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COMMODITY WEEKLY REPORT
06-10 JUNE 2016
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7/26/2019 MCX Commodity Weekly Report 06-10 June
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FUNDAMENTAL VIEW:-
Gold surges as dismal U.S. jobs report dampens hopes for June rate hike:-- Gold surged more than 2%, amid a broadly
weaker dollar, as markets largely ruled out a summer interest rate hike from the Federal Reserve following a dismal
U.S. jobs report on Friday morning.
TECHNICAL VIEW:-
MCX GOLD showed bullish movement and corrected on higher side from its important support level of 28400 and found the re-
sistance of 29400. Now, if it connues bullish movement then it may nd strong resistance of 30000 and on lower side 28800 will
act as major support level below which next support level will be seen around 28250.
TRADING STRATEGY:-
BUY GOLD ON DIPS 29200-300 TGT 29500,29700 SL BELOW 29030
WEEKLY SUPPORT AND RESISTANCE :-
SYMBOL R3 R2 R1 PV S1 S2 S3
GOLD 30711 29931 29663 29151 28883 28371 27591
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GOLD(JUNE) MCX WEEKLY CHART
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FUNDAMENTAL VIEW:-
Silver edges higher with US jobs data in focus:-Silver futures advanced during evening trade in the domesc market
on Friday as investors and speculators eyed the key US May jobs data which may dictate whether the US Fed raises
interest rates as early as this month. The world’s biggest economy is pped to have added a robust 160K jobs in May
with the unemployment rate slipping to 4.9 per cent, analysts’ esmates showed.A bullish jobs report may bolster the
case for the Fed to raise .borrowing costs as early as June, a move which may hurt the precious metal’s appeal as a
store of value.
TECHNICAL VIEW:-
MCX SILVER last week showed sideways movement except in last trading session it bounced back towards the resistance level of
39300 due to US data. Now, for upcoming sessions 39500 will act as strong resistance level for it, if it maintains above it then
40500 would be next resistance level. On the other hand 38250 will act as vital support level.
TRADING STRATEGY:-
BUY SILVER ABOVE 39000 TGT-39600-4200 SL BELOW 38440
WEEKLY SUPPORT AND RESISTANCE :-
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SYMBOL R3 R2 R1 PV S1 S2 S3
SILVER 40925 39904 39497 38883 38476 37862 36841
SILVER(JULY) MCX WEEKLY CHART
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FUNDAMENTAL VIEW:
Crude cks down as supply concerns fester in aermath of OPEC meeng:-Crude futures fell considerably in previous
week, one day aer OPEC failed to agree on a deal for a new output ceiling, thrusng concerns related to global over-
supply back into focus.
TECHNICAL VIEW:-
MCX Crude oil showed choppy movement in all trading sessions of a week and closed around its important support level of 3230
on daily chart. Now, 3380 will act as vital resistance for it above which it may nd next resistance around 3500. On lower side,
some correcon will drag it towards the support level of 3100.
TRADING STRATEGY:-
BUY CRUDEOIL ON DIPS 3220-50 TGT 3340,3450 SL BELOW 3124
WEEKLY SUPPORT AND RESISTANCE:-
SYMBOL R3 R2 R1 PV S1 S2 S3
CRUDE OIL 3728 3519 3387 3310 3178 3101 2892
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CRUDE OIL(JUNE) MCX WEEKLY CHART
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FUNDAMENTAL VIEW:-
Natural gas futures rally to 5-month high aer bullish storage data:-U.S. natural gas prices rose by 10.21 per cent in
previous week aer data showed that natural gas supplies in storage in the U.S. rose less than expected last week.
natural gas futures rallied to a new ve-month high in North America trade, aer data showed that natural gas sup-
plies in storage in the U.S. rose less than expected last week.
TECHNICAL VIEW:-
For the next week- Natural gas may see once correcon from resistance level of 166 and we can see the target of 159/1548 Other-
wise natural gas may be go up if it will break and hold resistance level of 166
TRADING STRATEGY:-
BUY NATURALGAS ABOVE 161 TGT 167,173 SL BELOW 154.80
WEEKLY SUPPORT AND RESISTANCE:-
SYMBOL R3 R2 R1 PV S1 S2 S3
NATURALGAS 197.87 177.67 169.63 157.47 149.43 137.27 117.07
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NATURAL GAS(JUNE) MCX WEEKLY CHART
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FUNDAMENTAL VIEW:-
Copper gains on bullish euro zone data:-Copper prices rose by 1.49 per cent on Friday aer Euro zone service sector
acvity rose unexpectedly in the last quarter signaling improvement in the region which raised the demand for themetal. that Euro Zone Services PMI rose to 53.3, from 53.1 in the preceding quarter. Analysts had expected Euro Zone
Services PMI to remain unchanged at 53.1 in the last quarter.
TECHNICAL VIEW:-
MCX Copper last week showed bearish movement in all trading session except in last trading day bounce towards the resistance
level of 317.50. Now, 318 will act as immediate resistance level for it,if it maintains above this then 325 will act as next resistance
level. And on the other hand 310 will be major support level below which 300 will act as a major suppot because it is a important
psychological number.
TRADING STRATEGY:-
BUY COPPER ABOVE 312 TGT 318,322 SL ABOVE 306.70
WEEKLY SUPPORT AND RESISTANCE :-
SYMBOL R3 R2 R1 PV S1 S2 S3
COPPER 332.25 322.60 318.10 312.95 308.45 303.30 293.65
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COPPER(JUNE) MCX WEEKLY CHART
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STATUS OF PREVIOUS WEEK RECOMMENDATIONS
30 MAY TO 03 JUNE
COMMODITY RECOM ENTRY TGT-1 TGT-2 STOP
LOSS
STATUS
GOLD (JUNE) BUY 28300-400 28700 29000 28100 2ND TGT ACHIEVED
SILVER(JULY) BUY 38100-
38300
39000 39800 37400 1ST TGT ACHIEVED
CRUDE(JUNE) SELL 3320 3220 3120 3410 SL TRIGGERD
N.GAS(JUNE) BUY 138-140 150 155 130 2ND TGT ACHIEVED
COPPER(JUNE)
BUY
310
317
325
303
1ST TGT ACHIEVED
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ECONOMY DATA NEXT WEEK
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