Wednesday, December 28, 2016

Market Overview

Gold stayed supported near two-week high though

the momentum was tepid amid year end trades.

The non-commercial futures contracts of Comex

gold futures, traded by large speculators and hedge

funds, totaled net position of 114,834 contracts in

data reported through December 20th. This was

weekly change of -14,477 contracts from previous

week which had total of 129,311 net contracts.

Base metals are trading lower with Nickel under

pressure as Indonesia is considering allowing some

exports of minerals ores such as bauxite and nickel

under certain conditions.

Oil prices extended strong overnight gains amid

thinning pre-New Year holiday trade, less than week

before major global oil producers begin to scale

back production in line with deal they struck last

month. Russian oil producer Gazprom Neft

announced it plans to boost oil output by 4.5% to

5%, less than it had intended before Russia joined

deal to reduce global supply overhang.

Time

Economic

Release

Count

ry

EXP.

Previou

s

8:30 PM

-

Pending Home

Sales (MoM)

(Nov)

-

USD

-

0.5%

-

0.1%

-

Evening View

Commodity

Intraday View

MCX Gold (Feb) has strong intraday support at Rs.27150 / 26960 whereas stiff resistance is

at Rs.27410 - 27450 / 27570. Selling on rise is advised as long as Rs.27570 curtains the

higher side.

MCX Gold

Gold $ (SPOT)

The trading range for spot gold is expected to be $1131 – 1156 with a bearish bias.

MCX Silver

MCX Silver (March) has strong short-term support at Rs.39050 / 38750 / 38350 whereas

Rs.39480 / 39700 - 39900 may act as strong intraday resistances.

Buying on dips is advised

as long as Rs.38750 is held. Rise above Rs.39900 could increase the bullish momentum.

Spot Silver has strong short-term support at $15.85 - 15.60 whereas $16.20 - 16.30 zone

may act as strong resistance. Trading range for the day is expected to be $15.85 – 16.20

with a bullish bias.

MCX Copper (Feb) has strong intraday supports at Rs.375 / 371 whereas strong intraday

resistances are placed at Rs.381 / 384.80. Dip buying is advised for a pullback rally towards

Rs.384.80 mark.

Silver $ (SPOT)

MCX Copper

MCX Nickel

MCX Nickel (Dec) has crucial support at Rs.688 / 675 whereas immediate intraday resistances

are placed at Rs.710 / 719. Dip buying is advised for the session.

MCX Crude Oil

Strong intraday support is at Rs.3670 / 3585 whereas key resistances are at Rs.3740 / 3780.

Intraday bias remains bullish as long as Rs.3670 is held.

MCX Natural Gas

MCX Natural Gas (Jan) has strong short-term supports at Rs.252 / 249 / 246 whereas Rs.257

/ 260 may act as strong resistances. Buying on dips is advised as long as Rs.249 is held.

However, move below the same could lead to profit booking targeting Rs.246 again.

LEAD

MCX Lead (Dec) has key supports at Rs.137.50 / 135 whereas Rs.141.20 – 142 zone may act

as stiff resistance. Sideways consolidation is expected with a bullish bias.

MCX Zinc (Dec) faces stiff resistance near Rs.175 / 178 - 179 whereas Rs.171.50 / 169 are

expected to act as strong supports. Sideways consolidation is expected within Rs.169 – 175

and either side sustained breach could provide further clear direction.

MCX Aluminium (Dec) has short-term support at Rs.117 - 116.10 zone whereas Rs.118.70 /

119.30 are expected to act as strong resistances. Range bound movement is expected with a

bullish bias.

ZINC

ALUMINIUM

Disclaimer