1. Daily Commodity Outlook
22nd September 2011
MCX GOLD (OCT 11) - Gold opened lower at 28006, however,
Gold Silver Crude
(5 Oct-11) (5 Dec-11) (19 Oct-11) surged higher during the day on back of weak global economic cues.
Gold touched an intra-day high of 28225, marginally short of its
Open 28006 64510 4172 resistance at 28235 level. It closed at 28141 level off the highs of the
High 28225 65540 4262 day.
Low 27931 64210 4151
The RSI is placed above its average, which would result in regular
Close 28141 65294 4209 bouts of buying support. The Stochastic remains placed above its
Prev. Close 28039 64376 4170 average; which would also lead to buying support and short covering.
But it is nearing the over bought zone. The ADX, +DI line and –DI
% Change 0.36% 1.43% 0.94%
line are moving sideways indicating a range bound trend. MCX
Source – MCX GOLD faces resistance at 28235, 28525, 28744 levels, while the
supports are placed at 27964, 27777, 27184, 26853 and 26899
Volume (In 000's) levels.
21/9/2011 20/9/2011 % Chg. MCX SILVER (DEC 11) - Silver also opened higher at 64510.
Gold (grms) 69,470.0 83,151.0 -16.45%
Sustained buying support was witnessed as Silver touched an intra-
day high of 65540. It ended the day on a positive note to close at
Silver (kgs) 2,162.6 2,382.0 -9.21% 652946.
Crude (bbl) 22,216.3 21,014.5 5.72%
The RSI has moved above its average which would lead to buying
Source – MCX support at regular intervals. The Stochastic is also placed above its
average, which would lead to buying support and short covering at
Turnover (In Lacs) lower levels. The ADX, +DI line and –DI line are moving sideways
indicating a range bound trend. MCX Silver faces resistance at
21/9/2011 20/9/2011 % Chg. 66051, 66625 and 66893 levels, while the supports are placed at
Gold 1,951,824.6 2,315,907.0 -15.72% 64925, 62763, 62129 and 60839 levels.
Silver 1,404,284.6 1,523,009.1 -7.80% MCX CRUDE (OCT 11) - Crude continued to move higher. It opened
Crude 933,075.5 876,175.5 6.49% higher at 4172 level. Buying support was witnessed during the day as
it moved higher to touch the 4262 mark. It ended to close in the
Source – MCX
positive at 4209 level.
Global Market (Nymex - $) The RSI and the Stochastic have moved their respective averages,
which is a positive sign and would lead to regular bouts of buying
22/9/2011 21/9/2011 % Chg.
support. The ADX, +DI line and –DI line are moving sideways
Gold (oz) 1,770.40 1,805.50 -1.94% indicating a range bound trend. It faces resistance at 4449 and 4631
levels, while the supports are placed at 4207, 4174, 4007 and 3955
Silver (oz) 39.74 40.42 -1.68% levels.
Crude (bbl) 84.52 85.92 -1.63%
Source – www.cmegroup.com
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE OCT 11 4209 4207 4264 4318 4429 4153 4096 3985
GOLD OCT 11 28141 28099 28267 28393 28687 27973 27805 27511
SILVER DEC 11 65294 65015 65819 66345 67675 64489 63685 62355
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2. US Economic Calendar:
Wednesday Thursday Monday Tuesday Wednesday
Sept. 21 Sept. 22 Sept. 26 Sept. 27 Sept. 28
Bank Reserve Weekly Bill Chicago Fed National ICSC-Goldman Store Durable Goods
Settlement Settlement Activity Index Sales Orders
MBA Purchase Consumer EIA Petroleum Status
Jobless Claims New Home Sales
Applications Confidence Report
FHFA House Price MBA Purchase
Existing Home Sales 3-Month Bill Auction 2-Year Note Auction
Index Applications
EIA Petroleum Status EIA Natural Gas
6-Month Bill Auction S&P Case-Shiller HPI
Report Report
FOMC Meeting
Fed Balance Sheet
Announcement
Indian Economic Event:
Announcement of food and fuel inflation
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