MCX COMMODITY MARKET TIPS & LEVELS - 24 JAN 2017

Gold holds gains in Asia on weaker dollar, trade concerns.  
Gold prices held overnight gains into Asia on Tuesday on a weaker greenback and risk concerns connected to President Donald Trump moving to stamp a new set of policies on global trade, including a proposed border tax on imports. Gold for February delivery on the Comex division of the New York Mercantile Exchange rose 0.13% to $1,217.15 a troy ounce. Overnight, gold prices were sharply higher during North American morning trade on Monday, rising to the strongest level in about two months as the U.S. dollar sank amid uncertainty around the economic policies of new U.S. President Donald Trump.   The U.S. dollar index dollar sold off amid disappointment that U.S. President Donald Trump’s inauguration speech on Friday proved light on detail over his plans for economic stimulus. Trump addressed U.S. manufacturing executives with a repeated promise to impose a border tax on firms that import products into the United States after moving American factories overseas and announced the country had abandoned the Trans-Pacific Partnership trade pact among a dozen nations. 

LME Copper to Strengthen. 
LME copper will strengthen and range at USD 5,740-5,820/mt on Tuesday and SHFE 1703 copper will move at RMB 46,250-46,925/mt. In China’s domestic market, spot copper should trade at discounts of RMB 150-70/mt on Tuesday. Attention should be on US existing home sales in December on Tuesday, on an annual basis. LME lead will range between USD 2,270-2,330/mt on Tuesday and SHFE 1703 lead will move at RMB 18,30018,800/mt. 
In China’s domestic market, most downstream battery producers closed down for 2017 Chinese New Year holiday, leading to sluggish trading. Spot lead should rise RMB 100/mt and trade at RMB 18,550-18,650/mt on Tuesday.  US’s Secretary of the Treasury said the strong US dollar will bring negative effect in a short term. This, together with Trump’s inaugural address, raised risk aversion sentiment. US dollar thus fell below 100 while gold and Chinese yuan both increased. 

Crude rebounds in Asia as weaker dollar aids sentiment. 
A weaker dollar helped crude prices gain in Asia on Tuesday with the currency on a trade-weighted basis briefly dipping below 100 for the first time since mid-November before recovering mildly on concerns of a major shakeup to the global trading regime.  
Overnight, higher production by U.S. shale drillers and other producer countries weighed on crude prices in the U.S. with Brent and West Texas Intermediate settling down despite efforts to trim global output by almost 1.8 million barrels per day (bpd) by OPEC and non-OPEC countries. 
OPEC members Nigeria and Libya, both suffering setbacks in production, were given exemptions from the OPEC leg of the cuts with Saudi Arabia bearing the lion's share for the cartel. 

PRECIOUS LEVEL

CS GOLD (FEB) OVERVIEW:

TREND : BULLISH 
RESIST 2: 28950 
RESIST 1: 28850 
SUP 1: 28650 
SUP 2: 28500 

CS SILVER (MARCH) OVERVIEW:

TREND : BULLISH 
RESIST 2: 42500 
RESIST 1: 42000 
SUP1: 41200 
SUP2: 40850 

BASE METAL LEVELS

CS COPPER (FEB) OVERVIEW:

TREND : BULLISH 
RESIST 2:406 
RESIST 1:404 
SUP1:396 
SUP2:392

CS NICKEL (JAN) OVERVIEW:

TREND :  BEARISH 
RESIST 2: 709 
RESIST 1: 690 
SUP1:660 
SUP2:650

CS ZINC (JAN)OVERVIEW:

TREND :  BULLISH 
RESIST 2:195.00 
RESIST 1:193.00 
SUP1:187.00 
SUP2:185.00

CS LEAD (JAN) OVERVIEW: 

TREND :   BULLISH 
RESIST 2: 164.00 
RESIST 1: 162.00 
SUP1: 157.00 
SUP2: 155.0

CS ALUMINIUM (JAN) OVERVIEW: 

TREND :  BULLISH 
RESIST 2: 129.00 
RESIST 1: 128.00 
SUP1: 125.00 
SUP2: 123.50

ENERGY LEVELS

CS CRUDE OIL (JAN) OVERVIEW:                           

TREND : BULLISH 
RESIST 2:3710 
RESIST 1:3680 
SUP1:3560 
SUP2:3500 

CS NATURAL GAS (JAN) OVERVIEW: 

TREND : BEARISH 
RESIST 2:231.00 
RESIST 1:228.00 
SUP1:220.00 
SUP2:215.00

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