Mcx daily report 03 dec

CapitalStars Financial Research Pvt., Ltd., 1
SEBI Registration Number: INA000001647
MCX Daily Report 03 DEC 2018
News Highlights
Gold dips as dollar firms, palladium breaches $1,200/oz.
Gold fell on Friday as the dollar strengthened ahead of trade talks between the U.S. and Chinese leaders at
the G20 summit on Saturday, while palladium prices crossed the $1,200 per ounce mark for the first time.
U.S. President Donald Trump and his Chinese counterpart Xi Jinping will be meeting on the sidelines of the
summit in Argentina to discuss the ongoing trade dispute between the world's two biggest economies. Gold
XAU= dipped 0.29 percent to
$1,220.01 per ounce at 1:32 p.m. EST (1832 GMT). A big price movement is unlikely in gold for the rest of
the session "unless there is some kind of a major announcement from out of Buenos Aires from G20," he
added. "The markets now have more clarity into issues such as the U.S. Federal Reserve's interest rate
thinking, the Italian budgetary drama, and the U.S.- China trade war," said Ronan Manly, a precious metals
analyst at Singapore-based dealer Bullion Star. Gold prices have been trading between $1,210.65 and
$1,230.07 over the past two weeks.
US dollar dipped from two-week highs after the US Federal Reserve described interest rates as
"just below" the neutral rate.
The SHFE 1901 contract inched up during the day and closed at 49,650 yuan/mt, posting a three-day
winning streak. This helped the contract stand above the 60-, 20-, 10- and five-day moving averages.
Sitting between the middle and upper Bollinger bands, the contract saw its KDJ lines diverge and expand
upwards and a red MACD bar loom. Open interest for the contract grew 6,312 lots to 171,166 lots. Market
participants tonight should monitor whether the contract could regain the ground at the 40-day moving
average as high as 49,609 yuan/mt.
As a weaker US dollar grew confidence across longs, Nickel broke pressure.
The SHFE 1901 contract extended overnight gains to close at 91,330 yuan/mt. Open interest for the
contract shrank 10,824 lots to 245,900 lots. The contract is expected to hover around the 91,000 yuan/mt
level tonight.
Oil drops; losses limited by hopes of OPEC, Russia output cut.
Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar but losses were limited
by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would
agree some form of production cut next week. Stronger dollar makes greenback-denominated oil more
expensive for holders of other currencies. Prices pared losses from session lows after Bloomberg reported
OPEC's advisory committee suggested decreasing production by 1.3 million barrels per day from last
month's levels, traders said. "Oil prices bounced back late in the day on Friday on reports that the OPEC
committee had suggested a 1.3 million barrel per day cut from the October level," said Fawad Razaqzada,
market analyst at futures brokerage Forex.com. "The pressure has certainly been building as prices
continued to fall amid ongoing concerns over excessive supply and lower demand growth ... If no action is
taken, oil prices could certainly drop further, while a production cut should lead to a sizeable rebound for
these severely oversold levels." Before

the OPEC meeting in Vienna, the world's top three producers - the United States, Russia and Saudi Arabia
- will be part of a meeting this weekend of the Group of 20 industrialized nations in Buenos Aires,
Argentina.

CapitalStars Financial Research Pvt., Ltd.,
Precious Metals
CS GOLD (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 30350
RESIST 1: 30250
SUP 1:30150
SUP 2:30050
WWW.CAPITALSTARS.COM
+919977499927
CS SILVER (MAR) OVERVIEW:
TREND : BEARISH RESIST
2: 36500
RESIST 1: 36300
SUP 1: 36000
SUP 2: 35800
+919977499927
Base Metals
CS COPPER (FEB) OVERVIEW:
TREND : BEARISH RESIST
2:440.00
RESIST 1:434.00
SUP 1: 428.00
SUP 2: 422.00
+919977499927
CS NICKEL (NOV) OVERVIEW:
TREND : BULLISH RESIST
2: 788.00
RESIST 1: 780.00
SUP 1: 760.00
SUP 2: 750.00
+919977499927
CS ZINC (DEC) OVERVIEW:
TREND : SIDEWAYS RESIST
2:182.00
RESIST 1:180.00
SUP 1: 178.00
SUP 2: 175.50
+919977499927
CS LEAD (NOV) OVERVIEW:
TREND : BEARISH
RESIST 2: 139.00
RESIST 1: 137.00
SUP 1: 135.00
SUP 2: 133.00
+919977499927
CS ALUMINIUM (NOV) OVERVIEW:
TREND : SIDEWAYS RESIST 2:
139.00
RESIST 1: 137.50
SUP 1: 136.00
SUP 2: 134.00
WWW.CAPITALSTARS.COM +919977499927
Energies
CS CRUDE OIL (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 3700
RESIST 1: 3650
SUP 1: 3550
SUP 2: 3500
+919977499927
CS NATURAL GAS (DEC) OVERVIEW:
TREND : BEARISH
RESIST 2: 325.00
RESIST 1: 320.00
SUP 1: 315.00
SUP 2: 310.00
+919977499927

Pick for the DAY
MCX Crude on Friday as seen in the Daily chart opened at 3613 levels and
made day low of 3478 Levels. During this period Crude High is 3633 levels and
finally closed at 3576 levels. Now, there are chances of down movement
technically & fundamentally.
Oil prices firmed on Friday on expectations that OPEC and Russia will agree
some form of production cuts next week, although swelling U.S. supplies kept
markets in check.
The producer group plus non-OPEC member Russia will gather on Dec. 6
and 7 in Vienna to discuss output policy.
DAILY RECOMMENDATION: SELL MCX CRUDE DEC BELOW 3575
LEVELS FOR TARGET OF 3560/3530 WITH SL 3652 OF LEVELS.

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Mcx daily report 03 dec

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