1. Daily Commodity Outlook
8th November 2011
MCX GOLD (DEC 11) - Gold opened higher at 27984. Incidentally,
Gold Silver Crude
(5 Dec-11) (5 Dec-11) (17 Nov-11)
it was also the lowest price for the day. It moved higher to touch an
intra-day high of 28444. It ended the day on with moderate gains to
Open 27,984 56,495 4,620 close at 28422.
High 28,444 57,444 4,685
The RSI is placed above its average, which would lead to buying
Low 27,984 56,495 4,620 support at regular intervals. Moreso, the Stochastic is placed above
Close 28,422 57,174 4,665 its average, which also would result in further buying support.
However, both are placed in the over bought zone and would lead
Prev. Close 27,904 56,258 4,618
to intermediate bouts of profit taking. The ADX and -DI line are
% Change 1.86% 1.63% 1.02% moving sideways, while +DI line is placed above 30 level,
indicating buyers have an upper hand. MCX GOLD faces
Source – MCX
resistance at 28525, 28744 and 29000 levels, while the supports
are placed at 28235, 27964, 25360, 24992 and 23176 levels.
Volume (In 000's)
7/11/2011 5/11/2011 % Chg. MCX SILVER (DEC 11) - Silver opened higher at 56495. .
Incidentally, it was also the lowest price for the day. It moved
Gold (grms) 30,691.0 1,399.0 2093.78% higher to touch an intra-day high of 57444. It ended the day with
Silver (kgs) 1,069.3 38.0 2713.10% moderate gains to close at 57174.
Crude (bbl) 12,842.0 517.7 2380.59%
The RSI is placed above its average, which would lead to buying
Source – MCX support at regular intervals. Moreover, the Stochastic is placed
above its average its average, which would also result in further
Turnover (In Lacs) buying support. However, both are placed in the over bought zone
and would lead to intermediate bouts of profit taking The ADX, -DI
7/11/2011 5/11/2011 % Chg. and +DI line are moving sideways indicating a range bound trend.
Gold 867,959.0 39,058.5 2122.20% MCX Silver faces resistance at 61708, 61884 and 64605 levels,
while the supports are placed at 54754, 52725 and 52365 levels.
Silver 610,274.5 21,385.7 2753.65%
Crude 597,834.0 23,928.6 2398.41% MCX CRUDE (NOV 11) - Crude opened higher at 4620 level.
Incidentally, it was also the lowest price for the day. It moved
Source – MCX higher to touch an intra-day high of 4685. It ended the day with
moderate gains to close at 4665.
Global Market (Nymex - $)
8/11/2011 7/11/2011 % Chg.
The RSI and Stochastic are placed above their respective
averages, which would lead to further buying support. However,
Gold (oz) 1,793.10 1,791.10 0.11% both are placed near the over bought zone which would lead to
Silver (oz) 34.79 34.828 -0.11% intermediate bouts of profit taking. The ADX and –DI line are
moving sideways, but +DI line is still placed at 33.87 indicating
Crude (bbl) 95.51 95.52 -0.01% buyers have an upper hand. It faces resistance at 4666, 4879 and
Dollar Index 77.00 76.98 0.03% 5047 levels, while the supports are placed at 4631, 4548, 4291,
4238 and 4182 levels.
Source – www.cmegroup.com
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE NOV 11 4665 4657 4693 4722 4787 4628 4592 4527
GOLD DEC 11 28422 28283 28583 28743 29203 28123 27823 27363
SILVER DEC 11 57174 57038 57580 57987 58936 56631 56089 55140
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2. US Economic Calendar:
Tuesday Wednesday Thursday Friday Monday
Nov. 08 Nov. 09 Nov. 10 Nov. 11 Nov. 14
NFIB Small Business EIA Petroleum Status 4-Week Bill
Jobless Claims Consumer Sentiment
Optimism Index Report Announcement
ICSC-Goldman Store MBA Purchase Import and Export
6-Month Bill Auction
Sales Applications Prices
International Trade
3-Yr Note Auction Wholesale Trade
Data
Treasury Budget
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