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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 16 JANUARY 2020

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Gold Sees Muted Action As Equities Soar.

COMEX Gold saw some gains but the sentiment was rather tepid for the metal as US stock indexes have hit new highs, with the Dow Jones Industrial Average, closing above 29,000 for the first time. The S&P 500 also closed at a new high as the US and China signed a deal aimed at easing tensions between the two economic giants. COMEX Gold has recovered from a two week low but gains in equities are capping the upside. The metal currently lingers at $1556 per ounce, up marginally on the day. MCX Gold futures closed at Rs 39600 per 10 grams, up 0.39% on the day and should see a choppy action today.

Copper Eases In Asian Trades.

COMEX Copper continued to face selling pressure around eight month high even as US equities hit record and US-China signed a landmark trade deal. COMEX Copper currently trades at $2.85 per pound, down 0.24% on the day. MCX Copper futures closed at Rs 454.60 per kg, up 0.17% on the day and should ease in early moves. The metal has run up sharply in last few days and would be searching for further positive catalysts in the near term.

US Crude Oil Production Hits Record Says EIA.

The Energy Information Administration (EIA) stated yesterday that US crude oil production rose to a record high of 13 million barrels per day. Crude inventories fell by 2.5 million barrels in the last week to 428.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 342,000 barrels in the last week. Refinery crude runs rose by 76,000 barrels per day in the last week, EIA said. Refinery utilization rates fell by 0.8 percentage points. US gasoline stocks rose by 6.7 million barrels in the week to 258.3 million barrels while distillate stockpiles, which include diesel and heating oil, rose by 8.2 million barrels in the week to 147.2 million barrels.Net US crude imports fell last week by 595,000 barrels per day in the last week, EIA said.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 39800
RESIST 1: 39700
SUP 1:39550
SUP 2: 39250

CS SILVER (MAR) OVERVIEW:
TREND :BEARISH
RESIST 2:46800
RESIST1:46600
SUP 1: 46100
SUP 2: 45900

Base Metals

CS COPPER (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2:459
RESIST 1:457
SUP 1:452
SUP 2:450

CS NICKEL (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1060
RESIST 1:1050
SUP 1:1040
SUP 2:1030

CS ZINCMINI (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 183.50
RESIST 1:182.50
SUP 1:181
SUP 2: 180

CS LEADMINI (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2:154
RESIST 1: 153
SUP 1: 151
SUP 2:150

CS ALUMINI (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:142
RESIST 1: 141
SUP 1: 139
SUP 2: 138

Energy

CS CRUDE OIL (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:4200
RESIST 1:4170
SUP 1: 4060
SUP 2: 4040

CS NATURAL GAS (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:156
RESIST 1:154
SUP 1: 149
SUP 2: 147


MCX CRUDE OIL JAN on WEDNESDAY as seen in the Daily chart opened at 4126 levels and made day low of 4059 levels. During this period NICKEL JAN high is 4131 levels and finally closed at 4100 levels. Now, there are chances of down movement technically & fundamentally

Screenshot (690)

DAILY RECOMMENDATION: SELL CRUDE OIL JAN BELOW 4150 LEVELS FOR TARGET OF 4120/4100 WITH SL 4200 OF LEVELS.

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