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MCX Daily Report 10TH JULY 2019

News Highlights
BULLION - Bullion counter may trade on weaker path as gold prices slipped on Wednesday
as higher Treasury yields lifted the dollar, while markets awaited testimony from Federal
Reserve Chair Jerome Powell for clarity on an expected U.S. rate cut. The dollar index
edged toward a three-week high against a basket of major currencies on Wednesday, as
easing bets of deep U.S. interest rate cuts pushed Treasury yields higher. Fed Chair Powell
testifies before Congress on Wednesday and Thursday and the direction of the U.S. dollar
depends on the tone of his comments. Expectations for a 50 basis point rate cut this
month have evaporated, but investors still expect a 25 basis point cut due to weak
inflation and trade war worries. Futures are still fully priced for a 25-basis-point cut at the
Fed’s July 30-31 meeting, but have abandoned wagers on a half-point move. They had
implied a 25% probability of an aggressive cut before Friday’s upbeat jobs report.

ENERGY- Crude oil may trade on upside path as oil prices gained more than 1% in early
trade on Wednesday, led by U.S. crude after an industry group reported that U.S.
stockpiles fell for a fourth week in a row, alleviating concerns about oversupply. The U.S.
and global benchmarks have risen this year as OPEC and big producers like Russia have
honored commitments to cut production and support prices. U.S. crude stockpiles fell
more than forecast last week, while gasoline inventories decreased and distillate stocks
built, data from industry group the American Petroleum Institute (API) showed on
Tuesday. Oil prices have been under pressure from concerns about global economic
growth amid growing signs of harm from the U.S.-China trade war that has rumbled on
over the last year.

BASE METAL - Base metals may trade with positive path. Metals and mining company
Nyrstar said on Tuesday that it was extending force majeure at its Port Pirie lead and zinc
smelter in Australia until the last week of July, from the second week of this month as
previously planned. Shanghai lead hit a two-month high at 16,450 yuan a tonne, while
London lead hovered around a one-week high, trading up 0.4% at 0203 GMT. Nickel may
test 920 while taking support near 900. London nickel rose as much as 2.1% to $12,970 a
tonne, its highest since April 17, while Shanghai nickel jumped to 103,160 yuan
($14,985.69) a tonne, a three-month high.
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MCX Daily Report 10TH JULY 2019

Precious Metals
CS GOLD (AUG) OVERVIEW: CS SILVER (SEP) OVERVIEW:
TREND : SIDEWAYS TREND : SIDEWAYS
RESIST 2: 34800 RESIST 2: 38400
RESIST 1: 34700 RESIST 1: 38300
SUP 1: 34400 SUP 1: 37900
SUP 2: 34200 SUP 2: 37700
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Base Metals
CS COPPER (JUL) OVERVIEW: CS NICKEL (JUL) OVERVIEW:
TREND : BEARISH TREND : SIDEWAYS
RESIST 2: 440.00 RESIST 2: 910.00
RESIST 1: 436.00 RESIST 1: 905.00
SUP 1: 430.00 SUP 1: 894.00
SUP 2: 428.00 SUP 2: 886.00
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CS ZINC (JUL) OVERVIEW: CS LEAD (JUL) OVERVIEW:

TREND : BEARISH TREND : SIDEWAYS
RESIST 2: 194.00 RESIST 2: 158.00
RESIST 1: 191.00 RESIST 1: 156.00
SUP 1: 189.00 SUP 1: 153.00
SUP 2: 186.00 SUP 2: 151.00
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CS ALUMINIUM (JUL) OVERVIEW:

TREND : BEARISH
RESIST 2: 144.00
RESIST 1: 143.00
SUP 1: 141.00
SUP 2: 140.00
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Energy
CS CRUDE OIL (JUL) OVERVIEW: CS NATURAL GAS (JUL) OVERVIEW:
TREND : SIDEWAYS TREND : SIDEWAYS
RESIST 2: 4020 RESIST 2: 170.00
RESIST 1:4000 RESIST 1: 168.00
SUP 1: 3940 SUP 1: 163.00
SUP 2: 3910 SUP 2: 160.00
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MCX Daily Report 10TH JULY 2019

Pick for the DAY

MCX LEAD JULY on TUESDAY as seen in the Daily chart opened at 152.85 levels and made
day low of 152.20 Levels. During this period LEAD JULY High is 155.55 levels and finally
closed at 155.40 levels. Now, there are chances of up movement technically &
fundamentally.

DAILY RECOMMENDATION: BUY MCX LEAD JULY ABOVE 155.50 LEVELS FOR TARGET
OF 156.50/157.50 WITH SL 154.30 OF LEVELS.
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MCX Daily Report 10TH JULY 2019

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