1,488.0 47,899.0 -96.89%
The RSI is placed below its averages, which would lead to further
Silver (kgs) 96.2 2,634.6 -96.35%
selling pressure. However, the Stochastic has moved above its
Crude (bbl) 417.8 24,308.9 -98.28% average but still placed in the over sold zone, which would lead to
Source – MCX short covering and selective buying support. The ADX and +DI line
are moving sideways but – DI line is placed above the 30 level and
indicating buyers have an upper hand. MCX Silver faces
Turnover (In Lacs)
resistance at 61708, 61884 and 64605 levels, while the supports
19/11/2011 18/11/2011 % Chg. are placed at 54754, 52725, 52365 and 51226 levels.
Gold 42,690.0 1,370,559.4 -96.89%
MCX CRUDE (DEC 11) - Crude opened higher at 5020 level. It
Silver 53,662.6 1,445,810.0 -96.29% moved lower to touch an intra-day low of 5017. However, it
managed to move higher to touch an intra-day high of 5030. It
Crude 20,981.4 1,230,966.9 -98.30%
ended the day with modest gains to close at 5024
Source – MCX
The RSI and Stochastic are placed before their respective
Global Market (Nymex - $) averages, which is a negative sign. Moreover, the RSI is placed in
21/11/2011 19/11/2011 % Chg. the over bought zone which would further lead to intermediate
bouts of profit taking and selling pressure. The ADX and –DI line
Gold (oz) 1,722.40 1,725.10 -0.16% are moving sideways, but +DI line is still placed at 37.84 indicating
Silver (oz) 32.175 32.42 -0.75% buyers have an upper hand. It faces resistance at 5174 5200 and
5250 levels, while the supports are placed at 4889, 4618, 4493 and
Crude (bbl) 97.71 97.67 0.04%
4291 levels.
Dollar Index 78.00 78.02 -0.03%
Source – www.cmegroup.com
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE DEC 11 5024 5024 5030 5037 5050 5017 5011 4998
GOLD DEC 11 28704 28683 28746 28788 28893 28641 28578 28473
SILVER DEC 11 55850 55775 56058 56265 56755 55568 55285 54795
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2. US Economic Calendar:
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Existing Home Sales GDP Data Jobless Claims Data Weekly Bill Settlement New Home Sales
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Personal Income and 4-Week Bill
2-Yr Note Auction 5-Yr Note Auction Fed Balance Sheet
Outlays Announcement
Consumer Sentiment
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