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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 13 JANUARY 2020

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MCX Gold Ends With Marginal Gains.

MCX Gold futures ended with marginal gains in last session as strength in Indian Rupee curbed the upside. COMEX Gold saw an impressive recovery in US trades on Friday as DOW corrected. The yellow metal ended at $1563 per ounce, up 0.57% on the day. MCX Gold futures closed at Rs 39878 per 10 grams, up 0.12% on the day. Indian Rupee saw impressive gains, rallying for a third session in row. INR closed at 70.94 per US dollar, adding 27 paise on the day. INR hit a three week high of 70.86 per US dollar in intraday moves. The benchmark equity index Nifty scaled its all-time high of 12300 on supportive global cues. Meanwhile, the US Labor Department released a report on Friday showing the pace of job growth slowed. The report said non-farm payroll employment climbed by 145,000 jobs in December after spiking by a revised 256,000 in November. This pulled the US equities off record highs, boosting Gold in return.

WTI Crude Falls To One Month Low.

Crude oil continued to ease on Friday on hopes that geopolitics in the Middle East will not escalate further. Weak US equities also played their part in keeping the sentiments in check and WTI Crude oil futures dropped under the key $60 per barrel mark to end at $59.12 per barrel, down 0.74% on the day – testing its one month low. MCX Crude oil futures closed at Rs 4206 per barrel, down 0.73% on the day.

COMEX Copper Supported On Demand Hopes.

COMEX Copper futures saw decent buying in last session. The metal ended up 0.30% at $2.81% per pound. The MCX Copper futures ended lower by 0.66% to Rs 447 per kg though as firm Indian Rupee hurt the mood. COMEX Copper hit around one and half week high of $2.83 per pound in intraday moves on hopes of a recovery in world economy and in turn good Copper demand. Global growth is forecast to rise to 2.5% in 2020 from 2.4% last year driven by recovery in trade and investment. The global economy is poised for a moderate rebound this year, following its weakest performance since the global financial crisis, the World Bank said in its Global Economic Prospects. Nonetheless, projections for both years were trimmed by 0.2 percentage points. For 2021, the lender forecasts 2.6 percent expansion.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND :SIDEWAYS
RESIST 2: 40130
RESIST 1: 40000
SUP 1:39660
SUP 2: 39440

CS SILVER (MAR) OVERVIEW:
TREND :SIDEWAYS
RESIST 2:47420
RESIST1:47160
SUP 1: 46480
SUP 2: 46060

Base Metals

CS COPPER (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:453
RESIST 1:449
SUP 1:445
SUP 2:442

CS NICKEL (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1072
RESIST 1:1052
SUP 1:1032
SUP 2:1017

CS ZINCMINI (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 183
RESIST 1:182
SUP 1:180
SUP 2: 179

CS LEADMINI (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:153
RESIST 1: 152
SUP 1: 150
SUP 2:149

CS ALUMINI (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:143
RESIST 1: 142
SUP 1: 140
SUP 2: 139

Energy

CS CRUDE OIL (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:4280
RESIST 1:4240
SUP 1: 4170
SUP 2: 4130

CS NATURAL GAS (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:160
RESIST 1:159
SUP 1: 157
SUP 2: 156


MCX CRUDEOIL JAN on FRIDAY as seen in the Daily chart opened at 4240 levels and made day low of 4172 levels. During this period CRUDEOIL JAN high is 4247 levels and finally closed at 4202 levels. Now, there are chances of up movement technically & fundamentally.

Screenshot (630)

DAILY RECOMMENDATION: SELL CRUDEOIL BELOW 4180 LEVELS FOR TARGET OF 4155/4130 WITH SL 4230 OF LEVELS.

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