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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 23 JANUARY 2020

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COMMODITY MARKET NEWS & LEVELS

Gold Likely To See Choppy Moves.

COMEX Gold futures stayed under a check after hitting two week high. The metal rose earlier this week on heavy selling in global equities and worries over global economic growth.. Chinese experts have confirmed that the novel coronavirus, a cousin of the SARS virus, is contagious between humans, meaning the virus can be transmitted from one person to another. COMEX Gold hit a two week high of $1568 per ounce on these worries. However, the metal flipped back the direction on strength in the US dollar. The US dollar index hit a six week high, pulling Gold sharply lower from its highs. The commodity fell to a one week low under $1550 per ounce and currently trades at $1558 per ounce, up 0.10% on the day. MCX Gold futures closed flat at Rs 40000 per 10 grams in last session and should see a choppy movement today.

COMEX Copper Lingers Around Three Week Low.

COMEX Copper futures stayed under selling pressure amid tepid cues from equities. The metal has been hurt this week on worries over global economic growth. Chinese experts have confirmed that the novel coronavirus, a cousin of the SARS virus, is contagious between humans, meaning the virus can be transmitted from one person to another. This is likely to keep a check on risky assets in near term. Copper has been also weighed down by a sharp surge in inventories on the LME, which have jumped to around six week high. COMEX Copper currently trades at $2.76 per pound, down 0.22% on the day – lingering around its three week low. MCX Copper closed down 0.33% at Rs 449.55 per kg yesterday.

MCX Crude Tanks 3%.

WTI crude oil futures tanked heavily yesterday as International Energy Agency expected the global oil market to be in surplus by 1 million barrels per day in the first half of this year. Oil had surged earlier in the week as Libya’s National Oil Corp declared force majeure on the loading of oil from two major oilfields after the latest development in a long-running military conflict. However, flat global equities and worries over near term demand outlook have dragged oil near a six week low now. WTI Crude oil currently trades at $55.83 per barrel, down 1.60% on the day. MCX Crude oil should add to its losses today following tepid global cues. MCX Crude futures melted 3% to close at Rs 4062 per barrel yesterday.

Precious Metals

CS GOLD (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 40200
RESIST 1: 40100
SUP 1:39800
SUP 2: 39700

CS SILVER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:46700
RESIST1:46500
SUP 1: 46000
SUP 2: 45800

Base Metals

CS COPPER (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:456
RESIST 1:454
SUP 1:450
SUP 2:448

CS NICKEL (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2: 1030
RESIST 1:1027
SUP 1:1005
SUP 2:1000

Energy

CS CRUDE OIL (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:4150
RESIST 1:4100
SUP 1: 3950
SUP 2: 3900

CS NATURAL GAS (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:141
RESIST 1:139
SUP 1: 134
SUP 2: 132


MCX NATURAL GAS JAN on WEDNESDAY as seen in the Daily chart opened at 134.90 levels and made day low of 134.90 levels. During this period this commodity made high is 138.40 levels and finally closed at 135.90 levels. Now, there are chances of down movement technically & fundamentally.

Screenshot (759)

DAILY RECOMMENDATION: SELL NATURAL GAS JAN BELOW 138 LEVELS FOR TARGET OF 135/132 WITH SL 141 OF LEVELS.

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