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Date Created: 12/21/15
WWW.TRIFIDRESEARCH.COM R W EE E K L Y P 22 JULY – 27 JULY 2013 O Blow by Blow R On T Bullions, Base metals, Energy… MAJOR EVENTS Gold prices rebounded at the bullion market here today on sustained demand from stockiest and traders coupled with good local buying interest supported by higher global cues. Silver remained bearish and weakened further owing to speculative sellGold rebounds Standard gold of 99.5 per cent purity rose by Rs 145 to close at Rs 26,795 per 10 gm from Thursday's closing level of Rs 26,650. on firm demand, Pure gold of 99.9 per cent purity shot up by Rs 135 to finish at Rs 26,925silver slips from Rs 26,790. However, silver ready (.999 fineness) fell by Rs 50 to end at Rs 40,940 per kg as compared to Rs 40,990 previously. In overseas market, gold moved up further on lower dollar and last week's US Federal Reserve assurances about its stimulus measures. In London, spot gold bid higher at USD 1,286.35 an ounce in early trade, while silver was unchanged at USD 19.33 an ounce. The trend in crude oil futures for July delivery on India's Multi Commodity Exchange (MCX) looks sideways to bullish for the day and traders are advised to take buy MCX Crude Oil position. Brent crude oil prices hit above $109 per barrel on Friday after encouraging datao releases from the United States and higher than expected fall in US crude oil stock- piles. Also, recent comments from US Federal Reserve Chairman Ben Bernanke were bullish on strong seen supporting the commodity movement to certain extent. Carl Larry, crude oil expert and founder of Oil Outlooks based on technglobal cues; fundamental analysis stated that WTI crude oil prices may touch 112.25 levels in the near term. Manufacturing firms responding to the Federal Reserve Bank of NYMEX Crude Philadelphia’s Business Outlook Survey reported increased business activity. The survey’s index of current activity increased to 19.8 in July from 12.5 Oil positive.he special questions, firms were asked about the effect of the Affordable Care Act on their health insurance plans and workforce. The trend in copper futures for August delivery on India's Multi Commodity Exchange (MCX) is expected trade volatile for the day and traders are advised to sellon rise. Meanwhile, copper futures for September delivery Globex platform of Comex is seen trading neutral and isexpected to trade neutral. MCX Copper may Copper futures for September delivery on Globex division of Comex market trading down by 0.44% at $3.118 per pound as of 02.28 PM IST on Fridaytrade volatile; Fall in US jobless claims, recent comments from US Federal Reserve Chairman Ben Bernanke and a rise in the Federal Reserve Bank of Philadelphia’s Manufacturing data were limited further fall in the base metal in both domestic and global markets. neutral. Orders to withdraw copper stocks from London Metal Exchange (LME) accredited warehouses increased 1,325 tons to 336,600 tons, when compared to the total stockpiles of 640,600 tons, according to the Exchange data. Higher copper supply, less than expected economic growth around the globe have been pressuring the base metal price movement in the global market to certain extent. E C O N O M I C C A L E N D E R DESCRIPTION FORECAST PREVIOUS DATE & TIME Jul 22, 7:30pm Existing Home Sales 5.27M 5.18M Jul 23, 6:30pm HPI m/m 0.9% 0.7% 7:30pm Richmond Manufacturing Index 7 8 Jul 24, 6:30pm Flash Manufacturing PMI 52.5 51.9 7:30pm New Home Sales 482K 476K 8:00pm Crude Oil Inventories -6.9M Jul 25, 6:00pm Core Durable Goods Orders m/m 0.5% 0.5% 6:00pm Unemployment Claims 339K 334K 6:00pm Durable Goods Orders m/m 1.1% 3.7% 8:00pm Natural Gas Storage 58B Jul 26, 7:25pm Revised UoM Consumer Sentiment 84.0 83.9 7:25pm Revised UoM Inflation Expectations 3.3% http://www.trifidresearch.com G O L D T E C H N I C A L V I E W MCX GOLD showed sideways movements and consolidated around 61.8% retracement but unable to close above it. Now if it is able to sustain above 27000 then next resistance is seen around 27500. On lower side 50% retracement i.e. 26400 will act as immediate support for it, below this it may drag towards the next support level of 26000. PIVOT TABLE S T R A T E G Y Better strategy in MCX GOLD isto buyS1 S2 S3 R1 R2 R3 above 27000 for the target of 2750026240 25700 25000 26925 27565 28300 28000 with stop loss of 26200. S I L V E R T E C H N I C A L V I E W MCX SILVER showed downward movement on daily charts, broke triangle pattern and took important support of 39900. Now, if it gives closing below 39900 and able to sustain below this then it may find support around trend line on daily charts i.e. 37500. On higher side41500 is immediate resistance for it above this it may find vital resistance near 43500. PIVOT TABLE S T R A T E G Y Better strategy in MCX SILVER at this point of time is to sell below 39900 for S2 S3 R1 R2 R3 targets of 38500, with stop loss of 439900 38500 37000 41600 43020 44500 C R U D E O I L T E C H N I C A L V I E W Crude oil showed upward movement on daily charts, broke pennant pattern and also gave closing above it. Now, if it is able to sustain above 6500 then it may find resistance around 6700. On lower side correction is expected only if it holds below 6250 where 6150 will act as major support. S T R A T E G Y PIVOT TABLE Better strategy in MCX CRUDEOIL is to buy on dips for the targets of 6600-6700 S1th S2 S3 R1 R2 R3 stop loss of 6150. 6225 6065 5875 6500 6700 6900 C O P P E R T E C H N I C A L V I E W MCX Copper last week showed sideways to bearish movement and form triangle pattern on daily charts. Now, if it able to give closing below 411 then only bearishness is expected towards the next support level of 404. On other hand above 418 breakout of triangle pattern on higher side is expected and above this it may lead towards the next strong resistance level of 427. PIVOT TABLE S T R A T E G Y Better strategy in MCX COPPER will be buy above 418, with stop loss of 410 for S2 S3 R1 R2 R3 the targets of 426-430. 411 401.50 393 421 430 438.50 http://www.trifidresearch.com DISCLAIMER http://www.trifidresearch.com
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