What Next ??? - August 17, 2019

Jyothi Kolagatla Senior Research Analyst sQuareindia Advisory

Gold prices could fall to $1512 to $1500 and Silver upto $16.87 to $16.46
-PrataP Kolagatla, Managing Director, sQuareindia Advisory


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Gold :  

17 responded this week, 10 see prices up, while 3 see prices down, and 4 see prices unchanged. especially Trading range will be between $1491-$1,554 levels.

S1:1515.45 S2:1506 S3:1491.45
R1:1529.50 R2:1538 R3:1554

Silver :  

Silver Prices remain volatile, but the tone toward the metal remains high, especially Trading range will be between $16.08-$17.87 levels.

S1:16.80 S2:16.53 S3:16.08
R1:17.39 R2:17.63 R3:17.87

Crude :  

8 of 20 analysts, forecast Crude Oil will fall in next week. 2 respondents predicted that futures will be little changed and 10 said the contract will rise.

S1:54.14 S2:53.01 S3:51.73
R1:55.92 R2:57.13 R3:58.34

Copper :  

8 of 18 analysts, investors and traders surveyed, said the metal will fall next week. while 9 see prices rise, and 1 see prices unchanged. Copper may trade in next week up to 422.70-469.50 levels.

MCX Gold OCT :  

Now support for the Gold is seen at 37521 and below could see a test of 37292-36963 Resistance is now likely to be seen at 38199 a move above could see prices testing 38344-38685.

S1:37521 S2:37292 S3:36963
R1:38199 R2:38344 R3:38685

MCX Silver SEP :  

Now support for the silver is seen at 43212 and below could see a test of 42449-41350 Resistance is now likely to be seen at 44305 a move above could see prices testing 44957-45445.

S1:43212 S2:42449 S3:41350
R1:44305 R2:44957 R3:45445

MCX Crude Oil SEP :  

Now support for the Crude is seen at 3981 and below could see a test of 4224. Resistance is now likely to be seen at 3835, a move above could see prices testing 3751-3636.

S1:3981 S2:4062 S3:4224
R1:3835 R2:3751 R3:3636

MCX Copper SEP :  

Now support for Copper is seen at 437.50 and below could see a test of 431.55-425.70. Resistance is now likely to be seen at 449.85, a move above could see prices testing 455.40-462.55

S1:437.50 S2:431.55 S3:425.70
R1:449.85 R2:455.40 R3:462.55

MCX Zinc AUG :  

Now support for the Zinc is seen at 179.55 and below could see a test of 176.20-171.15. Resistance is now likely to be seen at 186.50, a move above could see prices testing 189.95-194.90

S1:179.55 S2:176.20 S3:171.15
R1:186.50 R2:189.95 R3:194.90

MCX Lead AUG :  

Now support for the Lead is seen at 151.65 and below could see a test of 147.80-142.25. Resistance is now likely to be seen at 156.55, a move above could see prices testing 159.70-164.80

S1:151.65 S2:147.80 S3:142.25
R1:156.55 R2:159.70 R3:164.80

MCX Nickel AUG :  

Now support for the Nickel is seen at 1109.65 and below could see a test of 1075.80-1043.25 Resistance is now likely to be seen at 1156.20, a move above could see prices testing 1178.95-1197.20

S1:1109.65 S2:1075.80 S3:1043.25
R1:1156.20 R2:1178.95 R3:1197.20

MCX NG AUG :  

Now support for the Natural Gas is seen at 151.75 and below could see a test of 144.80-137.25. Resistance is now likely to be seen at 161.70, a move above could see prices testing 167.95-172.80

S1:151.75 S2:144.80 S3:137.25
R1:161.70 R2:167.95 R3:172.80

AUG 21st :

FOMC Meeting Minutes :
Previous: >0.50 Actual: >0.50
More hawkish than expected is good for Dollar

AUG 22nd :

Unemployment Claims :
Previous: 220K Forecast: 217K
Actual < Forecast is good for Dollar

AUG 22nd :

Flash Manufacturing PMI :
Previous: 50.4 Forecast: 50.5
Actual > Forecast is good for Dollar

AUG 23rd :

New Home Sales :
Previous: 646K Forecast: 645K
Actual > Forecast is good for Dollar

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