MCX DAILY REPORT - Reddito Capital · MCX DAILY REPORT . 11 TH JULY 2019 2 REDDITO CAPITAL INVESTMENT ADVISORS PRIVATE LIMITED MARKET UPDATE BULLIONS Gold prices declined in futures

2019

REDDITO CAPITAL INVESTMENT

ADVISORS PRIVATE LIMITED

7/11/2019

MCX DAILY REPORT

11 TH JULY 2019

2 REDDITO CAPITAL INVESTMENT ADVISORS PRIVATE LIMITED

MARKET UPDATE BULLIONS

Gold prices declined in futures trade on Wednesday in the light of weak global cues ahead

of US Fed Chairman Jerome Powell's testimony, while a fall in demand by jewellers at spot

market further weighed on the yellow metal.

The better-than-expected US jobs data dashed the hopes of an aggressive rate cut by the US

Fed and pushed the dollar index higher which are negative for gold. Under normal

circumstances, gold and dollar share an inverse relationship. Since international gold is

dollar-denominated, a rise in the dollar drags gold prices lower. "Hawkish comments from

Powell may cause a short-term problem for gold. Some profit-taking at higher levels is also

the reason behind the fall in gold prices," said Kunal Shah, Head of Commodities Research

at Nirmal Bang. Moreover, the hike in import duty is negative for gold demand in the

country. "Hike in import duty will dent the demand of gold," Shah added. In the Union

Budget for 2019-20, the government proposed to increase customs duty on gold and other

precious metals to 12.5 per cent from the current 10 per cent. Around 10:55 am, the MCX

Gold traded at Rs 34,445 per 10 grams, down by Rs 137. Silver prices also declined on a

fall in orders by industrial units and coin makers.

The MCX Silver traded Rs 38,075 a kilo, down by Rs 105 around the same time. The MCX

Silver traded Rs 38,075 a kilo, down by Rs 105 around the same time.

11 TH JULY 2019


GOLD(DAILY)

S3 S2 S1 PIVOT R1 R2 R3

GOLD 34120 34230 34406 34516 34692 34802 34978

TECHNICAL OUTLOOK: The Gold is in strong uptrend and the trend is

supported with good volume the open interest is not increasing with trend.

Cautious point is buying at higher levels seems decreasing. The Gold is now trading

in overbought level. The Gold is now trading in overbought level. The oscillator is

on SELL signal and Gold is coming down from overbought level for short term Gold

is in HOLD LONG position. Positional Support for the Gold is 34129-34058-33523-

32599-32331-32287. Immediate resistance for Gold is 35240.

11 TH JULY 2019


SILVER(DAILY)


SILVER 37610 37731 37956 38077 38302 38423 38648

TECHNICAL OUTLOOK: The Silver is in perfect uptrend .Currently Silver is

moving sideways the oscillator is showing SELL signal .In last 1 month volatility is

very less and fresh Buy can be considered in the Silver if it close above39096 or buy

with strict stop at 36155. The oscillator is showing SELL signal for short term Silver

is in HOLD LONG position. Positional Support for the Silver is 37531-37491-37343-

37228-37091-36951. Immediate resistance for Silver is 39096.

11 TH JULY 2019


MARKET UPDATE ENERGY

Oil -0.73 % wavered near $58 a barrel as investors awaited guidance from the Federal

Reserve on interest rates while a stalled tanker in the Middle East highlighted the danger of

supply disruptions.

Futures swung between gains and losses in an uncertain trading session in New York. Fed

Chairman Jerome Powell is scheduled to testify to Congress on Wednesday and Thursday,

with many investors wondering if last week’s healthy jobs report lessened the likelihood of a

rate cut to boost the economy. The dollar jumped to its highest since mid-June, making crude

sales less attractive. In the Persian Gulf, a BP Plc ship remained parked off Saudi Arabia

after Iranian officials suggested they might retaliate for the seizure of one of their own

vessels last week.

Crude has slipped this month despite heightening risks of a military confrontation with Iran

and a decision by the Organization of Petroleum Exporting Countries and its allies to extend

output curbs. Although the US and China announced a resumption of trade talks late last

month, worries persist that a slowing global economy is undermining demand for fuels.

“Negative risk sentiment in equity markets and a higher US dollar are countering OPEC’s

efforts to stabilize oil prices,” said Jens Naervig Pedersen, a senior analyst at Danske Bank

A/S in Copenhagen.

11 TH JULY 2019


CRUDE OIL(DAILY)


CRUDEOIL 3879 3908 3937 3966 3995 4024 4053

TECHNICAL OUTLOOK: The Crude oil is moving sideways The oscillator is on

SELL signal and Crude oil is coming down from overbought level .In last 1 month

volatility is very less Buy the Crude oil above 4185 or buy with strict stop at 3731.

The oscillator is on SELL signal and Crude oil is coming down from overbought

level for short term Crude oil is in HOLD SHORT position. Positional Support for

the Crude oil is 3845-.Resistance for the Crude oil is 4006-4021-4051-4136-4169.

11 TH JULY 2019


MARKET UPDATE METALS

Base metals may trade on a positive path. MCX Copper may remain sideways and it can test

Rs 437, taking support near Rs 432.

Zinc can test Rs 194, taking support near Rs 190. Lead may test Rs 157, taking support near

Rs 153. Aluminum may test Rs 145, taking support near Rs 140.

11 TH JULY 2019


ZINC(DAILY)


ZINC 187.30 188.70 189.50 190.90 191.80 193.20 194.00

TECHNICAL OUTLOOK: The Zinc is bearish for medium-long term. Currently

Zinc is in strong downtrend but volume is unsatisfactory the open interest is not

increasing with trend. Noting point is selling at lower levels seems decreasing. The

Zinc is now trading in oversold level. The Zinc is now trading in oversold level. The

oscillator is showing SELL signal for short term Zinc is in SELL position. Positional

Immediate support for Zinc is 189.Resistance for the Zinc is 197-199-202-208-209-

213.

11 TH JULY 2019


11 TH JULY 2019


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MCX DAILY REPORT - Reddito Capital · MCX DAILY REPORT . 11 TH JULY 2019 2 REDDITO CAPITAL INVESTMENT ADVISORS PRIVATE LIMITED MARKET UPDATE BULLIONS Gold prices declined in futures