Tuesday, 28 July 2015

Update on Bullion, Base Metal and Energy






Hope you all traded with levels in the market... Enjoyed or Not???



Image result for commodity updates



Have a look on it!!




Gold




Yesterday... we recommended selling in Gold around 24950 with stop loss of 25050. Booked full profit around 24750
 
Now what to expect???
 
Support at 24650---24400 and Resistance at 25050---25200
 
Traders can trade in a range with strict stop loss and wait for confirmation. Anything seems will update via SMS



Silver

Last week, we clearly indicated that if Silver unable to breach its resistance level of 34400 then it could test its support level of 33700---33200. It made a high of 33384 and crashed vertically to 33310 and now trading around 33800
 
Now what to expect???
 
Silver has support at 33200 and Resistance at 34150---34400

If it unable to breach its resistance level of 34400 then it could test its support level of 33200 again

Further downside panic seen only close below 33200 mark

Upper side seems limited and any sharp rise will be selling opportunity but trade with levels only



Copper


Told to sell Copper below 343 with stop loss of 348. Crashed and made a low of 334.25 and now trading around 336
 
Now what to expect???

Close below 333 will take to 328---325 and then to 318 mark in days to come

Revise stop loss of 341 on closing basis



Zinc


 
Told to sell Zinc below 126.80 with stop loss of 128.50. Crashed vertically and made a low of 123.40 and now trading around 123.80
 
Now what to expect???
 
Support at 123.30 and Resistance at 126.80

Close below 123.30 will take to 121.50---120.00 mark in days to come
 
Revise stop loss of 126.80


Aluminium


Support at 102.50 and Resistance at 104

Two consecutive closes below 102.50 will take to 101----99.50 and then to ???

Fresh buying can initiate only close above 104 mark

Upper side seems limited but trade with levels only as no charm seen in it

Anything seems will update via SMS
 
 
 
 
Lead
 
 
 
 Looks weak and could test its support level of 107. Further panic seen only close below 107 mark else it could test its resistance level of 109.50---110.20 again
 
Trade with levels only



Crude oil



Told to sell fresh below 3150 and we are holding short from 3280 mark. Just made a low of 3035

Now what to expect???

Close below 3030 will take to 2970---2930 and then to 2850 mark in days to come

Revise stop loss of 3105






































More will update soon...

Daily Currency Update and View





USDINR – Neutral to positive




Dollar/rupee appreciated by 0.23% on fear that improving economic sentiments in the US may gaud Federal Reserve at its two-day monetary policy starting from Jul 28 to clarify on the timing and space of the first rate hike since keeping federal rate near zero since December 2008, on likely FII outflows from local shares as the benchmark stock indices tanked around 400 points amid dollar buying by State Bank of India.

Technical Review

Buy strategy given above 64.11 was initiated and after hitting a high of 64.2475 USDINR settled at 64.2150. Predicated target is 64.35-64.48. Today, pair may remain positive and a break above 64.28 levels it could result in 64.45 levels.



EURINR – Expect to trend positive towards 71.20-71.40

Euro rose to two-week high Monday high as Germany, Europe's largest economy's business sentiment rose, an encouraging sign that the recovery continues despite the Greek crisis.

Germany's Ifo business climate indicator rose to 108 in July against the consensus of 107.2 and 107.5 in June


Technical Review:


After breaching the immediate resistance 70.40 EURINR tested 71.1950 levels and settled at 71.12. Sell strategy give around 70.25-70.30 was not initiated. 

A long bullish candle stick formation on EOD chart is yet indicating for continuation of recent bullish trend.



GBPINR – May remain volatile ahead of GDP data at 2 pm


Pound traded flat Monday as investors remain cautious in a week that is full of critical economic reports that could influence the rate hike expectations in the UK and the US.

The UK preliminary GDP report due on Tuesday is expected to show an increase of 0.7%, but the weak retail sales released last week coupled with drop in energy prices will keep the GBP lower.


Technical Review


GBPINR remained volatile on Monday also and fluctuated between 99.65-99.40 levels, settled with a gain of 0.40%.


Today, a break above 99.70 could result in positive move towards 100.00 and above. On the other hand, trend reversal could expect below 99.25 for the down side target of 98.85 then 98.65 levels.


Japanese Yen – Flat to positive



Yen jumped to its highest level in near two-weeks on safe haven appeal after Japan's Nikkei weakened following dismal earnings reports amid concerns over global slowdown and a weak dollar globally.


Technical Review



Sell strategy given around 51.60 was not initiated after witnessing a gap up opening at 51.9025 Vs 51.68 JPYINR traded above 51.85 levels.

A break above near term resistance is indicating for continuation of recent bullish rally. For Tuesday expected target would be 52.30-52.60 levels.






Major Economic Data & Events Schedule today


Time
Currency
Economic Indicators
Forecast
Previous
Possible Impact
28th-30th
GBP
Nationwide HPI m/m
0.20%
-0.20%
Positive
2:00pm
GBP
Prelim GDP q/q
0.70%
0.40%
Positive

GBP
Index of Services 3m/3m
0.50%
0.50%
Neutral
6:30pm
USD
S&P/CS Composite-20 HPI y/y
5.20%
4.90%
Positive
7:15pm
USD
Flash Services PMI
55.1
54.8
Positive
7:30pm
USD
CB Consumer Confidence
100.1
101.4
Negative

USD
Richmond Manufacturing Index
6
6
Neutral
                                         
Impact: High Low Medium









More will Update soon..