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Showing posts with label Intraday commodity tips. Show all posts
Showing posts with label Intraday commodity tips. Show all posts

Thursday, 31 May 2018

CAPITALSTARS


Gold
MCX Gold prices edged higher in evening trades on Thursday after U.S. economic data but overall prices are still in pressure. On the daily chart, Gold has given breakdown of rising wedge pattern; which indicate bearish reversal for near term. Moreover, price has reversed from 50 days SMA; which act as resistance zone for the prices. Furthermore, momentum indicator RSI (14) and MACD has shown bearishness with negative crossover. On the other hand, COMEX Gold has sustained near $1300 levels. Therefore, we expect sideways to bearish movement in MCX Gold prices.
Crude oil
Oil prices rebounded on Thursday as crude oil inventories fell by 3.620 million barrels in the week ended May 25. On daily chart MCX Price has given rising channel breakdown and sustained below it. Moreover, price has tested upper Bollinger Band formation and retreated from there. Furthermore, price has also sustained below 21 days SMA on daily chart. In addition, momentum indicator RSI has slipped form overbought zone and shown negative crossover. So based on the above analysis, we expect bearish movement in the Crude oil towards 4450.
Natural Gas
MCX Natural Gas price has rebounded on Thursday after a long correction in prior two days. On the daily chart, price has been trading within a channel formation and moved back to test upper line of the above formation. Moreover, price has sustained above 21 days SMA; which indicate bullish moves. Furthermore, a momentum indicator RSI (14) and MACD has climbed to upward with positive crossover, which suggest buying opportunity in the counter. So based on the above technical studies, we expect bullish move in MCX Natural Gas prices.
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Tuesday, 22 May 2018

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Gold Prices Little Changed Amid Firmer Dollar -   Gold prices were little changed on Wednesday as the dollar held on to gains after climbing to a fresh new high this year on Monday. Investors now turn their attention to the Federal Reserve’s minutes that will come on Thursday in Asia to look for cues for rate hikes. The dollar was also supported by the continued rise of U.S. 10-year Treasury yields that hit 3% recently and expectations for interest rates. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal. Although not a major directional driver, geopolitical tension was in focus as U.S. President Donald Trump casted doubt on the upcoming historic summit with North Korea in June. “There’s a chance, a very substantial chance, it won’t work out,” Trump said during a meeting with South Korean President Moon Jae-in on Tuesday. “I don’t want to waste a lot of time and I’m sure he doesn’t want to waste a lot of time. So there’s a very substantial chance it won’t work out and that’s OK. That doesn’t mean it won’t work out over a period of time.”

 Copper rose with prices underpinned as the chance of a U.S.-China trade war appeared to fade - Copper on MCX settled up 0.89% at 472 gained on fresh buying tracking international maraket where Shanghai Copper hit a one-week high, with prices underpinned as the chance of a U.S.-China trade war appeared to fade. Shanghai lead futures jumped 3.6 percent to their highest since October, tracking last session’s gains on the London Metal Exchange. Washington and Beijing both claimed victory on Monday as the world’s two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China. Support also seen after the number from China showed China’s economy likely expand by around 6.7 percent in the second quarter this year, the State Information Center said on Saturday. Copper was also supported by trouble at a Vedanta Resources-controlled copper smelter in southern India, where at least nine people were killed on Tuesday after police fired at protesters calling for the plant's closure.

Oil Prices Dip With Possible Easing of OPEC Supply Curbs - Oil prices edged lower on Wednesday morning in Asia, as markets considered the possibility of higher output from the Organization of the Petroleum Exporting Countries (OPEC).OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far. Concerns about a potential drop in Iranian oil exports following Washington’s exit from a nuclear arms control deal with Tehran have driven prices to multi-year highs. U.S. sanctions against Iran, which currently produces 4% of global oil supplies, may cause shortages later this year when trade restrictions take effect. On Monday, the U.S. demanded Iran make sweeping changes - from dropping its nuclear program to pulling out of the Syrian civil war - or face severe economic sanctions.Tehran dismissed Washington’s ultimatum.


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