Gold prices dipped in Asia due to a dollar rebound and ongoing political risks in the Middle East, while nickel prices are expected to rise in the short term due to increased demand from the electric vehicle industry. Crude oil saw slight gains amid political uncertainty in the region, with expectations for production cuts to extend beyond March. The report also includes a daily recommendation for trading crude oil and highlights the importance of independent evaluation of investments.

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MCX Daily Report - 07 NOV 2017
News High lights
Gold Prices Dip In Asia As Dollar Gains, Middle East Risks Eyed.
Gold prices dipped in Asia on Tuesday as investors continued to eye political risk in the
Middle East but shied away from new buying as the dollar rebounded regionally.
Overnight, gold prices traded sharply higher on Monday as political uncertainty in the
Middle East fuelled safe-haven demand. Gold prices made a strong start to the week as
investors piled into the precious metal amid growing political uncertainty in the
Middle East after Saudi Crown Prince Mohammed bin Salman led an anti-corruption drive which resulted in a
series of arrests of prominent Saudi Arabians. A retreat in the dollar, meanwhile, also underpinned a move
higher in gold prices as investor concerns grew over the leadership of the Federal Reserve after the Federal
Reserve Bank of New York confirmed that William Dudley was preparing to retire earlier than planned. Despite
data showing market participants increased their bullish bets on the precious metal last week, traders expected
gold prices to remain range bound with biased toward the downside.
Views of Investment Bank: Nickel Price to Keep High in Recent Months.
Goldman recently raises price of future nickel in three months from $9,000 to 12,500 per
tonne. It also says since the demand surge of electric cars industry will appear after 2020,
nickel price is more likely to get short-term support from China’s air pollution control. The
bank released a report, saying because of favorable macroeconomic environment and
drop of China’s nickel pig iron output, the nickel price is estimated to keep high in future
months.
Inner Mongolia High-alumina Fly Ash Project of 300,000 Tonnes Annual Capacity Initiates.
Recently executives meeting of Shenhua Group formally confirms that the group’s comprehensive utilization
project of high-alumina and coal ash of 300,000 tonnes' annual capacity in Jungar mining area and industrialized
pilot project of alumina of 125,000 tonnes' annual capacity formally initiate, symbolizing these projects are
expected to launch construction very soon.
Crude Oil Posts Slight Gains In Asia, API Estimates Ahead.
Crude oil prices gained slightly in Asia on Tuesday with turmoil in the Middle East and top
exporter Saudi Arabia in focus as well as weekly U.S. estimates of inventories.On
Wednesday, the Energy Information Administration (EIA) releases official data. The API and
EIA data sets often diverge. Overnight, crude oil prices settled higher on Monday amid a
spike in political uncertainty in the Middle East after Saudi Arabia Crown Prince Mohammed
bin Salman, through an anti-corruption crackdown made a series of moves to consolidate his power. An anti-
corruption drive led by Saudi Arabia Crown Prince Mohammed bin Salman resulted in wave arrests of prominent
Saudi Arabian including royals, ministers and investors, fuelling political risk in the region. The anti-corruption
crackdown comes as optimism grew for an extension to the output-cut agreement beyond March amid
comments from Saudi energy minister Khalid al-Falih, who highlighted the importance of further cuts.

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MCX Daily Report - 07 NOV 2017
Precious Metals
CS GOLD (DEC) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 29650
RESIST 1: 29550
SUP 1: 29250
SUP 2: 29150
TREND : SIDEWAYS TREND : BULLISH
RESIST 2: 459.00 RESIST 2: 848.00
RESIST 1: 456.00 RESIST 1: 843.00
TREND : BEARISH TREND : BULLISH
RESIST 2: 215.00 RESIST 2: 166.00
RESIST 1: 213.00 RESIST 1: 164.00
CS ALUMINIUM (NOV) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 143.00
RESIST 1: 142.00
SUP1: 139.00
SUP2: 138.00
WWW.CAPITALSTARS.COM +917316690000
Energies
CS CRUDE OIL (NOV) OVERVIEW:
TREND : BULLISH
RESIST 2: 210.00
RESIST 1: 207.00

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MCX Daily Report - 07 NOV 2017
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MCX Daily Report - 07 NOV 2017
Pick for the Day
MCX Crude Oil Nov on Monday as seen in the daily chart opened at 3600 levels and
day high of 3705 levels. During this period price corrected & made day low of 3600
levels finally closed at 3691 levels. Now, there are chances of further Upside
movement technically & fundamentally.
.
∑ “There is a general satisfaction with the strategy of 24 countries that signed a
declaration of cooperation,” Khalid al-Falih said Friday. “Everybody recognises that
(the) job is not done yet by any means, we still have significant amount of work to
do to bring inventories down. Mission is not yet complete, more needs to be done,”
he added.
∑ In May, OPEC producers agreed to extend production cuts for a period of nine
months until March, but stuck to production cuts of 1.2 million bpd agreed in
November last year.
∑ In the U.S. meanwhile, traders continued to cheer data pointing to tightening in
production after Baker Huges reported Friday that the number of oil rigs operating
in the US fell by eight to 729.
DAILY RECOMMENDATION: Buy MCX CRUDE OIL NOV AROUND 3680 LEVELS FOR
TARGET OF T1 3730/T2 3750 WITH SL 3600 OF LEVELS.

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MCX Daily Report - 07 NOV 2017
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