MCX COMMODITY MARKET MEWS & LEVELS - 25 NOV 2016

HIGH LIGHTS:-

• Gold breaks below $1200, further downside seen. 
• Oil prices fall on strong dollar, trading thin ahead of OPEC meeting. 
• Indonesia Replaces Australia as Top Alumina Supplier to China, SMM Says.

PRECIOUS METALS:- 

Gold fell through the key psychological level of $1,200 on Wednesday, pressured lower by the strong dollar. The precious metal touched lows of US$1,179.75, a level not seen since February 8. Gold prices could now come under siege, which will likely see falls to as low as $1168.13 and beyond. Gold, when priced in dollars, becomes more expensive to holders of other currencies when the dollar rises. Prices of the yellow metal have also been hit by expectations for increased U.S. fiscal spending under Trump.  This could ultimately lead to an era of higher interest rates, which would lift the opportunity cost of holding non-yielding assets such as gold.  PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 28800 
RESIST 1: 28600 
SUP 1: 28200 
SUP 2: 28000 

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH 
RESIST 2: 40900 
RESIST 1: 40500 
SUP1: 39600 
SUP2: 39200 

BASE METALS:-

Indonesia beat Australia as China’s top alumina supplying country in September, customs data showed. LME Copper to See Range-Bound Trading (2016-11-25) LME copper is expected to move at USD 5,850-5,930/mt during Asian trading hours on Friday and SHFE 1701 copper will move between RMB 48,200-48,800/mt. 
Market will eye a series of US economic data, including October wholesale inventories, Markit’s November service PMI and composite PMI, as well as UK Q3 GDP on Friday. 

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND : BULLISH 
RESIST 2:409 
RESIST 1:405 
SUP1:393 
SUP2:390

CS NICKEL (NOV) OVERVIEW:

TREND : BEARISH 
RESIST 2: 812 
RESIST 1: 800 
SUP1: 775 
SUP2: 760 

CS ZINC (NOV)OVERVIEW:

TREND :  BULLISH 
RESIST 2:191.50 
RESIST 1:190.00 
SUP1:183.00 
SUP2:181.50 

CS LEAD (NOV) OVERVIEW: 

TREND : BEARISH 
RESIST 2: 155.50 
RESIST 1: 154.50 
SUP1: 150.00 
SUP2: 148.00 

CS ALUMINIUM (NOV) OVERVIEW: 

TREND :   BEARISH 
RESIST 2: 122.50 
RESIST 1: 121.00 
SUP1: 118.50 
SUP2: 117.50

ENERGIES:- 

Oil prices fell on Friday, under pressure from a strong dollar, but activity was low after the U.S. Thanksgiving holiday and with many traders reluctant to take big new positions ahead of a planned OPEC-led crude output cut to be decided next week. 
Traders said market activity was low due to the U.S. holiday, while there was a reluctance to take on big price directional bets because of uncertainty about the planned oil output cut, led by the Organization of the Petroleum Exporting Countries (OPEC). 
OPEC is due to meet on Nov. 30 to coordinate a cut, potentially with non-OPEC member Russia, but there is disagreement within the producer cartel as to which member states should cut and by how much. 

ENERGY LEVELS

CS CRUDE OIL (DEC) OVERVIEW:                           

TREND : SIDEWAYS 
RESIST 2:3340 
RESIST 1:3300 
SUP1:3200 
SUP2:3170 

CS NATURAL GAS (NOV) OVERVIEW: 

TREND : BULLISH 
RESIST 2:214.00 
RESIST 1:211.00 
SUP1:204.00 
SUP2:200.00

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