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Commodity Research Report 21 August 2017 Ways2Capital.pdf


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BULLION METALS OUTLOOK GOLD - Gold on MCX settled down -0.44% at 28952 as investors looked ahead to minutes of the Federal Reserve’s latest policy
meeting for further hints on the timing of the next U.S. rate hike. The U.S. dollar was on the defensive on Thursday after the
minutes from the Federal Reserve's last policy meeting showed policymakers were increasingly wary of recent softness in inflation
and could delay a rate hike. Federal Reserve policymakers appeared increasingly wary about recent weak inflation and some called
for halting interest rate hikes until it was clear the trend was transitory, according to the minutes of the U.S. central bank's last
policy meeting. The U.S. central bank is roughly at the mid-point on its current path to normalize interest rates as the economy has
shown further improvement even without fiscal stimulus, San Francisco Federal Reserve President John Williams told. European
Central Bank President Mario Draghi will not deliver a new policy message at the U.S. Federal Reserve's Jackson Hole conference,
two sources familiar with the situation said, tempering expectations for the bank to start charting the course out of stimulus. The
economy in the 19 countries sharing the euro currency expanded by more than previously forecast in the second quarter compared
to the same quarter in 2016, the European Union's statistics office Eurostat said. Technically Gold market is under fresh selling as
market has witnessed gain in open interest by 0.91% to settled at 6635 while prices down 128 rupees. Now MCX Gold is getting
support at 28844 and below same could see a test of 28737 levels, and resistance is now likely to be seen at 29014, a move above
could see prices testing 29077. .

GOLD CHART

Chart Details - On the Above given Daily Chart of Gold has Appiles the Bollinger Band Along with MACD A closer look at
price action sees gold holding within the confines of a well-defined ascending channel formation off the July lows. A rebound off
channel support early this week saw prices break to fresh yearly highs on Friday – but not before posting a massive 4-hour reversal
candle just ahead of channel resistance. Heading into next week, the threat remains for a deeper pullback here but the broader focus
remains higher while channel support /1278 with bullish invalidation set to the monthly open at 1268. Bottom line: we’re shifting
our weekly bias to neutral heading into next week while noting a constructive outlook while within this channel. Technically Gold
market is under fresh selling as market has witnessed gain in open interest by 0.91% to settled at 6635 while prices down 128
rupees. Now MCX Gold is getting support at 28844 and below same could see a test of 28737 levels, and resistance is now likely to
be seen at 29014, a move above could see prices testing 29077.

Monday 21Aug 2017