Thursday, 11 February 2016

Update on Gold, Silver, Copper and Crude oil







Gold




Today we recommended buying in Gold above 28730 mark. It flared like anything and hit 29290 mark.

Now what to expect???

Close above 29250 will see further upside rally till 29400---29550+ mark in days to come

On Comex division, Above $1156... our target was $1190---$1225 and ultimate target was $1339. Just made a high of $1229

Three consecutive closes + weekly close above $1225 will see further upside rally till $1260---$1290 and then to $1339 mark in days to come

Revise stop loss of $1180 INR 28000. Immediate support at 28900




Silver



Clearly indicated that above 35400... we will see upside rally till 37000---38000+ mark. Just made a high of 37960

Now what to expect???

Hurdle at 38000. Three consecutive closes + weekly close above 38000 will see further upside rally till 42000---43000+ mark in days to come

Already booked part profit.. Now revise stop loss at cost to cost of 36450



Copper



Told to buy around 303 with stop loss of 300. It made a high of 308

Now what to expect???

Close above 309 will take to 312---315 and then to 320+ mark in days to come else it could test its support level of 300 again

Close below 300 will take to 294---289 mark

Trade with levels only



Crude oil


Close below 1800 will see further downside panic till 1760---1745 and then to 1700 mark else it could test its resistance level of 1860---1900 again

Further upside rally seen only close above 1900 mark

We will not sell Crude oil at current levels. We will try for bottom fishing. So wait for confirmation. Anything seems will update via SMS

Trade with levels only


































More will update soon...

USDJPY witnessed a speculator plunged of 7%
















USDJPY witnessed a speculator plunged of 7% from the monthly high 121.48 and trading around 112.62

On the weekly chart, pair is trading on the verge of crucial support of 111.50 which is coincide with long term trend line support. Below this level, decent fall could expect towards 109-107 in days to come.


On the other hand, failure of the break below 11.50 on weekly basis only could bring possible pullback towards 115.00-118.00





 More will Update soon...


Dollar index on the verge of crucial support






Dollar index


 
Dollar index extended fall Thursday after Federal Reserve Chairperson Janet Yellen in her testimony before the Congress raised concerns about the uncertainty over Chinese economic growth have raised risks to the US economy.


  Dealers said though Yellen said the Fed is unlikely to reverse its plan to raise interest rates further this year, yet tighter credit market, volatile financial markets and uncertainty over Chinese economic growth have raised risks to the US economy


  "I don't expect the (Federal Open Market Committee) is going to be soon in the situation where it is necessary to cut rates," Yellen said. "There is always a risk of a recession...and global financial developments could produce a slowing in the economy," she added.


  "There would seem to be increased fears of recession risks that is resulting in rising in risk premia. We've not yet seen a sharp drop-off in growth, either globally or in the United States, but we certainly recognize that global market developments

 Technically,


 Dollar index is trading around 95.76, slightly recovery from the low of 95.54, near term trend is expect to remain bearish and below 95.50 will expect to test 95.00-94.80.







USDINR

USDINR retraced from the day high 68.20 and tested 68.0050 before closing at 68.0525 levels. Near term trend is expected to remain negative unless pair give a closing above 68.60. 


Today, correction is expect to come below the previous swing low of 67.98, else any rise towards 68.25-68.35. 


On the other hand, strong resistance is intact at 68.60 sustain trade above on closing basis could result in positive move towards 68.80-69.00.




EURINR

EURINR witnessed pull down from the day high 76.96, and tested 76.42 before closing at 76.6025. Intraday price action resulted in formation of Spinning top candle stick which is indicating for bullish trend reversal. 


 Today, correction is expected to come on rise 76.80-76.90.   


On the other hand, sustain and close above the previous 77.00 may extend positive move towards 77.00-77.20 levels.




GBPINR

GBPINR witnessed a volatile move yesterday and settled at 98.78, up by 0.34%. Intraday price action resulted in formation of doji candle stick which is indicating for indecisive move in days to come. 


Near term resistance is seen at 98.90 sustain trade above will expect to test 99.30-99.50



JPYINR

JPYINR retraced from the day high 59.52 and tested 58.96 before closing at 59.07. Today, JPYINR witnessed 1.72% gap up opening at 60.06 following to the USDJPY which plunged more than 1.54% yesterday.


Near term a break above 60.25 will expect to test 61.00 and abo

ve, as fall in USDJPY continued to support in positive in JPYINR.

USDJPY cmp 112.86, support 112.40 below it will expect to test 111.50-110.00
On the downside support is seen at 58.80 sustain trade below only will expect to test 58.50-58.00.







§  Major Economic Data & Events Schedule today

Time
Currency
Economic Indicators
Forecast
Previous
Possible Impact
12:30am
USD
Federal Budget Balance
10.3B
-14.4B
Negative
All Day
JPY
Bank Holiday
-
-
-
All Day
CNY
Bank Holiday
-
-
-
5:31am
GBP
RICS House Price Balance
52.00%
50.00%
Positive
11th-16th
CNY
M2 Money Supply y/y
13.50%
13.30%
Positive
11th-16th
CNY
New Loans
1900B
598B
Positive
All Day
EUR
Eurogroup Meetings
-
-
-
Tentative
GBP
30-y Bond Auction
-
2.49|1.4
-
7:00pm
USD
Unemployment Claims
287K
285K
Negative
8:30pm
USD
Fed Chair Yellen Testifies
-
-
-
9:00pm
USD
Natural Gas Storage
-
-152B
-
11:31pm
USD
30-y Bond Auction
-
2.91|2.3
-

Impact: High Low Medium
 







More will Update soon...