21-Aug-13 Market Update and Fundamental View Bullions: Bullion counter may remain on volatile note as investors will eye the FOMC minutes scheduled today. Gold fluctuated between gains and losses before the U.S. Federal Reserve releases minutes from its last meeting, which may provide clues on whether the pace of stimulus will be slowed amid signs of increased bullion demand. Assets in the biggest exchange-traded product expanded for the fourth time this month, while the volume for Shanghai’s benchmark spot contract climbed to the highest in more than two weeks. Gold has declined 18 percent this year on speculation that the Fed may cut the $85 billion in monthly asset purchases that helped bullion cap a 12-year bull run last year. Gold can move in range of 30800- 31400 MCX. Silver can move in range of 49500-51500 in MCX. Base Metals: Base metal complex may trade sideways as investors eye the home sales data today. Copper may trade in range of 460-475 in MCX. Lead may trade in range of 139-143 while zinc may trade in range of 121-124 in near term. Aluminum may remain in range of 117-123. Copper and zinc declined ahead of minutes of the Federal Reserve’s last meeting that may provide clues on the pace of stimulus and trade data from China, the biggest user of industrial metals. Minutes of the Federal Open Market Committee’s July 30-31 meeting due today may signal when policy makers plan to taper the $85 billion of monthly bond purchases. The Beijing-based Customs General Administration will release data today for July imports and exports of non-ferrous metals including copper. Energy: Crude oil counter can trade with weak bias in range of 6650-6760 as investors will focus on the weekly inventory data today. West Texas Intermediate crude swung between gains and losses after declining the most in two months yesterday amid speculation the Federal Reserve will taper economic stimulus. Crude also dropped as Libya prepared to open some oil terminals closed by labor unrest. The ports of Zueitina and Hariga are ready to resume exports, Ibrahim Al Awami, an oil ministry official, said today from Hariga. Another port, Brega, was operational as of today, a union representative said. Among other terminals, the country’s largest, Es Sider, remains closed. The port has a capacity of 350,000 barrels of day. Natural gas may witness some profit booking at higher levels as it can trade in range of 214-222 in MCX.Daily Trading Levels SYMBOL M Resis B B Tgt B BROut Go Shrt Go Long S BROut S B Tgt M Supp ALUMINIUM 123.53 122.84 121.56 120.81 119.29 118.54 117.26 116.62 COPPER 477.30 473.17 469.70 467.63 463.47 461.40 457.93 453.93 CRUDEOIL 6901 6859 6791 6750 6668 6627 6559 6520 GOLD 31835 31769 31328 31070 30554 30296 29855 29805 LEAD 146.95 147.10 144.61 143.18 140.32 138.89 136.40 136.64 NATURALGAS 225.5 224.6 221.9 220.4 217.2 215.7 213.0 212.2 NICKEL 957.0 951.6 941.7 935.8 924.0 918.1 908.2 903.2 SILVER 52411 52543 51576 51018 49900 49342 48375 48544 ZINC 127.2 126.7 125.2 124.3 122.6 121.7 120.2 119.7 M Resis- Major resistance, B B Tgt- Buy Break out Target, B BRout – Buy Break out, S BRout – Sell Breakout, S B Tgt – Sell Target, M Supp- Major Support* Weekly Trading Levels SYMBOL M Resis B B Tgt B BROut Go Shrt Go Long S BROut S B Tgt M Supp ALUMINIUM 126.78 124.01 122.36 121.50 119.80 118.95 117.29 114.64 COPPER 499.37 495.52 481.94 474.59 459.91 452.57 438.98 436.19 CRUDEOIL 7227 7170 6974 6868 6656 6550 6354 6313 GOLD 35631 34075 32457 31649 30032 29223 27605 27166 LEAD 155.14 153.51 147.79 144.82 138.88 135.91 130.19 128.99 NATURALGAS 232.2 229.8 221.2 216.8 207.8 203.4 194.8 193.0 NICKEL 998.4 988.8 963.6 949.8 922.2 908.4 883.2 875.6 SILVER 61570 60574 55270 52966 48358 46054 40750 39388 ZINC 133.7 134.0 129.0 126.3 121.0 118.3 113.3 112.0 M Resis- Major resistance, B B Tgt- Buy Break out Target, B BRout – Buy Break out, S BRout – Sell Breakout, S B Tgt – Sell Target, M Supp- Major Support*Economical Datas Time Currency Datas Expected Previous 4:15am NZD Visitor Arrivals m/m -1.80% 7:00am AUD MI Leading Index m/m 0.20% 7:30am CNY CB Leading Index m/m 0.80% 8:30am NZD Credit Card Spending y/y 3.70% 2:00pm GBP Public Sector Net Borrowing -3.7B 10.2B 3:30pm GBP CBI Industrial Order Expectations -8 -12 7:30pm USD Existing Home Sales 5.15M 5.08M 8:00pm USD Crude Oil Inventories -1.6M -2.8M 11:30pm USD FOMC Meeting Minutes Disclaimer: Recommendations or suggestions are given with the understanding that readers acting on this information assume all risks involved. Any action you choose to take in the markets is totally your own responsibility.
Posted on: Wed, 21 Aug 2013 05:48:44 +0000
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