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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 22 JANUARY 2020

Mcx2-1

BULLION –

Bullion counter may witness some profit booking as gold prices fell on Wednesday, as the dollar firmed and investors assessed the risk of a global epidemic from a coronavirus outbreak from China that could have an impact on economic growth. The toll from the Wuhan coronavirus in China rose to six deaths on Tuesday and the first case was reported in the United States, sending markets tumbling on fears of economic damage as tourists canceled travel plans and airports stepped up screening. Gold can dip towards 39600 while taking resistance near 40000 while silver can test 45800 while taking resistance near 46500. U.S. Treasury Secretary Steve Mnuchin said on Tuesday fresh trade deals with China, Mexico and Canada this month could boost the U.S. economy and that growth would outperform projections, including those by the International Monetary Fund. China’s gold consumption fell for the first time in three years in 2019, as high prices and an economic slowdown hit buying in the world’s biggest market for the metal.

ENERGY-

Crude oil may witness selling pressure as oil prices edged lower on Wednesday, extending the previous session’s drops, as investors continue to shrug aside the impact of almost all of Libya’s crude production being off-line amid plentiful supplies elsewhere. Libya’s National Oil Corporation on Monday declared force majeure on the loading of oil from two major oil fields after the latest development in a long-running military conflict saw forces loyal to commander Khalifa Haftar ordering the shutdown of facilities in the east and south of the country. Crude oil can dip towards 4100 while taking resistance near 4190. Natural gas can dip lower towards 132 while facing resistance near 139. U.S. natural gas futures dropped to a fresh three-year low below $2 on Tuesday on forecasts for mild winter weather through early February, despite record liquefied natural gas (LNG) exports and signs of a production slowdown. The weather in the U.S. Lower 48 states so far this winter has been much milder than usual with average daily temperatures three degrees Fahrenheit higher than normal in December and five degrees higher
during the first few weeks of January.

BASE METAL –

Base metals may trade with weak bias. Copper may dip towards 450 while taking resistance near 455. Copper prices slumped on Tuesday as investors liquidated recent bullish positions over fears that a new strain of coronavirus in China could hit economic growth in the world’s top metals consumer. The metal often used as a gauge of economic health also suffered after inventories in London Metal Exchange-registered warehouses jumped by a third overnight, providing a boost to supplies in LME depots after months of erosion. The global world refined copper market showed a deficit of 33,000 tonnes in October, down from 89,000 tonnes in September, data showed. Zinc can recover towards 185 while taking support near 181. The premium of LME cash zinc to the three-month contract has increased to $22.25 a tonne, its highest since Nov. 29, having swung from a discount of $3.50 on Dec. 11.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 40100
RESIST 1: 40000
SUP 1:39700
SUP 2: 39600

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:46500
RESIST1:46300
SUP 1: 45900
SUP 2: 45700

Base Metals

CS COPPER (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:456
RESIST 1:454
SUP 1:452
SUP 2:450

CS NICKEL (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 1035
RESIST 1:1030
SUP 1:1015
SUP 2:1010

Energy

CS CRUDE OIL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:4230
RESIST 1:4200
SUP 1: 4130
SUP 2: 4100

CS NATURAL GAS (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:139
RESIST 1:137
SUP 1: 134
SUP 2: 132


 

MCX NATURAL GAS JAN on MONDAY as seen in the Daily chart opened at 140.50 levels and made day low of 140.50 levels. During this period NICKEL JAN high is 135.10 levels and finally closed at 137.80 levels. Now, there are chances of down movement technically & fundamentally.

Screenshot (751)

DAILY RECOMMENDATION: SELL NATURAL GAS JAN BELOW 136 LEVELS FOR TARGET OF 134/132 WITH SL 139 OF LEVELS.

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