MCX COMMODITY MARKET NEWS & LEVELS - 27 JAN 2017

Gold weaker in Asia in holiday-thinned trade, U.S. GDP figures eyed.
Gold drifted lower in Asia with U.S. fourth quarter GDP on tap later Friday expected to set the tone after holiday-thinned regional trade was quiet. Gold for February delivery on the Comex division of the New York Mercantile Exchange fell 0.54% to $1,183.40 a troy ounce. Also on the Comex, silver futures for March delivery
eased 0.75% to $16.723 a troy ounce.Overnight, gold prices dipped and copper dropped sharply as U.S. investor’s move away from the precious metal in favor of equities. Earlier, gold prices sank to a new two-week low in North American morning trade on Thursday, as the U.S. dollar pushed higher and stocks around the world extended their recent rally,dimming the metal’s safe-haven appeal even as concerns grow over President Donald Trump's protectionist
stance. Trump signed executive orders on immigration on Wednesday, including one of border security and the intent to build a wall along the U.S.-Mexico border. The president is also planning 'extreme vetting' of visa applications and a temporary ban on virtually all refugee admissions into the U.S. as early as Thursday.

Nickel futures in reverse gear.
Nickel futures plunged by more than 2 per cent during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal on sharp fall in physical demand after firm US dollar as markets digested the new US President Donald Trump's economic policies. The greenback soared as investors acknowledged the Trump's eagerness to deliver on his campaign promises as he shifted his focus back to growth initiatives including promising corporate tax breaks to fuel US investment, after focusing on protectionism in his first few days in office. A stronger dollar makes dollar-denominated assets costlier for holders of other currencies. At the MCX, nickel futures for January 2017 contract is trading at Rs 652.40 per kg, down by 2.19 per cent, after opening at Rs 668.60, against a previous close of Rs 667. It touched the intra-day low of Rs 650.40. 

Crude edges higher in Asia in thin trade as Lunar New Year approaches.
Crude prices were quoted flat to higher in Asia on Friday with trade thin as Chian starts week-long Lunar New Year holidays and other markets shut as well. Global benchmark Brent crude was quoted flat at $56.24 a barrel on London's Intercontinental Exchange, while U.S. crude on the New York Mercantile Exchange rose 0.15% to $53.86 a barrel. At the end of the week, oil field services firm Baker Hughes will give its estimates of the number of rigs drilling for oil and gas in the U.S. Data released last week showed U.S. drillers added 29 rigs, the most in almost four years by the end of the previous week, taking the total count up to 551, the most since November 2015. U.S.oil production has risen by more than 6 percent since mid-2016, though it remains 7 percent below the 2015 peak, and is back to levels of late 2014 when oil started a sharp drop from above $100 a barrel.

PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND : BEARISH
RESIST 2: 28550
RESIST 1: 28400
SUP 1: 28000
SUP 2: 27800

CS SILVER (MARCH) OVERVIEW:

TREND : BEARISH
RESIST 2: 41600
RESIST 1: 41250
SUP1: 40200
SUP2: 39570

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BULLISH
RESIST 2:409
RESIST 1:406
SUP1:397
SUP2:395

CS NICKEL (JAN) OVERVIEW:

TREND : BEARISH
RESIST 2: 675
RESIST 1: 660
SUP1:630
SUP2:620

CS ZINC (JAN)OVERVIEW:

TREND : BULLISH
RESIST 2:192.00
RESIST 1:190.00
SUP1:186.00
SUP2:184.00

CS LEAD (JAN) OVERVIEW: 

TREND : BULLISH
RESIST 2: 161.00
RESIST 1: 160.00
SUP1: 157.00
SUP2: 155.00

CS ALUMINIUM (JAN) OVERVIEW: 

TREND : BEARISH
RESIST 2: 126.50
RESIST 1: 125.50
SUP1: 122.50
SUP2: 121.50

ENERGY LEVELS

CS CRUDE OIL (JAN) OVERVIEW:                           

TREND : BULLISH
RESIST 2:3750
RESIST 1:3720
SUP1:3600
SUP2:3550

CS NATURAL GAS (JAN) OVERVIEW: 

TREND : BEARISH
RESIST 2:238.00
RESIST 1:235.00
SUP1:225.00
SUP2:222.00

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