Mcx daily report 29 nov

CapitalStars Financial Research Pvt., Ltd.,
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MCX Daily Report
News Highlights
29 NOV 2018
Gold gains as dollar sags on cautious Fedremarks.
Gold prices firmed on Thursday as the dollar faltered following dovish comments from U.S. Federal Reserve Chair
Jerome Powell, calming investor concerns over the pace of rate hikes. "The dovish Fed stance was relatively
constructive from pure dollar trade perspective and it could edge off the dollar and continue to do so until the year
end, which is quite significant for gold prices," said Stephen Innes, APAC trading head at OANDA in Singapore. The
dollar slipped from a two-week high on Wednesday after Powell said interest rates are just below neutral, raising
expectations that the U.S. central bank is closer to the end of its rate hike cycle. USD/ weaker dollar helps other
local currencies such as China and India get back in the game, which could add to gold's lustre," Innes added. A
weaker greenbackmakesthe dollar-denominated gold cheaper for othernon-U.S.buyers.
US dollar dipped from two-week highs after the US Federal Reserve described interest rates as "just below" the
neutral rate.
Copper led gains across base metals overnight, as the US dollar dipped from two-week highs after the US Federal
Reserve described interest rates as "just below" the neutral rate. LME copper rebounded back above all moving
averages, and above the Bollinger middle band. It closed at $6,251.5/mt after surged to a high of $6,269/mt. The
SHFE copper dominant contract changed to the 1902 contract overnight, which rallied above the five- and 60-day
moving averages on longs’ support. We expect it to trade at 49,200-49,600 yuan/mt with its LME counterpart
trading at $6,180-6,230/mttoday. Spot premiumsare set at 70-130 yuan/mt.
As a weaker US dollar grew confidence across longs, Nickelbrokepressure.
Asaweaker USdollar grew confidence acrosslongs, LMEnickel broke pressure at $10,860/mt and rose to ahigh of
$10,880/mt after hovering around the daily moving average overnight. The SHFE1901 contract registered a slower
growth, pressured by domestic slow consumption. It closed 0.09% higher on the day at 89,520 yuan/mt, with open
interests up 4,120 lots to 275,000 lots. Today, we expect LME nickel to hover around $10,800/mt, with the 1901
contract trading at 89,500-90,000 yuan/mt. Spotprices are seenat89,000-100,000 yuan/mt.
Oil strengthens ahead of G20meeting, but supply rise caps gains.
Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy
and improve the demand outlook, while an increase in U.S. crude inventories to their highest in a year curbed gains.
"We have seen huge increases in supply and the demand picture is in question. However, we might see some
movement on global trade issues at the G20 meeting which starts on Friday," said Michael McCarthy, chief
strategist at CMC Markets and Stock broking. Investors in commodity markets are looking ahead to the meeting of
leaders of the Group of 20 nations (G20), the world's biggest economies, on Nov. 30 and Dec. 1, with the U.S.-China
trade war at the top of the agenda. U.S. President Donald Trump is open to a trade deal with China but is also
prepared to hike tariffs on imports from the country if there is no breakthrough on longstanding trade issues during
a dinner on Saturday with Chinese leader Xi Jinping, White House economic adviser Larry Kudlow said on Tuesday.
Said China will widen market access for foreign investors and step up protection of intellectual property rights.
Risingsupplies are keeping alid on prices.

CapitalStars Financial Research Pvt., Ltd., 2
MCX Daily Report 29 NOV 2018
CS ALUMINIUM(NOV) OVERVIEW:
TREND :BEARISH
RESIST 2:139.00
RESIST 1:137.50
SUP 1:136.00
SUP 2:134.00
WWW.CAPITALSTARS.COM +919977499927
Energies
CS CRUDE OIL (DEC)OVERVIEW: CS NATURAL GAS (DEC)OVERVIEW:
TREND :BEARISH TREND :BEARISH
RESIST 2:3700 RESIST 2:335.00
RESIST 1:3650 RESIST 1:330.00
SUP 1:3550 SUP 1:320.00
SUP 2:3500 SUP 2:303.00
WWW.CAPITALSTARS.COM +919977499927 WWW.CAPITALSTARS.COM +919977499927
Precious Metals
CS GOLD (DEC)OVERVIEW: CS SILVER (DEC)OVERVIEW:
RESIST2:30500 RESIST2:36400
RESIST1:30400 RESIST1:36200
SUP1:30200 SUP 1:35900
SUP2:30100 SUP 2:35775
Base Metals
CS COPPER (NOV)OVERVIEW: CS NICKEL (NOV)OVERVIEW:
RESIST2:440.00 RESIST 2:775.00
SUP 1:428.00 SUP 1:750.00
SUP 2:422.00 SUP 2:745.00
CS ZINC (NOV)OVERVIEW: CS LEAD (NOV)OVERVIEW:
TREND :SIDEWAYS TREND :BEARISH
SUP 1:176.00 SUP 1:135.00
SUP 2:174.50 SUP 2:133.00

Pick for theDAY
MCX Crude on Friday as seen in the Daily chart opened at 3657 levels and made day
low of 3590 Levels. During this period Crude High is 3724 levels and finally closed at
3632levels. Now, there are chancesof down movement technically &fundamentally.
 Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting
could aid the global economy and improve the demand outlook, while an increasein
U.S.crude inventories totheir highest in ayear curbed gains.
 U.S. President Donald Trump is open to a trade deal with China but is also prepared
to hike tariffs on imports from the country if there is no breakthrough on
longstanding trade issues during a dinner on Saturday with Chinese leader Xi Jinping,
White Houseeconomic adviser Larry Kudlow said onTuesday.
DAILY RECOMMENDATION: SELLMCX CRUDE DEC BELOW 3570LEVELSFOR
TARGETOF 3540/3500WITH SL3640OFLEVELS.

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