1. Daily Commodity Outlook
17th November 2011
MCX GOLD (DEC 11) - Gold opened lower at 29147. It moved
Gold Silver Crude
(5 Dec-11) (5 Dec-11) (17 Nov-11)
higher to touch 29168. However, it failed to sustain on back of
profit taking and selling pressure. It touched an intra-day low of
Open 29,147 57,860 5,020 28804. It ended the day with modest losses to close at 28996.
High 29,168 58,070 5,174
The RSI and Stochastic has have slipped below their respective
Low 28,804 56,880 5,004 averages. Both these conditions would lead to selling pressure.
Close 28,996 57,157 5,141
Moreover, both are placed in the over bought zone, which would
lead to intermediate bouts of profit taking and selling pressure. The
Prev. Close 29,171 57,985 5,029 ADX and -DI line are moving sideways, while +DI line is placed at
% Change -0.60% -1.43% 2.23% 32.99 level, indicating buyers still have an upper hand. MCX GOLD
faces resistance at 29212, 29500 and 30000, while the supports
Source – MCX are placed at 28925, 28152, 27954, 26768 and 26000 levels.
Volume (In 000's) MCX SILVER (DEC 11) - Silver opened lower at 57860. It moved
higher to touch an intra-day high of 58070. However, it failed to
16/11/2011 15/11/2011 % Chg.
sustain on back of profit taking and selling pressure. It touched an
Gold (grms) 48,354.0 51,272.0 -5.69% intra-day low of 56880. It ended the day with moderate losses to
close at 57157
Silver (kgs) 2,113.1 2,087.9 1.21%
Crude (bbl) 8,736.7 19,431.1 -55.04% The RSI and Stochastic has have slipped below their respective
averages. Both these conditions would lead to selling pressure.
Source – MCX
Moreover, the Stochastic is placed near the over bought zone,
which would lead to intermediate bouts of profit taking and selling
Turnover (In Lacs) pressure. The ADX, -DI and +DI line are moving sideways
16/11/2011 15/11/2011 % Chg. indicating a range bound trend. MCX Silver faces resistance at
61708, 61884 and 64605 levels, while the supports are placed at
Gold 1,403,253.1 1,488,219.6 -5.71% 54754, 52725 and 52365 levels.
Silver 1,215,781.0 1,203,378.1 1.03%
MCX CRUDE (DEC 11) - Crude opened lower at 5020 level. It
Crude 444,565.3 967,276.1 -54.04% moved lower to touch an intra-day low of 5004. However, sustained
buying support helped Crude to move higher to touch an intra-day
Source – MCX
high of 5174. It ended the day with handsome gains to close at
5141.
Global Market (Nymex - $)
17/11/2011 16/11/2011 % Chg.
The RSI is placed above its average, which would lead to buying
support. However, the Stochastic is placed below its average.
Gold (oz) 1,760.60 1,774.30 -0.77% Moreso, both are placed in the over bought zone which would lead
Silver (oz) 33.8 33.822 -0.07% 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) 101.83 102.59 -0.74% 45.57 indicating buyers have an upper hand. It faces resistance at
Dollar Index 78.22 78.38 -0.21% 5174 5200 and 5250 levels, while the supports are placed at 4889,
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 5141 5106 5209 5276 5446 5039 4936 4766
GOLD DEC 11 28996 28989 29175 29353 29717 28811 28625 28261
SILVER DEC 11 57157 57369 57858 58559 59749 56668 56179 54989
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2. US Economic Calendar:
Thursday Monday Tuesday Wednesday Friday
Nov. 17 Nov. 21 Nov. 22 Nov. 23 Nov. 25
Housing Statistic Existing Home Sales GDP Data Jobless Claims Data Weekly Bill Settlement
Chicago Fed National
Jobless Claims Corporate Profits Durable Goods Orders Money Supply Data
Activity Index
Philadelphia Fed Personal Income and
2-Yr Note Auction 5-Yr Note Auction Fed Balance Sheet
Survey Outlays
EIA Natural Gas
Consumer Sentiment
Report
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