1. Daily Commodity Outlook
16th November 2011
MCX GOLD (DEC 11) - Gold opened higher at 28975. It moved
Gold Silver Crude
(5 Dec-11) (5 Dec-11) (17 Nov-11)
lower to touch 28833. However, it managed to bounce back from
the lows on to touch an intra-day high of 29212. It ended the day
Open 28,975 57,311 4,927 with modest gains to close at 29171.
High 29,212 58,338 5,045
The RSI is placed above its average. Moreover, the Stochastic has
Low 28,833 57,014 4,927 once again moved above its average. Both these conditions would
Close 29,171 57,985 5,033 lead to buying support at lower levels. However, both are placed in
the over bought zone, which would lead to intermediate bouts of
Prev. Close 28,938 57,215 4,919
profit taking and selling pressure. The ADX and -DI line are moving
% Change 0.81% 1.35% 2.32% sideways, while +DI line is placed at 35.52 level, indicating buyers
still have an upper hand. MCX GOLD faces resistance at 29212,
Source – MCX
29500 and 30000, while the supports are placed at 28925, 28152,
27954, 26768 and 26000 levels.
Volume (In 000's)
15/11/2011 14/11/2011 % Chg. MCX SILVER (DEC 11) - Silver opened higher at 57311. It moved
higher to touch an intra-day high of 58338. However, it failed to
Gold (grms) 51,272.0 35,808.0 43.19% sustain higher and moved lower to touch an intra-day low of 57014.
Silver (kgs) 2,087.9 1,595.0 30.91% It ended the day with moderate losses to close at 57985.
Crude (bbl) 19,431.1 20,943.8 -7.22%
The RSI has again moved above its average. Moreso, the
Source – MCX Stochastic is placed above its average. These conditions would
lead to buying support at lower levels. However, both are placed in
Turnover (In Lacs) the over bought zone, which would lead to intermediate bouts of
profit taking and selling pressure. The ADX, -DI and +DI line are
15/11/2011 14/11/2011 % Chg. moving sideways indicating a range bound trend. MCX Silver
Gold 1,488,219.6 1,037,330.7 43.47% faces resistance at 61708, 61884 and 64605 levels, while the
supports are placed at 54754, 52725 and 52365 levels.
Silver 1,203,378.1 919,440.0 30.88%
Crude 967,276.1 1,033,458.5 -6.40% MCX CRUDE (NOV 11) - Crude opened higher at 4927 level.
Incidentally, this was also the low for the day. It moved higher to
Source – MCX touch an intra-day high of 5045. It ended the day with handsome
gains to close at 4919.
Global Market (Nymex - $)
16/11/2011 15/11/2011 % Chg.
The RSI is placed above its averages, which would lead to buying
support. However, the Stochastic is placed below its average.
Gold (oz) 1,770.10 1,782.20 -0.68% Moreso, both are placed in the over bought zone which would lead
Silver (oz) 34.18 34.456 -0.80% to intermediate bouts of profit taking and selling pressure. The ADX
and –DI line are moving sideways, but +DI line is still placed at
Crude (bbl) 98.68 99.37 -0.69% 40.67 indicating buyers have an upper hand. It faces resistance at
Dollar Index 78.30 77.93 0.47% 5047 5098 and 5150 levels, while the supports are placed at 4879,
4618, 4493 and 4291 levels.
Source – www.cmegroup.com
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE NOV 11 5033 5002 5076 5120 5238 4958 4884 4766
GOLD DEC 11 29171 29072 29311 29451 29830 28932 28693 28314
SILVER DEC 11 59615 59419 60157 60700 61981 58876 58138 56857
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