1. Daily Commodity Outlook
18th November 2011
MCX GOLD (DEC 11) - Gold opened lower at 28950. It moved
Gold Silver Crude
(5 Dec-11) (5 Dec-11) (17 Nov-11)
higher to touch 28960. However, it failed to sustain on back of
profit taking and selling pressure. It touched an intra-day low of
Open 28,950 57,100 5,147 28272. It ended the day with moderate losses to close at 28449.
High 28,960 57,265 5,244
The RSI and Stochastic are placed below their respective
Low 28,272 53,728 5,032 averages. Both these conditions would lead to further selling
pressure. Both have come off from the over sold zone due to
Close 28,449 54,057 5,051
yesterday’s fall. The ADX, +DI and -DI line are moving sideways.
Prev. Close 28,996 57,157 5,141 Moreover, +DI line has come below the 30 level, indicating buyers
% Change -1.89% -5.42% -1.75%
have lost the upper hand. MCX GOLD faces resistance at 28960,
29212, 29500 and 30000, while the supports are placed at 28152,
Source – MCX 27954, 26768 and 26000 levels.
Volume (In 000's) MCX SILVER (DEC 11) - Silver opened lower at 57100. It moved
higher to touch an intra-day high of 57265. However, it failed to
17/11/2011 16/11/2011 % Chg. sustain on back of profit taking and selling pressure. It touched an
Gold (grms) 62,057.0 48,354.0 28.34% intra-day low of 53728. It ended the day with heavy losses to close
at 54057
Silver (kgs) 2,850.1 2,113.1 34.87%
The RSI and Stochastic are placed below their respective
Crude (bbl) 21,689.7 8,736.7 148.26%
averages. Both these conditions would lead to further selling
Source – MCX pressure. Both have come off from the over sold zone due to
yesterday’s fall. The ADX and +DI line are moving sideways but –
Turnover (In Lacs) DI line has moved above the 30 level and indicated buyers have an
upper hand. MCX Silver faces resistance at 54754, 61708, 61884
17/11/2011 16/11/2011 % Chg.
and 64605 levels, while the supports are placed at 52725, 52365
Gold 1,782,466.8 1,403,253.1 27.02% and 51226 levels.
Silver 1,593,202.7 1,215,781.0 31.04% MCX CRUDE (DEC 11) - Crude opened higher at 5151 level. It
moved higher to touch an intra-day high of 5244. However, it failed
Crude 1,116,345.0 444,565.3 151.11%
to sustain on back of profit taking and selling pressure. It touched
Source – MCX an intra-day low of 5007. It ended the day with heavy losses to
close at 5031
Global Market (Nymex - $)
The RSI has breached its average, which is a negative sign.
18/11/2011 17/11/2011 % Chg. Moreover, the Stochastic is placed below its average. Both these
conditions would lead to further selling pressure. Moreso, both are
Gold (oz) 1,723.10 1,719.80 0.19%
placed in the over bought zone which would further lead to
Silver (oz) 31.52 31.50 0.07% intermediate bouts of profit taking and selling pressure. The ADX
Crude (bbl) 98.74 98.82 -0.08% and –DI line are moving sideways, but +DI line is still placed at
42.24 indicating buyers have an upper hand. It faces resistance at
Dollar Index 78.14 78.29 -0.19%
5174 5200 and 5250 levels, while the supports are placed at 4889,
Source – www.cmegroup.com 4618, 4493 and 4291 levels.
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE NOV 11 5051 5109 5186 5321 5533 4974 4897 4685
GOLD DEC 11 28449 28560 28849 29248 29936 28161 27872 27184
SILVER DEC 11 54057 55017 56305 58554 62091 52768 51480 47943
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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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