Motilal Oswal Financial Services

Friday, January 27, 2017

Time

Economic

Release

Country

EXP.

Market Overview

Gold prices fell to two-and-a-half week lows, affected

by stronger dollar and as concerns surrounding

Donald Trump’s policy decisions began to subside.

Holdings of New York's SPDR Gold Trust GLD

remained unchanged while New York's iShares Silver

Trust SLV, fell 0.70% during same period.

Base metals are trading lower with Copper edging

down, pulling back from two-month high as dollar

strengthened, with trading volumes lean as week-long

Lunar New Year holiday kicks off in top metals

consumer China.

Oil prices firmed as rising crude output from United

States was offsetting efforts by OPEC and other

producers to prop up the market by cutting supplies.

7:00 PM

Core Durable

Goods Orders

(MoM) (Dec)

0.5%

0.6%

7:00 PM

GDP (QoQ) (Q4)

Michigan

Consumer

Expectations

(Jan)

U.S. Baker

Hughes Oil Rig

Count

2.2%

3.5%

8:30 PM

88.90

11:30 PM

551.00

Evening View

Commodity

Intraday View

MCX Gold (Feb) is likely to trade with negative bias as long as Rs.28260-28280 is capped as

strong resistance. The metal looks to target Rs.28030-27950 levels in short-term. Selling on

rise is advised for the session. Higher resistance is near Rs.28490 level.

MCX Gold

Gold $ (SPOT)

Spot gold looks weak below key short-term resistance at $1192-1197. Test of supports at

$1174-1172 levels could be seen.

MCX Silver

MCX Silver (March) has strong supports at Rs.40550 - 40400 followed by Rs.39800 whereas

key resistances are placed at Rs.40850 / 41250. Range bound to bearish movement is

expected for the session. Selling on rise is advised.

Silver $ (SPOT)

Spot Silver has strong short-term support at $16.50 / 16.25 whereas $17.20 - 17.40 zone

may act as strong resistances. Trading range for the day is expected to be $16.90 – 17.20.

MCX Copper

MCX Copper (Feb) has strong intraday supports at Rs.397 / 395 whereas strong intraday

resistances are placed at Rs.403.50/ 406.20. Range bound movement within Rs.397 – 406.20

is expected for the session.

MCX Nickel (Jan) has crucial support at Rs.628-633 zone followed by major support at Rs.620

whereas immediate intraday resistances are placed at Rs.656/660. Selling on rise near

intraday resistance is advised.

MCX Nickel

MCX Crude Oil

Strong intraday support for oil is at Rs.3610 / 3585 whereas key resistances are at Rs.3695 /

3710. Either side breach of this range would decide the trend.

MCX Natural Gas

MCX Natural Gas (Feb) has strong short-term supports at Rs.222 / 220.50 whereas Rs.232 -

233 zone may act as strong resistance. Dip buying is advised as long as Rs.220.50 is held as

strong support.

LEAD

MCX Lead (Jan) has key supports at Rs.153.70/ 152.80 whereas Rs.158.50 / 160.50 may act

as stiff resistances. Dip buying is advised.

MCX Zinc (Jan) has strong intraday support at Rs.185.50-184.70 zone whereas Rs.189.50 -

190 zone may act as stiff resistance. Dip buying is advised for a pullback rally as long as

Rs.184.50 is held. Rise above Rs.190.50 could target Rs.193 mark.

MCX Aluminium (Jan) could provides buying opportunity on dip towards Rs.123.50 / 122.20.

Resistances are placed at Rs.125 / 126.80.

ZINC

ALUMINIUM

Disclaimer