1. Daily Commodity Outlook
29th September 2011
MCX GOLD (OCT 11) - Gold opened higher at 26244. It moved
Gold Silver Crude
(5 Oct-11) (5 Dec-11) (19 Oct-11) higher to touch 26404 during intra-day. However, profit taking and
selling pressure saw Gold come off the highs for the day to touch a
Open 26244 52653 4110 low of 25608. It ended the day at 25673 level to close near the lows
High 26404 54394 4128 for the day.
Low 25608 50152 4020
The RSI is placed below its average, which would result in regular
Close 25673 50410 4029 bouts of selling pressure. However, the Stochastic is placed above its
Prev. Close 26187 52989 4114 average and remains placed in the over sold zone, which would lead
to regular bouts of short covering and buying support. The ADX, +DI
% Change -1.96% -4.87% -2.07%
line are moving sideways but –DI line remains placed above the 30
Source – MCX level, indicating sellers have an upper hand. MCX GOLD faces
resistance at 26376, 26700, 27964, 28235, 28525, 28744 levels,
Volume (In 000's) while the supports are placed at 25512, 24992 and 23176 levels.
28/9/2011 27/9/2011 % Chg. MCX SILVER (DEC 11) - Silver opened lower at 52653. It moved
Gold (grms) 65,129.0 63,164.0 3.11% higher to touch an intra-day high of 54394 but failed to sustain
higher. Sustained selling pressure was witnessed as Silver moved
Silver (kgs) 3,289.0 3,116.9 5.52% lower to touch an intra-day low of 50152. It ended the day with 4.87%
Crude (bbl) 21,132.9 17,883.6 18.17% losses to close at 50410.
Source – MCX The RSI is placed below its average, but in the over sold zone. The
Stochastic is placed above its average and remains placed in the
Turnover (In Lacs) over sold zone. Both these conditions would lead to regular bouts of
28/9/2011 27/9/2011 % Chg.
short covering and buying support. The –DI line is trading at 47.83,
indicating sellers have an upper hand. MCX Silver faces resistance
Gold 1,697,653.4 1,666,848.0 1.85% at 51352, 52365, 54377, 56981 and 61708 levels, while the supports
Silver 1,715,743.1 1,688,610.8 1.61%
are placed at 49807, 45824 and 42708 levels.
Crude 862,854.3 729,750.5 18.24% MCX CRUDE (OCT 11) - Crude opened lower at 4110 level, but
Source – MCX moved higher to touch 4128 level. However, lack of follow up buying
support saw the Crude drift lower. It touched an intra-day low of 4020
to end the day at 4029.
Global Market (Nymex - $)
29/9/2011 28/9/2011 % Chg. The RSI has breached its average, which would lead to further
selling pressure. However, the Stochastic is placed above its
Gold (oz) 1,610.40 1,616.10 -0.35%
average, which is a positive sign for the markets and would lead to
Silver (oz) 30.10 30.08 0.07% regular bouts of buying support at lower levels. However, the –DI line
is still placed above the 30 level indicating sellers have an upper
Crude (bbl) 80.74 81.21 -0.58%
hand. While the ADX and +DI line are moving sideways. It faces
Dollar Index 77.72 78.09 -0.47% resistance at 4049, 4174, 4207, 4449 and 4631 levels, while the
Source – www.cmegroup.com
supports are placed at 3951, 3883 and 3850 levels.
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE OCT 11 4029 4059 4098 4167 4275 3990 3951 3843
GOLD OCT 11 25673 25895 26182 26691 27487 25386 25099 24303
SILVER DEC 11 50410 51652 53152 55894 60136 48910 47410 43168
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2. US Economic Calendar:
Thursday Friday Monday Tuesday Wednesday
Sept. 29 Sept. 30 Oct. 03 Oct. 04 Oct. 05
Personal Income and ADP Employment
US GDP Data ISM Mfg Index Factory Orders
Outlays Report
Construction
Jobless Claims Consumer Sentiment Motor Vehicle Sales ISM Non-Mfg Index
Spending
Pending Home Sales 4-Week Bill Ben Bernanke EIA Petroleum Status
Chicago PMI
Index Announcement Speaks Report
EIA Natural Gas Challenger Job-Cut
6-Month Bill Auction
Report Report
European Economic Event:
German parliament due to ratify the EFSF, will Chancellor Angel Merkel win over her coalition partners?
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