Weekly Commodity Report 20 June 2016 to 24 June 2016

Weekly Support & Resistance for Gold & Silver

Resistance: 31200-31500

Pivot: 30500

Support: 30000-3030

Gold: Last week MCX Gold price rose after fear of Britain exit from EU and only 2 possible rate hikes by Fed hints in the year 2016. Upcoming week gold may trade on higher note with buy on dips strategy. Next week’s major US economic data to be released.

Silver : last week silver rose and made high around 42441 after this sharp move some consolidation expected in the range of 40400-42500.

BULIONS & ENERGY LEVELS FOR 17 JUNE 2016

Bullions: Gold may open lower tracking after us market recovers from lows and the suspension of Britain's campaign for next week's referendum after a Member of Parliament was shot dead. British Member of Parliament Jo Cox, who was killed in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the EU.

Yesterday’s Gold call achieved our final TGT profit of Rs 39000/- in one lot

 

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Gold	30200	30450	30750	30900	UP	30200-30900
Silver	40700	41200	41900	42300	UP	41600-42400

 

Energy: After sharp selloff Oil prices can show some pull back till 3200 level in MCX. WTI crude futures rose 27 cents, or 0.6 percent, at $46.48. The contract fell 3.8 percent in the previous session and prices are down more than 5 percent.

Yesterday’s CRUDEOIL call achieved our final TGT 3150 profit of Rs 8000/- in one lot.

OUTLOOK: SELL CRUDEOIL below 3230 TGT 3190-3150 SL 3270

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Crude oil	3040	3090	3170	3230	SIDEWAYS	3110-3210

 

 

BULIONS & ENERGY LEVELS FOR 16 JUNE 2016

Bullions: Gold may open higher tracking global gold which trades above $1300.The U.S. Federal Reserve kept interest rates unchanged on Wednesday. It still planned to raise rates twice in 2016, though it said slower economic growth would crimp the pace of monetary policy tightening in future years.
Yesterday’s Gold call  remains open.
                               
Outlook: BUY GOLD ABOVE 30510 TGT 30700-30900 SL 3025
  

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Gold	30250	30400	30700	30800	UP	30200-30850
Silver	40700	41200	41900	42300	UP	41100-42200

 

Energy: Oil prices fell after data showed a surprise build in U.S. crude inventories last week, adding to the market's nervousness around Britain's vote next week on whether to leave the European Union.

Yesterday’s CRUDEOIL call remains open till further update.

OUTLOOK: SELL CRUDEOIL below 3230 TGT 3190-3150 SL 3270

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Crude oil	3160	3210	3290	3330	SIDEWAYS	3170-3280

 

 

BULIONS & ENERGY LEVELS FOR 15 JUNE 2016

Bullions: Gold hit it’s highest in almost six weeks on Tuesday, rising on worries about a potential British exit from the European Union and expectations the U.S. Federal Reserve will not raise interest rates at its June meeting.

Outlook: BUY GOLD ABOVE 30510 TGT 30700-30900 SL 30250

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Gold	30250	30400	30700	30800	UP	30100-30800
Silver	40700	41200	41900	42300	UP	41100-42200

 Energy: Oil prices fell about 2 percent in extended trading on Tuesday as data showed a surprise build in U.S. crude inventories last week, adding to the market's nervousness around Britain's vote next week on whether to leave the European Union.

Yesterday’s CRUDEOIL level not executed as open gap down.

OUTLOOK: SELL CRUDEOIL below 3230 TGT 3190-3150 SL 327

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Crude oil	3160	3210	3290	3340	SIDEWAYS	3170-3280

BULIONS & ENERGY LEVELS FOR 14 JUNE 2016

Bullions: Gold eases gains of yesterday and trade flat with main focus on U.S. Federal Reserve meeting that begins later in the day and on Britain's June 23 vote on whether to leave the European Union. Spot gold had dipped 0.1 percent to $1,282.41 an ounce Bullion touched a session-peak of $1,287.0 on Monday.

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Gold	30000	30150	30550	30700	UP	30000-30600
Silver	40700	41100	41900	42300	UP	41000-42000

 

Energy: Crude oil prices held weaker in Asia on Tuesday with worries over global demand stoked by a possible exit of the U.K. from the European Union. Later Tuesday, the American Petroleum Institute will release estimates of crude and refined product stocks at the end of last week. The figures will be followed on Wednesday with more closely-watched data from the U.S. Department of Energy.
Yesterday’s CRUDEOIL level not executed as open gap down.
              
OUTLOOK: SELL CRUDEOIL BETWEEN 3335-3340 TGT 3300-3270 SL 3370

COMMODITY	S2	S1	R1	R2	TREND	RANGE
Crude oil	3200	3240	3330	3390	SIDEWAYS	3240-3340