The LBMA Annual Forecast - 2008
GOLD
Each contributor has given a high, low and average price for 2008
and a brief commentary about what will happen over the course of the year.
Click on the name to read the forecast from that contributor.
NAME HIGH LOW AVG.
Hochreiter, Rene 1,150 840 1,050
Norman, Ross 1,250 840 976
Davis, David 1,110 760 950
Kendall, Tom 1,025 780 920
Fertig, Peter 1,000 800 920
Tully, Edel 1,045 750 903
Murenbeeld, Martin 1,015 775 890
O'Connell, Rhona 950 730 880
Panizzutti, Frederic 1,001 780 872
Klapwijk, Philip 1,001 810 866
Christian, Jeffrey 1,060 770 850
Takai, Bob 1,000 650 850
Vaidya, Bhargava 960 720 850
Turner, Matthew 980 740 845
Cooper, Suki 1,000 690 840
De Wet, Walter 980 700 835
Biondi, Adrien 900 760 830
Reade, John 1,000 700 825
Zumpfe, Alexander 975 740 825
Jansen, Michael 975 775 814
Steel, James 950 700 800
Briggs, Stephen 675 800
Rhodes, Jeffrey 975 660 755
Turnbull, Trevor 1,000 700 750
Mcxarun,india 930 760 845
AVERAGES: 1,009.458 743.542 862.333
MCXARUN
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Thursday, January 17, 2008
safe calls to normal traders
GOLD
the day sell only below 11100 S/L 11120 and T/p 11060/11000 upto 10850 in days to come OR sell ard 11285-295 S/L 11300 and T/p 11250-200 (any time close above 11550 bullish while close below 10975/10825/10560/10320/ 10175/10080-25/9950/9750/9420/9025 bearish for medium term)
SILVER
for the day sell only below 20400 S/L 20475 and T/p 20325/20200 upto 20000/ 19900 in days to come OR sell ard 20770-90 S/L 20825 and T/p 20675-625/ 20525 (any time close below 20000-19725/19375/19000/18625/18250/ 18100/17750/17050/16450 bearish rally while close above 21500/23150 bullish for medium term)
CRUDE
for the day sell only below 3500 S/L 3522 and T/p 3465-55/3430/3405/ 3380/ bearish rally OR buy only abv 3595 S/L 3578 and T/p 3620-30/3665/3700/ uprally (now crude need to close above 3700/3840/3910-35 for bullish while close below 3500/3380/3290-60 bearish for medium term)
COPPER
for the day sell only below 275 S/L 276.25 and T/p 274/272-71.5 upto 268 OR buy abv 281 S/L 279.5 and T/p 283/ 285 (upside strong rally only on close above 293/299/314/321.5/327/331.5/ 348 while close below 271.5/265/250/ 235 bearish for medium term)
MCXARUN
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the day sell only below 11100 S/L 11120 and T/p 11060/11000 upto 10850 in days to come OR sell ard 11285-295 S/L 11300 and T/p 11250-200 (any time close above 11550 bullish while close below 10975/10825/10560/10320/ 10175/10080-25/9950/9750/9420/9025 bearish for medium term)
SILVER
for the day sell only below 20400 S/L 20475 and T/p 20325/20200 upto 20000/ 19900 in days to come OR sell ard 20770-90 S/L 20825 and T/p 20675-625/ 20525 (any time close below 20000-19725/19375/19000/18625/18250/ 18100/17750/17050/16450 bearish rally while close above 21500/23150 bullish for medium term)
CRUDE
for the day sell only below 3500 S/L 3522 and T/p 3465-55/3430/3405/ 3380/ bearish rally OR buy only abv 3595 S/L 3578 and T/p 3620-30/3665/3700/ uprally (now crude need to close above 3700/3840/3910-35 for bullish while close below 3500/3380/3290-60 bearish for medium term)
COPPER
for the day sell only below 275 S/L 276.25 and T/p 274/272-71.5 upto 268 OR buy abv 281 S/L 279.5 and T/p 283/ 285 (upside strong rally only on close above 293/299/314/321.5/327/331.5/ 348 while close below 271.5/265/250/ 235 bearish for medium term)
MCXARUN
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Base metals intraday
Copper and nickel slid for a second day in London on concern that the U.S., the world's second- largest user of industrial metals, is sliding into recession. Lead and zinc also declined.
· US December industrial production avoided the outright decline economists had been expecting, but the slowing economy left fourth quarter production at a -1.0 pct annualized rate, the first quarterly drop since a -1.5 pct rate in Q4 of 2006.
· The Federal Reserve reported the output of US factories, mines and utilities was unchanged last month vs a forecast 0.2 pct fall. That followed an unrevised and unexpectedly large 0.3 pct gain in November. October production fell 0.5 pct. Compared with December of last year,US industrial production was up 1.5 pct.
· December's operating rate was 81.4 pct of capacity, off slightly from the revised 81.6 pct in November, but again a sign that production wasn't contracting quite as rapidly as feared. The median forecast for capacity utilization was 81.2 pct.
· Manufacturing was supposed to be the weak point in the December industrial production report, based on a decline in hours worked and slowdowns at auto plants. Instead, overall manufacturing also held unchanged with with a 0.2 pct increase in automotive products.
· Demand for all metals in China, the world's largest user, continued to expand last year and support prices. Nickel consumption increased 30 percent in the first 11 months, the International Nickel Study Group said yesterday.
· Imports of refined copper and alloys gained 78 percent in the full year, the Beijing-based customs office said.
· Copper and nickel slid for a second day in London on concern that the U.S., the world's second- largest user of industrial metals, is sliding into recession. Lead and zinc also declined.
· US December industrial production avoided the outright decline economists had been expecting, but the slowing economy left fourth quarter production at a -1.0 pct annualized rate, the first quarterly drop since a -1.5 pct rate in Q4 of 2006.
· The Federal Reserve reported the output of US factories, mines and utilities was unchanged last month vs a forecast 0.2 pct fall. That followed an unrevised and unexpectedly large 0.3 pct gain in November. October production fell 0.5 pct. Compared with December of last year,US industrial production was up 1.5 pct.
· December's operating rate was 81.4 pct of capacity, off slightly from the revised 81.6 pct in November, but again a sign that production wasn't contracting quite as rapidly as feared. The median forecast for capacity utilization was 81.2 pct.
· Manufacturing was supposed to be the weak point in the December industrial production report, based on a decline in hours worked and slowdowns at auto plants. Instead, overall manufacturing also held unchanged with with a 0.2 pct increase in automotive products.
· Demand for all metals in China, the world's largest user, continued to expand last year and support prices. Nickel consumption increased 30 percent in the first 11 months, the International Nickel Study Group said yesterday.
· Imports of refined copper and alloys gained 78 percent in the full year, the Beijing-based customs office said.
Technical Outlook:
Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Copper Feb: Sell at 280-279 for the target of 272, 270 and 268 with stop loss at 283.25
MCX Zinc Jan (Daily Chart)
Technical Outlook:
Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Zinc Jan: Sell at 91.00-91.50 for the target of 89.20 and 88.50 with stop loss at 92.40
MCX Nickel Jan (Daily Chart)
Technical Outlook:
Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Nickel Jan: Sell at 1110-1105 for the target of 1080 and 1065 with stop loss at 1135
MCX Lead Dec (Daily Chart)
Technical Outlook:
Momentum studies are still bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Lead Jan: Sell at 102.50-102 for the target of 101.20 and 100.50 with stop loss at 103.20
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· US December industrial production avoided the outright decline economists had been expecting, but the slowing economy left fourth quarter production at a -1.0 pct annualized rate, the first quarterly drop since a -1.5 pct rate in Q4 of 2006.
· The Federal Reserve reported the output of US factories, mines and utilities was unchanged last month vs a forecast 0.2 pct fall. That followed an unrevised and unexpectedly large 0.3 pct gain in November. October production fell 0.5 pct. Compared with December of last year,US industrial production was up 1.5 pct.
· December's operating rate was 81.4 pct of capacity, off slightly from the revised 81.6 pct in November, but again a sign that production wasn't contracting quite as rapidly as feared. The median forecast for capacity utilization was 81.2 pct.
· Manufacturing was supposed to be the weak point in the December industrial production report, based on a decline in hours worked and slowdowns at auto plants. Instead, overall manufacturing also held unchanged with with a 0.2 pct increase in automotive products.
· Demand for all metals in China, the world's largest user, continued to expand last year and support prices. Nickel consumption increased 30 percent in the first 11 months, the International Nickel Study Group said yesterday.
· Imports of refined copper and alloys gained 78 percent in the full year, the Beijing-based customs office said.
· Copper and nickel slid for a second day in London on concern that the U.S., the world's second- largest user of industrial metals, is sliding into recession. Lead and zinc also declined.
· US December industrial production avoided the outright decline economists had been expecting, but the slowing economy left fourth quarter production at a -1.0 pct annualized rate, the first quarterly drop since a -1.5 pct rate in Q4 of 2006.
· The Federal Reserve reported the output of US factories, mines and utilities was unchanged last month vs a forecast 0.2 pct fall. That followed an unrevised and unexpectedly large 0.3 pct gain in November. October production fell 0.5 pct. Compared with December of last year,US industrial production was up 1.5 pct.
· December's operating rate was 81.4 pct of capacity, off slightly from the revised 81.6 pct in November, but again a sign that production wasn't contracting quite as rapidly as feared. The median forecast for capacity utilization was 81.2 pct.
· Manufacturing was supposed to be the weak point in the December industrial production report, based on a decline in hours worked and slowdowns at auto plants. Instead, overall manufacturing also held unchanged with with a 0.2 pct increase in automotive products.
· Demand for all metals in China, the world's largest user, continued to expand last year and support prices. Nickel consumption increased 30 percent in the first 11 months, the International Nickel Study Group said yesterday.
· Imports of refined copper and alloys gained 78 percent in the full year, the Beijing-based customs office said.
Technical Outlook:
Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Copper Feb: Sell at 280-279 for the target of 272, 270 and 268 with stop loss at 283.25
MCX Zinc Jan (Daily Chart)
Technical Outlook:
Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Zinc Jan: Sell at 91.00-91.50 for the target of 89.20 and 88.50 with stop loss at 92.40
MCX Nickel Jan (Daily Chart)
Technical Outlook:
Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Nickel Jan: Sell at 1110-1105 for the target of 1080 and 1065 with stop loss at 1135
MCX Lead Dec (Daily Chart)
Technical Outlook:
Momentum studies are still bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Lead Jan: Sell at 102.50-102 for the target of 101.20 and 100.50 with stop loss at 103.20
MCXARUN
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OUT LOOK
February gold closed lower on Wednesday as it consolidated some of this winter's rally. The mid-range close sets the stage for a
steady opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might
be in or is near. Closes below the 20-day moving average crossing at 854.60 would confirm that a short-term top has been
posted. If February extends this winter's rally, Monthly resistance crossing at 930.00 is the next upside target. First resistance
is Tuesday's high crossing at 916.10 then monthly resistance crossing at 930.00. First support is today's low crossing at 875.00
then November's high crossing at 855.00.
March silver closed lower on Wednesday and as it consolidated some of the rally off December's low. The mid-range close sets
the stage for a steady opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a
double top with November's high might have been posted earlier this week. Closes below the 20-day moving average crossing at
15.292 would confirm that a double top with November's high has been posted. If March extends the rally off December's low,
weekly resistance crossing at 17.000 is the next upside target. First resistance is Monday's high crossing at 16.715 then weekly
resistance crossing at 17.000. First support is today's low crossing at 15.770 then the 20-day moving average crossing at
15.293.
March copper closed lower on Wednesday and below the 10-day moving average crossing at 324.05 signaling an end to this
month's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are
turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average
crossing at 314.71 are needed to confirm that a short-term top has been posted. If March renews the rally off December's low,
the 62% retracement level of the October-December decline crossing at 340.79 is the next upside target. First resistance is
today's high crossing at 323.35. Second resistance is the 50% retracement level crossing at 330.22. First support is today's low
crossing at 314.70. Second support is the 20-day moving average crossing at 314.71.
February crude oil closed lower on Wednesday as it extended this month's decline and spiked below the reaction low crossing at
89.15. A short covering rally tempered early losses and the mid-range close sets the stage for a steady opening on Thursday.
Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower prices are possible. If
February extends this month's decline, December's low crossing at 85.37 is the next downside target. Closes above the 10-day
moving average crossing at 94.41 would temper the near-term bearish outlook in the market. First resistance is the 20-day
moving average crossing at 94.28. Second resistance is the 10-day moving average crossing at 94.41. First support is today's
low crossing at 88.94. Second support is December's low crossing at 85.37.
February Henry natural gas closed lower on Wednesday extending Tuesday's decline below the 62% retracement level of the
November-December decline crossing at 8.260 as it consolidated some of the rally off December's low. The mid-range close
sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought and are turning neutral to bearish
hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7.697 are needed to
confirm that a short-term top has been posted. If February renews this month's rally, the 75% retracement level of the
November-December decline crossing at 8.540 is the next upside target. First resistance is Monday's high crossing at 8.227
then the 75% retracement level crossing at 8.540. First support is the 10-day moving average crossing at 8.060. Second support
is the 50% retracement level crossing at 8.010.
MCXARUN
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steady opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might
be in or is near. Closes below the 20-day moving average crossing at 854.60 would confirm that a short-term top has been
posted. If February extends this winter's rally, Monthly resistance crossing at 930.00 is the next upside target. First resistance
is Tuesday's high crossing at 916.10 then monthly resistance crossing at 930.00. First support is today's low crossing at 875.00
then November's high crossing at 855.00.
March silver closed lower on Wednesday and as it consolidated some of the rally off December's low. The mid-range close sets
the stage for a steady opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a
double top with November's high might have been posted earlier this week. Closes below the 20-day moving average crossing at
15.292 would confirm that a double top with November's high has been posted. If March extends the rally off December's low,
weekly resistance crossing at 17.000 is the next upside target. First resistance is Monday's high crossing at 16.715 then weekly
resistance crossing at 17.000. First support is today's low crossing at 15.770 then the 20-day moving average crossing at
15.293.
March copper closed lower on Wednesday and below the 10-day moving average crossing at 324.05 signaling an end to this
month's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are
turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average
crossing at 314.71 are needed to confirm that a short-term top has been posted. If March renews the rally off December's low,
the 62% retracement level of the October-December decline crossing at 340.79 is the next upside target. First resistance is
today's high crossing at 323.35. Second resistance is the 50% retracement level crossing at 330.22. First support is today's low
crossing at 314.70. Second support is the 20-day moving average crossing at 314.71.
February crude oil closed lower on Wednesday as it extended this month's decline and spiked below the reaction low crossing at
89.15. A short covering rally tempered early losses and the mid-range close sets the stage for a steady opening on Thursday.
Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower prices are possible. If
February extends this month's decline, December's low crossing at 85.37 is the next downside target. Closes above the 10-day
moving average crossing at 94.41 would temper the near-term bearish outlook in the market. First resistance is the 20-day
moving average crossing at 94.28. Second resistance is the 10-day moving average crossing at 94.41. First support is today's
low crossing at 88.94. Second support is December's low crossing at 85.37.
February Henry natural gas closed lower on Wednesday extending Tuesday's decline below the 62% retracement level of the
November-December decline crossing at 8.260 as it consolidated some of the rally off December's low. The mid-range close
sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought and are turning neutral to bearish
hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7.697 are needed to
confirm that a short-term top has been posted. If February renews this month's rally, the 75% retracement level of the
November-December decline crossing at 8.540 is the next upside target. First resistance is Monday's high crossing at 8.227
then the 75% retracement level crossing at 8.540. First support is the 10-day moving average crossing at 8.060. Second support
is the 50% retracement level crossing at 8.010.
MCXARUN
9994500540
energy intraday
MCX Crude oil followed yesterday's trend and moved further down on Thursday. MCX Crude Oil Feb was trading below Rs. 3550 per barrel and registered a low of Rs. 3500 per barrel. Natural Gas also followed the trend.
· Similarly Nymex crude oil lost 2.13% in yesterdays trade and registered a low of $ 89.26 and closed below the mark of $90 per barrel.
· The IEA said in its monthly report that global demand will total 88.2 million barrels in the first quarter of this year, 100,000 barrels a day less than forecast last month, because of milder U.S. weather. Oil fell more than $2 yesterday after an unexpected drop in U.S. retail sales heightened growth concerns.
· The IEA reduced its 2008 forecast for oil demand growth in China, the fastest-growing consumer, by 100,000 barrels a day to 7.9 million barrels a day because of weaker fuel oil consumption.
· A U.S. Energy Department report due later today will probably show that crude-oil inventories rose 1.25 million barrels last week, from 282.8 million barrels, as refineries took delivery of imports that were delayed to trim tax bills, a Bloomberg News survey indicated.
· Discussions between President Bush and Saudi Arabia's King Abdullah in Riyadh have created ``hope that OPEC would authorize an increase in production,'' White House spokeswoman Dana Perino told reporters. The Organization of Petroleum Exporting Countries meets Feb. 1.
· Purchases at gasoline service stations in the U.S. dropped 1.7 percent in December, contributing to the 0.4 percent decline for all retailers, Commerce Department data showed yesterday.
Weekly Inventory Data:
· The U.S. Department of Energy (DOE) said that crude oil supplies were up 4.3 million barrels last week to 287.1 million barrels, helped by increased imports. Supplies of gasoline were up 2.2 million barrels while heating oil supplies were up 200,000 barrels. Also, 1.6 million barrels of crude oil were added to the Strategic Petroleum Reserve. March crude oil is trading lower.
· The DOE also said that refinery use dropped from 91.3% to 87.1% last week. Over the past four weeks, gasoline demand was up 1.2% from a year ago while distillate demand was up 2.1% from a year ago.
MCX Crude Oil Feb (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive. The 9-day
Recommendations:
MCX Crude Oil Feb: Sell at 3555-3560 for target of 3505 and 3480 with stop loss below 3690
MCX Natural gas Feb (Daily Chart)
Technical Outlook:
Momentum studies have turned bullish; will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are increasing from over sold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 18-day EMA. The downside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Natural Gas Feb: Buy at 315-313 for the target of 321 and 329 with stop loss at 309
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· Similarly Nymex crude oil lost 2.13% in yesterdays trade and registered a low of $ 89.26 and closed below the mark of $90 per barrel.
· The IEA said in its monthly report that global demand will total 88.2 million barrels in the first quarter of this year, 100,000 barrels a day less than forecast last month, because of milder U.S. weather. Oil fell more than $2 yesterday after an unexpected drop in U.S. retail sales heightened growth concerns.
· The IEA reduced its 2008 forecast for oil demand growth in China, the fastest-growing consumer, by 100,000 barrels a day to 7.9 million barrels a day because of weaker fuel oil consumption.
· A U.S. Energy Department report due later today will probably show that crude-oil inventories rose 1.25 million barrels last week, from 282.8 million barrels, as refineries took delivery of imports that were delayed to trim tax bills, a Bloomberg News survey indicated.
· Discussions between President Bush and Saudi Arabia's King Abdullah in Riyadh have created ``hope that OPEC would authorize an increase in production,'' White House spokeswoman Dana Perino told reporters. The Organization of Petroleum Exporting Countries meets Feb. 1.
· Purchases at gasoline service stations in the U.S. dropped 1.7 percent in December, contributing to the 0.4 percent decline for all retailers, Commerce Department data showed yesterday.
Weekly Inventory Data:
· The U.S. Department of Energy (DOE) said that crude oil supplies were up 4.3 million barrels last week to 287.1 million barrels, helped by increased imports. Supplies of gasoline were up 2.2 million barrels while heating oil supplies were up 200,000 barrels. Also, 1.6 million barrels of crude oil were added to the Strategic Petroleum Reserve. March crude oil is trading lower.
· The DOE also said that refinery use dropped from 91.3% to 87.1% last week. Over the past four weeks, gasoline demand was up 1.2% from a year ago while distillate demand was up 2.1% from a year ago.
MCX Crude Oil Feb (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive. The 9-day
Recommendations:
MCX Crude Oil Feb: Sell at 3555-3560 for target of 3505 and 3480 with stop loss below 3690
MCX Natural gas Feb (Daily Chart)
Technical Outlook:
Momentum studies have turned bullish; will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are increasing from over sold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 18-day EMA. The downside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Natural Gas Feb: Buy at 315-313 for the target of 321 and 329 with stop loss at 309
MCXARUN
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bullion chart
This is MCX gold day chart
click the chart to view bigger
This is MCX Silver day chart
click the chart to view bigger
MCXARUN
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click the chart to view bigger
This is MCX Silver day chart
click the chart to view bigger
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Technicals – MCX (Intra day calls)
CRUDE OIL (February) BULLISH ABOVE 3558 BEARISH BELOW 3544
GOLD (February) BULLISH ABOVE 11209 BEARISH BELOW 11171
SILVER (March) BULLISH ABOVE 20663 BEARISH BELOW 20579
COPPER (February) BULLISH ABOVE 278.6 BEARISH BELOW 277.8
LEAD (January) BULLISH ABOVE 102.95 BEARISH BELOW 102.55
NICKEL (January) BULLISH ABOVE 1102.5BEARISH BELOW 1098.5
ZINC (January) BULLISH ABOVE 91.25BEARISH BELOW 90.85
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GOLD (February) BULLISH ABOVE 11209 BEARISH BELOW 11171
SILVER (March) BULLISH ABOVE 20663 BEARISH BELOW 20579
COPPER (February) BULLISH ABOVE 278.6 BEARISH BELOW 277.8
LEAD (January) BULLISH ABOVE 102.95 BEARISH BELOW 102.55
NICKEL (January) BULLISH ABOVE 1102.5BEARISH BELOW 1098.5
ZINC (January) BULLISH ABOVE 91.25BEARISH BELOW 90.85
MCXARUN
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