8th January: MCX Metals & Energies Market View

Insignia Consultants

New Delhi

Monday, January 08, 2018

TIME 9:47 AM  IST                      

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MCX METALS AND ENERGIES MARKET VIEWS

One needs to trade very carefully at current prices in metals, energies and currencies. Last week, gold rose despite some better than expected US private ADP jobs numbers and thereafter gold failed to capitalize on a bad US December nonfarm payroll numbers. Euro, and sterling also did not break past key resistances. European central bank meeting this week will be relevant if and only if they give clear indication of monetary reduction measures.

TECHNICAL VIEW

Gold February 2018: (previous day close/CMP Rs.29217)

Bullish over 29329 with 29422 and 29521 as price target.

Bearish below 29231 with 29106-28994 and 28609 as price target.

Neutral Zone: 29231-29329

One Support: 29173

One Resistance: 29329

  • Gold can fall to 28994 and 28856 in case 29329 is not broken.
  • Trend is down as long as gold trades below 29329.
  • Rise will be there only over 29329.

Silver March 2018:  (previous day close/CMP Rs.39253)

Bullish over 39489 with 39664 and 39949 as price target

Bearish below 39136 with 39017-38781 and 38489 as price target.

Neutral Zone: 39136-39489

One Support: 39136

One Resistance: 39545

  • Silver can fall to 38781 and 38489 as long as it trades below 39545.
  • Rise/buyers will be there only over 39545.

Copper February 2018:  (previous day close/CMP Rs.452.50)

Bullish over 457.70 with 460.30 and 465.60 as price target.

Bearish below 452.10 with 446.80 and 440.70 as price target.

Neutral Zone: 452.10-457.70

One Support: 452.00

One Resistance: 460.10

  • Copper can fall to 444.60 if it trades below 452.
  • Trend is down as long as copper trades below 460.30.

Crude oil January 18: (previous day close/CMP Rs.3887.00)

Bullish over 3975 with 4040-4073 and 4116 as price target.

Bearish below 3910 with 3866-3823 and 3783 as price target.

Neutral Zone:3910-3975

One Support: 3866

One Resistance: 3927

  • Crude oil can correct to 3803 and 3719 in case 3975 is not broken by Wednesday.
  • Immediate support is at 3866.

Zinc January 2018: (previous day close/CMP Rs.213.80)

Bullish over 212.70 with 214.90-216.20 and 218.60 as price target.

Bearish below 212.10 with 210.10 and 208.90 as price target.

Neutral Zone: 212.20-213.70

One Support: 212.20

One Resistance: 214.90

  • Zinc needs to trade over 212.20 to rise to 214.90 and 217.60.
  • Sellers will be there below 212.20.

Lead January 2018: (previous day close/CMP Rs.161.90):

Bullish over 161.90 with 164.60 and 167.10 as price target.

Bearish below 160.50 with 159.20 and 156.60 as price target.

Neutral Zone: 160.50-161.90

One Support: 161.90

One Resistance: 163.30

  • Lead can fall to 159.20 and 156.60 in case 164.60 is not broken today.
  • Buyers will be there only if lead trades over 164.60 after 4:00pm.

Nickel January 2018: (previous day close/CMP Rs.794.30):

Bullish over 799.30 with 807.70 and 815.80 as price target.

Bearish below 787.80 with 779.30 and 764.30 as price target.

One Support: 787.80

One Resistance: 804.10

  • Nickel needs to trade over 787 to rise to 809.30 and 824.30
  • Sell off will be there below 787 today.

Natural gas January 18 (previous day close/CMP Rs.177.10):

Bullish over 180.60 with 184.40-189.20 and 193.70 as price target.

Bearish below 176.80 with 175.80-171.90 and 166.20 as price target.

Neutral Zone: 176080-180.60

One Support: 176.80

One Resistance: 180.60

  • Natural gas can fall to 171.90 and 166.20 as long as it trades below 180.60.
  • Rise/bullish trend will be there only over 180.60,
  • Short covering/rise will be there only over 188.10.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Website www.insigniaconsultants.in. Prepared by Chintan Karnani

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NOTES TO THE ABOVE REPORT

UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT)

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED

APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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