Large Benefits Commodity Tips for New Traders

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25 MAY 29 MAY 2015 \ 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 Large Benefits Commodity Tips for New Traders

  • 25 MAY 29 MAY 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 eased on Friday, on course for its first weekly decline in four weeks, after U.S.

    Federal Reserve Chair Janet Yellen said she expected an interest rate hike this year.

    The dollar extended gains following the speech, after initially climbing on a stronger-

    than-expected rise in U.S. core consumer prices in April. Yellen said she expected the

    central bank to raise rates this year as the U.S. economy was on course to bounce

    back from a sluggish first quarter and as headwinds at home and abroad begin to

    wane.

    Spot gold, higher initially, fell 0.1 percent to $1,204.72 an ounce by 3 p.m. EDT (1900

    GMT). It was down 1.6 percent for the week. U.S. gold futures for June delivery were

    little changed, settling down 10 cents at $1,204 an ounce. The market was quiet

    ahead of public holidays on Monday in Britain and the United States. The dollar rose 1

    percent versus a basket of leading currencies, initially buoyed by data that showed the

    U.S. Consumer Price Index rose 0.1 percent last month, while core CPI, which strips

    out food and energy costs, increased 0.3 percent, the largest gain since January 2013.

    Crude oil settled up 1.02% just under $59 as prices recovered snapping a five-day

    losing streak to end higher on Wednesday after official data from the EIA showed

    crude stockpiles in the U.S. to have declined more than expected last week, although

    production continued to remain firm.This morning crude oil added 9 cents to 59.07

    and Brent oil added 39 cents to 65.19 both remaining under their highs earlier this

    week. Oil edged up on Thursday, supported by a drawdown in U.S. crude inventories

    although weak China data and concerns about excess oil supply capped price gains.

    Chinas manufacturing sector contracted for a third straight month in May, hitting the

    lowest in 13 months, despite earlier reassurance from Chinese Premier Li that the

    worlds second largest economy can meet its 7 percent growth target this year.Crude

    oil inventories dropped 2.7mbls in the week ended May 15, while markets expected a

    decline of 2mbls. The report showed WTI crude oil inventories at 482.2mbls end last

    week. This is the third straight week of crude oil inventories decline.U.S. remained

    firm at 8.87mbls a day. Gasoline stocks dropped 2.8mbls last week, Inventories of

    distillate, including heating fuel, dipped 546,000 barrels.

    Oil Fundamentals

    Remain

    Unchanged As

    Prices Bounce

    Copper Challenged

    By The Worries On

    Chinese Demand.

    Copper prices got hit by the worries of Chinese demand that sucked the necessary

    steam from the metal. The prices dipped below Rs 400 in domestic exchanges while

    tripped to a three week low in International exchanges. The bears have lashed on the

    opportunity to book profits in the metal after the Chinese import numbers dejected

    the prices.

    The industrial metal touched a three-week low of $6,194 on Wednesday, pressured by

    a strong dollar which is on course to snap a five-week losing run against a basket of

    currencies. A firmer dollar makes dollar-denominated commodities such as copper

    costlier for buyers using other currencies. The dollar finished lower against its main

    rivals Thursday, snapping three days of gains, after a trio of weak economic reports

    added to concerns about the timing of the Federal Reserve's first interest-rate increase

    since 2006. China's imports of unwrought copper and copper alloy were 380,000

    tonnes in April, taking imports in the first four months of the year to 1.35 million

    tonnes, down 14.7 percent from a year ago.Indian Copper prices declined to Rs 396

    per kg, down 1.9%. The prices of MCX Copper tested a high of Rs 403.6 per kg and a

    low of Rs 394.65 per kg.

    Gold falls as

    Yellen points to

    rate hike, dollar

    jumps.

  • E C O N O M I C C A L E N D E R

    DATE & TIME DESCRIPTION FORECAST PREVIOUS

    May 25 All Day Bank Holiday

    8:30pm FOMC Member Fischer Speaks

    May 26 6:00pm Core Durable Goods Orders m/m 0.5% 0.3%

    6:00pm Durable Goods Orders m/m -0.4% 4.7%

    6:30pm HPI m/m 0.7% 0.7%

    6:30pm S&P/CS Composite-20 HPI y/y 4.6% 5.0%

    7:15pm Flash Services PMI 57.0 57.4

    7:30pm CB Consumer Confidence 95.3 95.2

    7:30pm New Home Sales 501K 481K

    7:30pm Richmond Manufacturing Index 0 -3

    10:00pm FOMC Member Fischer Speaks

    May 27 5:40am FOMC Member Lacker Speaks

    Day 1 ALL G7 Meetings

    May 28 11:50am FOMC Member Williams Speaks

    Day 2 ALL G7 Meetings

    6:00pm Unemployment Claims 272K 274K

    7:30pm Pending Home Sales m/m 0.8% 1.1%

    8:00pm Natural Gas Storage 92B

    8:30pm Crude Oil Inventories -2.7M

    May 29 Day 3 ALL G7 Meetings

    6:00pm Prelim GDP q/q -0.9% 0.2%

    6:00pm Prelim GDP Price Index q/q -0.1% -0.1%

    7:15pm Chicago PMI 53.1 52.3

    7:30pm Revised UoM Consumer Sentiment 90.0 88.6

    7:30pm Revised UoM Inflation Expectations 2.9%

  • S1 S2 S3 R1 R2 R3

    26950 26635 26350 27365 27685 28000

    S1 S2 S3 R1 R2 R3

    38490 37500 36650 39550 40600 41500

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

    MCX GOLD showed bearish movement,

    and took reversal from trendline and

    closed around its important

    psychological support level of 27000.

    Now, if it is able to sustain below

    27000 then next major support level is

    seen in the range of 26750-26500. On

    other hand maintaining above 27400

    bullish movement may move it

    towards the resistance level of 27750.

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

    below 27000 for the target of 26500

    with stop loss of 27750.

    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

    downward movement and after found

    the important resistance of 40600 it

    drag towards the support level of

    39000 and closed below it. Now, if it

    sustain below 38500 then next support

    level may seen at 37500. On higher

    side maintaing above 39600 will again

    pull it towards the resistance level of

    40600.

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

    point of time is to sell below 38450 for

    the targets of 37450-37000, with stop

    loss of 40600.

  • C R U D E O I L

    C O P P E R

    S1 S2 S3 R1 R2 R3

    3715 3570 3425 3900 4000 4140

    S1 S2 S3 R1 R2 R3

    389.80 379.20 368.80 404.35 413.20 423.35

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

    MCX Copper last week showed

    downward movement and gave the

    breakout of its important support level

    of 410 closed around its important

    support level of 395. Now, if it sustain

    below 390 on lower side next

    important support level is seen around

    380. On the other hand if it maintains

    above the resistance level of 405 then

    it will pull back towards the next

    resistance level of 415.

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

    sell below 3700 for the target of 3500,

    with stop loss of 4000.

    PIVOT TABLE

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

    MCX Crude oil last week showed

    sideways movement but not able to

    sustain below 3715 and closed around

    3800. Now, if it sustain below 3700 in

    coming sessions then next important

    support level is seen around 3570. On

    the other hand 3850 will act as

    important resistance level above which

    again it will move towards the

    resistance level of 4000.

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

    below 390, with stop loss of 405 for the

    targets of 380.

    PIVOT TABLE

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