2016

Daily MCX Newsletter

10th Jan 2017

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MARKET WRAP

PRECIOUS METALS:
Gold may note mixed trade in line with international market but bias may be on upside. The US dollar corrected
on mixed US jobs report and debate amidst Fed officials over future pace of rate hikes.

ENERGY:
Crude oil prices are low by 4 percent on Monday on concern that record Iraqi crude exports and rising U.S.
output would undermine OPEC's efforts to curb global oversupply.

BASE METALS:
Industrial metal zinc rose to its highest level in three weeks on Monday as the dollar fell and on expectations of a
continued shortage in supply for the metal used to galvanize steel. Prices will likely trade higher today as
Chinese consumer inflation rose at a slower but steady pace, while PPI improved sharply, indicating economic
recovery.

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PIVOTS LEVEL:
GOLD(FEB)
RESISTANCE2: 28600
RESISTANCE1:28350
SUPPORT1:27900
SUPPORT2:27700
SILVER (MARCH)
RESISTANCE2:41700
RESISTANCE1:41200
SUPPORT1:40300
SUPPORT2:39900
CRUDE OIL (JAN)
RESISTANCE2:3670
RESISTANCE1:3620
SUPPORT1:3510
SUPPORT2:3440
COPPER (FEB)
RESISTANCE2:392
RESISTANCE1:388
SUPPORT1:378
SUPPORT2:374

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CHART OF THE DAY
CRUDE OIL

CALL SELL: CRUDE OIL JAN BELOW 3540 TARGETS 3480/ 3420 STOP LOSS 3600

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