nymex crude outlook

U.S. crude futures fell below $51 yesterday and settled lower as demand worries after a government report showed the U.S. economy shrank more severely during the third quarter than initially estimated.

According to the U.S. Commerce Department, real GDP decreased at an annual rate of -.5% in the third quarter, down from the previous estimate of -.3%, as expected.

But on Monday crude oil closed in the green in line with the stock rally .Stocks rallied after the announcement of U.S governments rescue package for Citigroup .U.S. government agreed to inject $20 billion of new capital to rescue troubled Citigroup yesterday. Investors remain cautious due to concerns about a global recession; they welcomed the U.S. government's $300 billion-plus lifeline to prevent the collapse of the world's largest banking group

According to the International Energy Agency, the Oil prices will remain under downward pressure in 2009 as the weak global economy hits demand. And also a report says that the oil companies are booking tankers to store millions of barrels of crude oil at sea, waiting for demand and prices to rise.

All the oil traders are keeping their eyes to the OPEC meeting that will be held on Nov. 29 in Egypt and again on Dec. 17 in Algeria.

According to a monthly report from the American Petroleum Institutions the oil demand had dropped 5% from January through October -- marking their largest decline since the early 1980s,
As crude-oil prices has drooped more than 63% from their record high as the credit crunch deepened. Oil price had touched an all-time high of $147.27 a barrel on 11th July but has corrected from there in the succeeding weeks.
Light, sweet crude oil for December delivery in the New York Mercantile Exchange traded in the range $54.66-$50.52, and settled at $50.65 a barrel yesterday.

Weekly Crude Oil (DWTI dec.)

Weak movements expected below $48.20, otherwise expecting some recovery .Resistances are $51 $54.30, $58.80, Supports seen at $44.80, $40.20, and$ 35.

DWTI (DEC) traded in the range $53.85 - $50.60 and closed at $50.77

TECHNICAL OUTLOOK (Intra-day)
DGCX Crude (DEC) - Bullish above $51.20 bearish below $50.40


MCXARUN
9994500540

future gold outlook

U.S. gold futures declined from 6 weeks high and closed slightly lower as oil tumbled in the international market.

U.S. crude oil futures settled lower yesterday as demand worries after a government report showed the U.S. economy shrank more severely during the third quarter than initially estimated.

According to the U.S. Commerce Department, real GDP decreased at an annual rate of -.5% in the third quarter, down from the previous estimate of -.3%, as expected.

But the dollar continued its weakness against the major currencies yesterday as the expectation of diminished demand in dollar as safe heaven. New U.S. measures to boost consumer lending helped ease concerns about the financial crisis, and changed the view in dollar. The US GDP also influences the dollar movements.

According to the World Gold Council, Global demand for gold jumped 18 percent year-over-year to 1,133.4 tonnes in the third quarter, reversing a weaker trend earlier this year, because of strong buying by investors and a lower gold price.
International spot gold traded in the range $ 830.1– $ 801.80 a Troy Ounce and last quoted at $820.70

Weekly Outlook (DG. OCT.)

Continuation of the bullish movements expected above $816.Resistances are $829 $849, $869,913 Supports seen at $802, $771, $754.

Last day DGCX Gold FEB. Traded in the range $832.2-803 and closed at $ 816

TECHNICAL OUTLOOK (Intra-day)

GOLD (FEB) - Bullish above $ 819.50 bearish below $814


MCXARUN
9994500540

safe trade calls

GOLD

PRICE TURN EXACT FROM OUR GIVEN LEVEL ON BOTH SIDES AS SUPPORT GIVEN=12920 & LOW= 12928 WHILE RESISTANCE GIVEN= 13250 AND TURN FROM HIGH=13234. Continue to view, as long Resist 13250 correction expected towards 12700/ 12450 in coming days. for the day sell only below 12920 S/L 12970 and T/p 12800-725/sustain below down rally sharp OR sell ard 13235-240 S/L 13250 and T/p 13160-13100, sustain abv 13250 avoid short sell (any time close above 13250/13600/14325 bullish while close below 12700/12075/11450/11290-250 bearish for medium term)


SILVER


PRICE TURN ALMOST FROM OUR GIVEN RESISTANCE=17600 AS DAYS HIGH=17585. for the day sell only below 17000 S/L 17080 and T/p 16940-16800/below down rally OR buy only abv 17500 S/L 17425 and T/p 17600/ 17750/sustain close above 17750 test 18500 atleast in coming days (any time close below 16350/15775 bearish rally while close above 17750/19000/20550/ 21400/22150/25250/26350/27475/ 28000 bullish for medium term)


CRUDE


Continue to view, as long Resistance 2725/2775, down trend likely to continue. book profit on buy ard 2770-72, for the day sell below 2550 S/L 2570 and T/p 2530-2500/sustain close below test 2375 in coming days OR sell ard 2655-60 S/L 2665 and T/p 2635-20 (now crude need to close above 2775/2970/ 3040/3200/3525/3790/4170/4380/4980 for bullish rally while close below 2500 bearish for medium term)


COPPER

As long Resistance 189.5-190 down trend likely to continue. for the day sell only below 178.5 S/L 180 and T/p 176/ 173.5-172.5/sustain below test 165 atleast in coming days OR sell ard 186.8-187 S/L 187.5 and T/p 185-183.5 (upside strong rally only on close above 190/199/215/234.5/248/270/305/316/ 327/339/351.25/360.5/387/398 while close below 172.5 bearish for medium term)


MCXARUN
9994500540