The daily commodity outlook summarizes movements in gold, silver, and crude oil futures contracts. It notes that gold and silver closed lower, mirroring weak global cues. Technical indicators suggest further selling pressure for silver and range-bound trading for gold and crude oil. Support and resistance levels are provided.

1. Daily Commodity Outlook
23rd September 2011
MCX GOLD (OCT 11) - Gold opened lower at 28030. Though, it
Gold Silver Crude
(5 Oct-11) (5 Dec-11) (19 Oct-11) moved higher to touch 28058, it failed to sustain higher. Profit taking
and selling pressure saw the Gold move lower to close in the red with
Open 28030 64901 4184 losses. It closed at 27915 level.
High 28058 64901 4184
The RSI has again slipped below its average, which would result in
Low 27740 61650 4005
regular bouts of selling pressure. The Stochastic remains placed
Close 27915 61884 4018 above its average; which would also lead to buying support and short
Prev. Close 28141 65294 4209 covering. But it is placed near the over bought zone. The ADX, +DI
line and –DI line are moving sideways indicating a range bound
% Change -0.80% -5.22% -4.54%
trend. MCX GOLD faces resistance at 27964, 28235, 28525, 28744
Source – MCX levels, while the supports are placed at 27777, 27184, 26853 and
26899 levels.
Volume (In 000's)
MCX SILVER (DEC 11) - Silver opened lower at 64901, which
22/9/2011 21/9/2011 % Chg. incidentally was also high for the day. Mirroring the weak global cues,
Gold (grms) 91,431.0 69,470.0 31.61%
sustained selling pressure was witnessed as Silver touched an intra-
day low of 61650. It ended the day with heavy losses to close at
Silver (kgs) 3,690.2 2,162.6 70.64% 61884.
Crude (bbl) 30,734.4 22,216.3 38.34%
The RSI and Stochastic have breached their respective average’s,
Source – MCX which would lead to further selling pressure.. The –DI line is on verge
of a breakout, while ADX and +DI line are moving sideways. MCX
Turnover (In Lacs) Silver faces resistance at 63300, 65540, 66051, 66625 and 66893
levels, while the supports are placed at 61863, 60839 and 59836
22/9/2011 21/9/2011 % Chg. levels.
Gold 2,551,686.0 1,951,824.6 30.73%
MCX CRUDE (OCT 11) - Crude opened lower at 4184 level, which
Silver 2,331,106.4 1,404,284.6 66.00% incidentally was also high for the day. Mirroring the weak global cues,
Crude 1,252,772.2 933,075.5 34.26% sustained selling pressure was witnessed as it moved lower to touch
the 4005 mark. It ended the day to close in the negative at 4018
Source – MCX
level.
Global Market (Nymex - $) The RSI and the Stochastic are placed below respective average’s,
which is a negative sign and would lead to regular bouts of selling
23/9/2011 22/9/2011 % Chg.
pressure. The ADX, +DI line and –DI line are moving sideways
Gold (oz) 1,746.90 1,739.40 0.43% indicating a range bound trend. It faces resistance at 4174, 4207,
4449 and 4631 levels, while the supports are placed at 4007, 3955
Silver (oz) 36.12 36.53 -1.12% and 3850 levels.
Crude (bbl) 81.15 80.51 0.79%
Source – www.cmegroup.com
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE OCT 11 4018 4069 4133 4248 4427 3954 3890 3711
GOLD OCT 11 27915 27904 28069 28222 28540 27751 27586 27268
SILVER DEC 11 61884 62812 63973 66063 69314 60722 59561 56310
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2. US Economic Calendar:
Thursday Monday Tuesday Wednesday Thursday
Sept. 22 Sept. 26 Sept. 27 Sept. 28 Sept. 29
Weekly Bill Chicago Fed National ICSC-Goldman Store Durable Goods
US GDP Data
Settlement Activity Index Sales Orders
Consumer EIA Petroleum Status
Jobless Claims New Home Sales Jobless Claims
Confidence Report
FHFA House Price MBA Purchase Pending Home Sales
3-Month Bill Auction 2-Year Note Auction
Index Applications Index
EIA Natural Gas
6-Month Bill Auction S&P Case-Shiller HPI Money Supply
Report
Fed Balance Sheet
Japanese markets are closed today.
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