Best Intraday Weekly MCX Tips

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08 DEC 12 DEC 2014 W E E K L Y R E P O R T Blow by Blow On Bullions, Base metals, Energy… WWW.TRIFIDRESEARCH.COM

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Transcript of Best Intraday Weekly MCX Tips

Page 1: Best Intraday Weekly MCX Tips

08 DEC – 12 DEC 2014

W E E K L Y

R

E

P

O

R

T

Blow by Blow

On

Bullions,

Base metals,

Energy…

WWW.TRIFIDRESEARCH.COM

Page 2: Best Intraday Weekly MCX Tips

MAJOR EVENTS

Gold futures dropped a second day as the dollar strengthened before U.S. jobs data

that may add to the case for policy makers to raise interest rates.The Bloomberg

Dollar Spot Index reached a five-year high before a report that economists predict will

show U.S. job growth quickened. The greenback has rallied on expectations an

improving U.S. economy will spur the Federal Reserve to raise borrowing costs, while

other central banks weigh more stimulus.The dollar and gold fell yesterday as

European Central Bank President Mario Draghi said policy makers will wait to assess

whether additional stimulus is needed, though ruled out buying bullion.

Gold is still up 2 percent in New York this week, the most since October, and set for

the biggest advance since June in London after surging on Dec. 1 as oil prices

reboundedGold for February delivery fell 0.7 percent to $1,199.40 an ounce by 7:11

a.m. on the Comex in New York. Bullion for immediate delivery lost 0.5 percent to

$1,199.16 in London, according to Bloomberg generic pricing. Spot prices climbed 2.7

percent this week.

MCX Crude oil futures stayed weak today as the global prices failed to tick

higherahead of the US nonfarm payrolls tepid economic data from around the world

also capped theupside. Traders have been reluctant to buy oil though some sort of a

bottom looks to havebeen formed around the five year low mark for the commodity.

The WTI crude oil futures arequoting at $66.41 per barrel, down 41 cents per barrel

on the day. MCX Crude oil futuresare trading at Rs 4120 per barrel, down Rs 16 per

barrel on the day. The counter hasrecovered from lows near Rs 4100 per barrel

earlier in the session.

The US Energy Information Administration (EIA) said in its weekly report yesterday

thatUS crude oil inventories declined by 3.7 million barrels in the week ending

November 28.Total US crude oil inventories stood at 379.3 million barrels as of last

week. The reportalso showed that total motor gasoline inventories increased by 2.1

million barrels, aboveexpectations for a gain of 1.1 million, while distillate stockpiles

rose by 3 millionbarrels.

Oil Weak, Supply

Scenario

Continues To

Overwhelm

Buyers.

Copper Recoups

Losses in

Domestic

Markets.

The prices of MCX Copper has recouped losses in the domestic markets and traded

sharply higher for the second consecutive session. The prices of MCX Copper were last

seen at Rs 406.45 per kg, up 0.63 percent. A major chunk of this buying can be linked

to the sharp declines in the prices seen over last month.On COMEX, Copper futures for

March 2015 expiry were trading at $ 2.933 per pound, up 2 pound.

The prices have tested a high of $ 2.93 per pound and a low of $ 2.90 per pound.The

dollar had weakened on Thursday after ECB President Mario Draghi indicated that it

would not embark on quantitative easing for now, saying the bank would reassess its

stimulus program in the first quarter of 2015.

However, Friday is showing revival of fortunes for Dollar against the Euro. This can

change the potential for Copper in evening session. The Department of Labor reported

on Thursday that the number of individuals filing for initial jobless benefits in the week

ending November 29 decreased by 17,000 to 297,000 from the previous week's

revised total of 314,000.

Gold Drops a

Second Day as

Dollar

Strengthens

Before Jobs Data.

Page 3: Best Intraday Weekly MCX Tips

E C O N O M I C C A L E N D E R

DATE & TIME DESCRIPTION FORECAST PREVIOUS

Dec 08 8:30pm Labor Market Conditions Index m/m 4.0

Dec 09 6:00pm NFIB Small Business Index 96.6 96.1

8:30pm JOLTS Job Openings 4.81M 4.74M

8:30pm IBD/TIPP Economic Optimism 47.2 46.4

8:30pm Wholesale Inventories m/m 0.1% 0.3%

Dec 10 9:00pm Crude Oil Inventories

-3.7M

9:00pm 10-y Bond Auction 2.37|2.5

Dec 11 12:30am Federal Budget Balance -79.6B -121.7B

7:00pm Core Retail Sales m/m 0.1% 0.3%

7:00pm Retail Sales m/m 0.3% 0.3%

7:00pm Unemployment Claims 299K 297K

7:00pm Import Prices m/m -1.7% -1.3%

8:30pm Business Inventories m/m 0.2% 0.3%

9:00pm Natural Gas Storage

-22B

11:31pm 30-y Bond Auction 3.09|2.3

Dec 12 7:00pm PPI m/m -0.1% 0.2%

7:00pm Core PPI m/m 0.1% 0.4%

8:25pm Prelim UoM Consumer Sentiment 89.6 88.8

8:25pm Prelim UoM Inflation Expectations 2.8%

Page 4: Best Intraday Weekly MCX Tips

S1 S2 S3 R1 R2 R3

26150 25680 25160 26855 27300 27705

S1 S2 S3 R1 R2 R3

36350 35170 33490 37850 39180 40600

T E C H N I C A L V I E W

MCX GOLD showed sudden bullish

movement in first trading session of

the week but not able to maintain

above 27000 and correction lead it to

closed below 26500. Now, if it is able

to sustain below 26000 then next

support level is seen around 25500. On

other hand if it maintains above 27000

then next resistance level is seen

around 27500.

S T R A T E G Y Better strategy in MCX GOLD is to sell

below 26200 for the targets of 25500

with stop loss of 27100.

PIVOT TABLE

G O L D

PIVOT TABLE

S I L V E R

T E C H N I C A L V I E W

MCX SILVER on daily charts showed

bullish movement in this week and

found resistance around 38000 and

closed near to trendline. Now, if it

sustain on lower levels below 36300

then 35000 will act as vital support. On

higher side maintaing above 38000 will

again breach it towards the resistance

level of 39000.

S T R A T E G Y Better strategy in MCX SILVER at this

point of time is to sell below 36000 for

the target of 34000, with stop loss of

38000.

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C R U D E O I L

C O P P E R

S1 S2 S3 R1 R2 R3

3980 3720 3540 4320 4555 4820

S1 S2 S3 R1 R2 R3

400.80 395.80 389.80 408.85 415.25 423.35

T E C H N I C A L V I E W

MCX Copper last week showed

correction on higher side and test the

resistance level of trendline but

unable to closed above it. Now, 400 is

seen as immediate support for it

below which it may drag towards 390

support level. On higher side if

correction continuous then it will lead

towards the resistance level of 410

above which trend may revesed.

S T R A T E G Y Better strategy in MCX CRUDEOIL is to

sell on highs for the target of 3800, with

stop loss of 4300.

PIVOT TABLE

T E C H N I C A L V I E W

MCX Crude oil last week showed

downward movement and sustain

below its important support level of

4300 and also closed below it. Now, if

it sustain below 3980 then next

support level is seen around

physiological level of 3800. If some

correction occurs and maintains above

4300 then 4500 will act as major

resistance for it.

S T R A T E G Y Better strategy in MCX COPPER is to sell

below 400, with stop loss of 410 for the

target of 390.

PIVOT TABLE

Page 6: Best Intraday Weekly MCX Tips

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