What Next ??? - September 28, 2019

Jyothi Kolagatla Senior Research Analyst sQuareindia Advisory

Gold prices could fall to $1490 to $1475 and Silver upto $17.21 to $16.80
-PrataP Kolagatla, Managing Director, sQuareindia Advisory


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Gold :  

16 responded this week, 7 see prices up, while 8 see prices down, and 1 see prices unchanged. especially Trading range will be between $1472-$1,533 levels.

S1:1495.45 S2:1484 S3:1472.45
R1:1508.50 R2:1517 R3:1533

Silver :  

Silver Prices remain volatile, but the tone toward the metal remains high, especially Trading range will be between $16.58-$18.47 levels.

S1:17.30 S2:16.93 S3:16.58
R1:17.89 R2:18.13 R3:18.47

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.

S1:55.14 S2:54.01 S3:52.73
R1:57.92 R2:59.13 R3:60.34

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 420.70-469.50 levels.

MCX Gold DEC :  

Now support for the Gold is seen at 37321 and below could see a test of 37092-36563 Resistance is now likely to be seen at 37989 a move above could see prices testing 38444-38985.

S1:37321 S2:37092 S3:36563
R1:37989 R2:38444 R3:38985

MCX Silver DEC :  

Now support for the silver is seen at 44812 and below could see a test of 44049-43150 Resistance is now likely to be seen at 45905 a move above could see prices testing 46657-47845.

S1:44812 S2:44049 S3:43150
R1:45905 R2:46657 R3:47845

MCX Crude Oil OCT :  

Now support for the Crude is seen at 3881 and below could see a test of 3524. Resistance is now likely to be seen at 4035, a move above could see prices testing 4151-4236.

S1:3881 S2:3762 S3:3524
R1:4035 R2:4151 R3:4236

MCX Copper OCT :  

Now support for Copper is seen at 431.50 and below could see a test of 425.55-418.70. Resistance is now likely to be seen at 444.85, a move above could see prices testing 451.40-462.55

S1:431.50 S2:425.55 S3:418.70
R1:444.85 R2:451.40 R3:462.55

MCX Zinc OCT :  

Now support for the Zinc is seen at 177.55 and below could see a test of 174.20-168.15. Resistance is now likely to be seen at 183.50, a move above could see prices testing 185.95-191.90

S1:177.55 S2:174.20 S3:168.15
R1:183.50 R2:185.95 R3:191.90

MCX Lead OCT :  

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 OCT :  

Now support for the Nickel is seen at 1239.65 and below could see a test of 1212.80-1163.25 Resistance is now likely to be seen at 1276.20, a move above could see prices testing 1298.95-1317.20

S1:1239.65 S2:1212.80 S3:1163.25
R1:1276.20 R2:1298.95 R3:1317.20

MCX NG OCT :  

Now support for the Natural Gas is seen at 167.75 and below could see a test of 162.80-156.25. Resistance is now likely to be seen at 175.70, a move above could see prices testing 179.95-187.80

S1:167.75 S2:162.80 S3:156.25
R1:175.70 R2:179.95 R3:187.80

SEP 30th :

Chicago PMI :
Previous: 50.40 Actual: 50.0
Actual > Forecast is good for Dollar

OCT 1st :

ISM Manufacturing PMI :
Previous: 49.1 Forecast: 50.40
Actual > Forecast is good for Dollar

OCT 2nd :

ADP Non-Farm Employment Change :
Previous: 195K Forecast: 140K
Actual > Forecast is good for Dollar

OCT 2nd :

Crude Oil Inventories :
Previous: 2.4M Forecast: 0.5M

OCT 3rd :

ISM Manufacturing PMI :
Previous: 56.4 Forecast: 55.1
Actual > Forecast is good for Dollar

OCT 4th :

Average Hourly Earnings m/m :
Previous: 0.4% Forecast: 0.3%
Actual > Forecast is good for Dollar

OCT 4th :

Non-Farm Employment Change :
Previous: 130K Forecast: 140K
Actual > Forecast is good for Dollar

OCT 4th :

Unemployment Rate :
Previous: 3.7% Forecast: 3.7%
Actual < Forecast is good for Dollar

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