Excellent Weekly Commodity Tips & News Portal

6
19 JAN 23 JAN 2015 W E E K L Y R E P O R T Blow by Blow On Bullions, Base metals, Energy… WWW.TRIFIDRESEARCH.COM

Transcript of Excellent Weekly Commodity Tips & News Portal

19 JAN – 23 JAN 2015

W E E K L Y

R

E

P

O

R

T

Blow by Blow

On

Bullions,

Base metals,

Energy…

WWW.TRIFIDRESEARCH.COM

MAJOR EVENTS Gold prices posted the biggest weekly gain in 18 months as turmoil in European

currency markets spurred demand for the metal as a haven. Aggregate open interest

in gold futures on Jan. 15 surged 5.6 percent, the most since October 2009, following

the Swiss central bank’s surprise move to abandon the franc’s cap against the euro.

Assets in the biggest exchange-traded product backed by the metal rose the most

since August 2011. Gold climbed to a four-month high on Friday, while call options for

the right to own February futures at $1,300 an ounce soared sevenfold in two days.

Signs of cooling expansion in Europe boosted speculation that policy makers will add

to stimulus, increasing demand for a store of value. Muted inflation and stagnant

foreign economies may prompt the Federal Reserve to delay an increases in interest

rates.

Gold futures for February delivery rose 1 percent to settle at $1,276.90 an ounce at

1:38 p.m. on the Comex in New York. Earlier, the price reached $1,282.40, the highest

for a most-active contract since Sept. 2. This week, the metal jumped 5 percent, the

most since July 12, 2013.

U.S. drillers have taken a record number of oil rigs out of service in the past six weeks

as OPEC sustains its production, sending prices below $50 a barrel.

The oil rig count has fallen by 209 since Dec. 5, the steepest six-week decline since

Baker Hughes Inc. (BHI) began tracking the data in July 1987. The count was down 55

this week to 1,366. Horizontal rigs used in U.S. shale formations that account for

virtually all of the nation’s oil production growth fell by 48, the biggest single-week

drop.

Analysts including HSBC Holdings Plc say the decline shows that the Organization of

Petroleum Exporting Countries is winning its fight for market share and slowing the

growth that’s propelled U.S. production to the highest in at least three decades.

OPEC’s decision not to curb its output amid increasing supplies from the U.S. and

other countries has driven global oil prices down 58 percent since June.

Steepest Oil-Rig

Drop Shows Shale

Losing Fight to

OPEC.

Copper Trying to

Recover Lost

Ground In Last

Session of The

Week.

Copper got underpinned by the recent losses that have made the prices attractive.

Copper prices notched their biggest one-day percentage gain in four months last day

as investors took advantage of the recent slide to 5 1/2-year lows.

In domestic markets, Copper showed resilience for the second day in a row as prices

got sparked to Rs 353.3 per kg. The prices tested a high of Rs 356.65 per kg and a low

of Rs 351.8 per kg.

The most actively traded contract, copper for March delivery, was last seen trading at

$ 2.55 cents, on the Comex division of the New York Mercantile Exchange. Yesterday it

was the largest Copper gain in COMEX.

Prices rebounded from Wednesday's low as some bearish traders moved to lock in

gains on slide by buying copper futures, while others saw an opportunity to pick up the

metal at bargain prices. Despite Thursday's bounce, the outlook for copper prices is

bearish as concerns about global growth remain.

Gold Climbs to

Four-Month High

as Open Interest

Surges.

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

DATE & TIME DESCRIPTION FORECAST PREVIOUS

Jan 19 All Day Bank Holiday

8:30pm FOMC Member Powell Speaks

8:30pm NAHB Housing Market Index 58 57

Jan 21 Day 1 ALL WEF Annual Meetings

7:00pm Building Permits 1.06M 1.05M

7:00pm Housing Starts 1.04M 1.03M

Jan 22 Day 2 ALL WEF Annual Meetings

7:00pm Unemployment Claims 301K 316K

7:30pm HPI m/m 0.4% 0.6%

9:00pm Natural Gas Storage -236B

9:30pm Crude Oil Inventories 5.4M

Jan 23 Day 3 ALL WEF Annual Meetings

8:15pm Flash Manufacturing PMI 54.1 53.9

8:30pm Existing Home Sales 5.08M 4.93M

8:30pm CB Leading Index m/m 0.5% 0.6%

Jan 24 Day 4 ALL WEF Annual Meetings

S1 S2 S3 R1 R2 R3

27320 26800 26280 28000 28500 29085

S1 S2 S3 R1 R2 R3

38150 37025 35700 39900 41210 42450

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

MCX GOLD showed bullish movement,

and closed above trendline also

formed inverse head and shoulder

pattern. Now, if it is able to maintain

above 28000 then breakout will

expected and next resistance level is

seen around 29000. On other hand if it

sustains below 27200 then bearish

movement may drag it towards the

next support level of 26300.

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

above 28000 for the targets of 28500-

29000 with stop loss of 27000.

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

upward movement last week, found

important resistance of 39000 and also

closed above it. Now, if it maintains

above 39000 then next resistance is

seen in the range of 40000-41000. On

lower side sustains below 38000 will

drag it to next support level of 37000

below which again brears may active

and find next support around 34000.

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

point of time is to buy above 39500 for

the targets of 40500-41600, with stop

loss of 38000.

C R U D E O I L

C O P P E R

S1 S2 S3 R1 R2 R3

2750 2600 2450 3210 3570 3935

S1 S2 S3 R1 R2 R3

350.60 340.90 330 365 377.10 390

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

MCX Copper last week showed bearish

movement and retrace upto 23.6%

retracement level. Now if it sustain

below 350 then again bears will drag it

towards next important support level

of 335. On the other hand immediate

resistance is seen near 367 and closing

above which may show some strength

towards the resistance level of 390.

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

sell below 2850 for the target of 2500,

with stop loss of 3150.

PIVOT TABLE

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

MCX Crude oil last week break the

important support of 2950 but not able

to maitain below it and closed above

that level. Now, the next important

resistance level is seen around 3140 if

it maintains above 3150 then bulls may

active and find next resistance is

around 3500. If it follows downtrend

then 2750 will act as major support

level.

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

below 350, with stop loss of 367 for the

target of 335.

PIVOT TABLE

WWW.TRIFIDRESEARCH.COM

DISCLAIMER