HIGH LIGHTS:-
- SHFE Copper to See Range-Bound Trading.
- Gold gains in Asia as slate of speeches to set market tone.
- Oil mixed on Saudi commitment to cut output, investor skepticism.
PRECIOUS METALS:-
Gold prices edged higher in Asia on Tuesday with two big speeches later in the day--British PM Theresa May on Brexit and Chinese President Xi Jinping at Davos on the global economic outlook setting the scene for the inaugural address by President-elect Donald Trump at the end of the week. Gold for February delivery on the Comex division of the New York Mercantile Exchange rose 0.78% to $1,205.55 a troy ounce, while silver futures for March delivery gained 0.58% to $16.862 a troy ounce.
Overnight, gold prices rose toward an eight-week high on Monday, as investors await more detail on the U.K.'s Brexit plan and the inauguration of Trump in the U.S. later this week. Worries about the terms of Britain's departure from the European Union intensified following media reports that suggested May's government was prepared to make a "clean and hard" exit from the single currency region, ahead of her speech on Tuesday.
PRECIOUS LEVEL
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CS GOLD (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 28850
RESIST 1: 28750
SUP 1: 28450
SUP 2: 28350
RESIST 2: 28850
RESIST 1: 28750
SUP 1: 28450
SUP 2: 28350
CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH
RESIST 2: 41700
RESIST 1: 41350
SUP1: 40800
SUP2: 40400
RESIST 2: 41700
RESIST 1: 41350
SUP1: 40800
SUP2: 40400
BASE METALS:-
LME copper is expected to move at USD 5,820-5,900/mt during Asian trading hours on Tuesday and SHFE 1703 copper will move at RMB 47,400-48,000/mt. In China’s domestic market, spot copper should trade at discounts of RMB 220-120/mt on Tuesday. Attention should be on Japan’s industrial production in November 2016 after seasonally adjustment, Italy’s trade balance, UK’s CPI and core CPI on an annual basis, January 2017 ZWE economic climate index from Europe and Germany and US’s NY empire state index in January 2017 this week. There is a big uncertainty over US dollar index before Trump take office. Base metals will be mixed on Tuesday.
Prime Minister of UK Theresa May will detail Brexit plans on Tuesday. Pound fell to the lowest level in 32 years as market players worry that UK will announce to take hard Brexit. If Theresa May shows intention to hard Brexit again, pound will drop further.
BASE METAL LEVELSPrime Minister of UK Theresa May will detail Brexit plans on Tuesday. Pound fell to the lowest level in 32 years as market players worry that UK will announce to take hard Brexit. If Theresa May shows intention to hard Brexit again, pound will drop further.
CS COPPER (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:405
RESIST 1:400
SUP1:391
SUP2:386
CS NICKEL (JAN) OVERVIEW:
RESIST 2:405
RESIST 1:400
SUP1:391
SUP2:386
CS NICKEL (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2: 709
RESIST 1: 698
SUP1:680
SUP2:675
RESIST 2: 709
RESIST 1: 698
SUP1:680
SUP2:675
CS ZINC (JAN)OVERVIEW:
TREND : BEARISH
RESIST 2:188.00
RESIST 1:186.00
SUP1:180.00
SUP2:179.00
RESIST 2:188.00
RESIST 1:186.00
SUP1:180.00
SUP2:179.00
CS LEAD (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2: 156.00
RESIST 1: 154.00
SUP1: 151.00
SUP2: 149.00
RESIST 2: 156.00
RESIST 1: 154.00
SUP1: 151.00
SUP2: 149.00
CS ALUMINIUM (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2: 123.00
RESIST 1: 122.00
SUP1: 120.00
SUP2: 119.00
RESIST 2: 123.00
RESIST 1: 122.00
SUP1: 120.00
SUP2: 119.00
ENERGIES:-
Oil markets were mixed on Tuesday, supported by Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by skepticism in financial markets about the outlook for crude prices. Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the global agreement among oil producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia.
Under the agreement, OPEC, Russia, and other non-OPEC producers have pledged to cut oil output by nearly 1.8 million barrels per day (bpd), initially for six months, in order to bring supplies back in line with consumption. Despite this, crude prices have fallen almost 5 percent since their early January peaks, as financial oil traders remain skeptical about OPEC's and Russia's willingness to fully comply with the cuts.
ENERGY LEVELS
Under the agreement, OPEC, Russia, and other non-OPEC producers have pledged to cut oil output by nearly 1.8 million barrels per day (bpd), initially for six months, in order to bring supplies back in line with consumption. Despite this, crude prices have fallen almost 5 percent since their early January peaks, as financial oil traders remain skeptical about OPEC's and Russia's willingness to fully comply with the cuts.
CS CRUDE OIL (JAN) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3690
RESIST 1:3650
SUP1:3500
SUP2:3470
CS NATURAL GAS (JAN) OVERVIEW:
RESIST 2:3690
RESIST 1:3650
SUP1:3500
SUP2:3470
CS NATURAL GAS (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2:245.00
RESIST 1:240.00
SUP1:231.00
SUP2:228.00
RESIST 2:245.00
RESIST 1:240.00
SUP1:231.00
SUP2:228.00
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