MCX Crude Tips – Watch 3949 Level, Above we See Target 4160 (Trade With Small Lots)
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OIL REPORT — 1-U.S. Shale Oil Output to Hit Record High 7.9 Mln Bpd in Dec -EIA
Gold Silver Reports (GSR) – The total oil output from the basins was expected to rise 113,000 bpd, driven largely by increases in the Permian Basin of Texas and New Mexico, where output was forecast to climb by 63,000 bpd to about 3.7 million bpd in December, the U.S. Department of Energy’s Energy Information Administration (EIA) said.
METALS REPORT – Copper Eases Following Disappointing China Loan Growth Data
Gold Silver Reports (GSR) – U.S. President Donald Trump’s top economic adviser Larry Kudlow said on Tuesday that the United States welcomed the resumption of talks with China on trade.
Gold Edges Back Above $1200 as Dollar Rally Stalls
Gold Silver Reports (GSR) — That caused spot gold to climb to $1,200.30 per ounce, after the metal fell to its lowest since Oct. 11 at $1,195.90 earlier in the day. U.S. gold futures settled at $1,202.40 per ounce.
Gold Prices Decline, Silver Rates Slump Amid Muted Demand
Gold Silver Reports (GSR) — Traders attributed the sharp fall in silver prices to weak demand from industrial units and coin makers. Prices of gold of 99.99% and 99.5% purity fell by Rs 100 each to Rs 32,050 and Rs 31,900 per 10 grams respectively.
MCX Gold CMP 30900 MCX Silve CMP 36640 Sell 100—500 Lots and So Jaao – MCX King Neal Bhai
Technical Analysis
Gold prices tumbled down to support level which is seen as an upward sloping trend line that comes in near 1,198. A break of trend line support, or a close below this level would lead to a test of the September lows at 1,180. Prices pushed through support near the 50-day moving average at 1,209, which is now seen as short-term resistance. Additional resistance is seen near the 20-day moving average at 1,224. Momentum is negative as the MACD (moving average convergence divergence) histogram is printing in the red with a declining trajectory which points to lower prices. The fast stochastic has tumbled moving lower which reflects accelerating negative momentum. The current reading on the fast stochastic is 9, which is below the oversold trigger level of 20 and could foreshadow a correction.
Gold Prices have fallen about 11%from its April Peak
Gold Silver Reports (GSR) – Spot gold was little changed at $1,209.71 per ounce at 0431 GMT. On Friday, prices fell to their lowest since Oct. 11 at $1,206.13 per ounce. “Higher US interest rates and a stronger dollar are flashing red for gold investors,” said Stephen Innes, APAC trading head at OANDA in Singapore.