MCX Crude oil dropped to a fresh low of 4745, and closed at 4765 with a net loss of Rs. 74 per barrel, intraday high registered at 4919.
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Monday, August 11, 2008
Crude futures fell below $114 per barrel
Crude futures fell below $114 per barrel in New York Monday afternoon, with the September contract down $1.66 at $113.60. Prices haven't traded this low since early May. Oil had climbed as high as $116.90 on Globex with the military conflict between Georgia and Russia raising concerns over a disruption in energy supplies. But concern over contracting demand, the result of a slowing global economy, has motivated sellers.
MCX Crude oil dropped to a fresh low of 4745, and closed at 4765 with a net loss of Rs. 74 per barrel, intraday high registered at 4919.
MCX Crude oil dropped to a fresh low of 4745, and closed at 4765 with a net loss of Rs. 74 per barrel, intraday high registered at 4919.
Sunday, August 3, 2008
Spot Gold – Weekly Technical Outlook : August 4, 2008
Spot Gold – Weekly Technical Outlook : August 4, 2008
International spot gold have shown erratic movement in last 2 weeks, where market have registered two weeks high of $988, then registered low of $916, turning all indicator bearish.
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. We can Cleary see a bounce back momentum. Nearest retrenchment level can be seen near first resistance on $944.
The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are increasing from oversold level, which is bearish and should support higher price.
The market's short-term trend is negative as the close remains below the 9-day EMA ($919.55), 27-day EMA ($925.55), 50-day EMA ($920.63),The upside closing price reversal on the daily chart is somewhat positive. Market still looking supportive for long term as market remains above 100-day EMA ($909.95), and 200-day EMA ($874.95).
International Spot Gold Daily Chart:
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 900.00 levels. If broken can see further fall to $872.00 and $828.00 , If market holds above $944.00 further rally can be seen towards $972.00 and $1016.00
Recommendation:
As market have given a recent fall can show some correction upside till $925, trader can wait unless market break this level, if market again come down from this level and break $919 range; can sell with a stop loss of $948 for the target of $903, $876 and $860 .Short term bearish ness can be seen if Crude oil prices continue down trend and Dollar remains strong.
Regards and Thanks
Kamlesh Jogi
Commodities Research Analyst.
International spot gold have shown erratic movement in last 2 weeks, where market have registered two weeks high of $988, then registered low of $916, turning all indicator bearish.
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. We can Cleary see a bounce back momentum. Nearest retrenchment level can be seen near first resistance on $944.
The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are increasing from oversold level, which is bearish and should support higher price.
The market's short-term trend is negative as the close remains below the 9-day EMA ($919.55), 27-day EMA ($925.55), 50-day EMA ($920.63),The upside closing price reversal on the daily chart is somewhat positive. Market still looking supportive for long term as market remains above 100-day EMA ($909.95), and 200-day EMA ($874.95).
International Spot Gold Daily Chart:
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 900.00 levels. If broken can see further fall to $872.00 and $828.00 , If market holds above $944.00 further rally can be seen towards $972.00 and $1016.00
Recommendation:
As market have given a recent fall can show some correction upside till $925, trader can wait unless market break this level, if market again come down from this level and break $919 range; can sell with a stop loss of $948 for the target of $903, $876 and $860 .Short term bearish ness can be seen if Crude oil prices continue down trend and Dollar remains strong.
Regards and Thanks
Kamlesh Jogi
Commodities Research Analyst.
Friday, August 1, 2008
Strong US dollar negative for Bullion and Metals
Dollar retreats further against most major currencies in early US session Q2 GDP missed expectation and grew at 1.9% annualized rate. GDP price index was rose much less than expected at 1.1%.
Personal consumption grew 1.5% while PCE core was also below expecting, growing 2.1%. Jobless claims released today surged sharply to 448k,
adding more pressure to the greenback. Though, better than expected Chicago PMI is providing some support to the greenback.
Impact: A Strong dollar is always negative for bullion and metal prices, while weakness in energy is supporting the down move.
Regards,
Kamlesh Jogi
Commodities Research Analyst
Personal consumption grew 1.5% while PCE core was also below expecting, growing 2.1%. Jobless claims released today surged sharply to 448k,
adding more pressure to the greenback. Though, better than expected Chicago PMI is providing some support to the greenback.
Impact: A Strong dollar is always negative for bullion and metal prices, while weakness in energy is supporting the down move.
Regards,
Kamlesh Jogi
Commodities Research Analyst
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