1. Daily Commodity Outlook
24th October 2011
MCX GOLD (DEC 11) - Gold opened higher at 26720. It moved
Gold Silver Crude
(5 Dec-11) (5 Dec-11) (17 Nov-11)
lower to touch intra-day low of 26702. However, it managed to
bounce back from the lows to touch an intra-day high of 267788. It
Open 26,720 53,000 4,379 ended the day on with marginal gains to close at 26768
High 26,778 53,090 4,387
The RSI is placed above its average. Further the Stochastic is also
Low 26,702 52,902 4,373
placed above its average. Both these conditions would fuel buying
Close 26,768 53,034 4,381 support The ADX, and +DI line are moving sideways but –DI line is
Prev. Close 26,665 52,784 4,371
placed at the 30.56 level indicating sellers still have an upper hand.
MCX GOLD faces resistance at 27964, 28235, 28525, 28744 levels,
% Change 0.39% 0.47% 0.23% while the supports are placed at 25360, 24992 and 23176 levels.
Source – MCX
MCX SILVER (DEC 11) - Silver opened higher at 53000. It moved
Volume (In 000's) lower to touch intra-day low of 52902. However, it managed to
bounce back from the lows to touch an intra-day high of 53090. It
22/10/2011 21/10/2011 % Chg. ended the day with modest gains to close at 53034.
Gold (grms) 2,554.0 43,621.0 -94.15%
The RSI has moved above its average, which would lead to regular
Silver (kgs) 83.1 2,018.9 -95.88%
bouts of buying support. Moreover, the Stochastic is placed above
Crude (bbl) 668.5 20,555.8 -96.75% its average, which would also lead to buying support. The –DI line
Source – MCX remains placed at 32.24 indicating sellers still have an upper hand.
MCX Silver faces resistance at 54377, 56981 and 61708 levels,
while the supports are placed at 52365, 50223, 49828, 45824 and
Turnover (In Lacs)
42708 levels.
22/10/2011 21/10/2011 % Chg.
MCX CRUDE (NOV 11) - Crude opened higher at 4379 level. It
Gold 68,307.4 1,160,561.5 -94.11%
moved lower to touch intra-day low of 4373. However, it managed to
Silver 44,037.7 1,059,689.1 -95.84% bounce back from the lows to touch an intra-day high of 4387. but it
failed to sustain higher and ended the day with modest gains to
Crude 29,284.1 898,377.2 -96.74%
close at 4381.
Source – MCX .
The RSI is placed above its average, which would lead to buying
Global Market (Nymex - $) support. The Stochastic is placed below its average but is still
placed near the over bought zone, which and would lead to profit
24/10/2011 22/10/2011 % Chg.
taking and selling pressure. The ADX and –DI line are moving
Gold (oz) 1,636.80 1,635.10 0.10% sideways, but +DI line is place at 31.20 indicating buyers have an
upper hand. It faces resistance at 4449, 4492 and 4548 levels,
Silver (oz) 31.36 31.17 0.58%
while the supports are placed at 4301, 4182, 4129 and 4038 levels.
Crude (bbl) 87.82 87.40 0.48%
Dollar Index 76.34 76.40 -0.08%
Source – www.cmegroup.com
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE OCT 11 4381 4380 4388 4394 4408 4374 4366 4352
GOLD DEC 11 26768 26749 26797 26825 26901 26721 26673 26597
SILVER DEC 11 53034 53009 53115 53197 53385 52927 52821 52633
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2. US Economic Calendar:
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Oct. 25 Oct. 26 Oct. 27 Oct. 28 Oct. 31
Personal Income and
Consumer Confidence Durable Goods Orders US GDP Data Chicago PMI
Outlays
FHFA House Price Employment Cost
New Home Sales Jobless Claims Farm Prices
Index Index
EIA Petroleum Status Pending Home Sales
S&P Case-Shiller HPI Consumer Sentiment 6-Month Bill Auction
Report Index
State Street Investor EIA Natural Gas
Confidence Index Report
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