MCX HNI Tips: Premium Suggestion from Experts.

Gold correct from the three-week high on Monday on stronger dollar dampened a rally fueled by the Federal Reserve's decision.

SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 674.61 down 3.57 tonnes from previous business day.

Base metals recovered from two week lows on Monday on rising Chinese imports rose, however on stronger dollar gains are limited. Daily average primary aluminium output excluding China rose to 68,600 tonnes in August.

Crude oil traded marginally higher as U.S. rig count fell by 8 to 644 rigs as of September 18. crude oil might turned down on stronger dollar and higher output.

Copper traded on mixed note as supply disruptions in Chile and the US interest rate decision continued to boost the price of the industrial metal and on Monday dollar index turned higher. Traders can hold their short position. Resistance of copper now seen at 354.10.

European equities are trading higher on the back of Federal Reserve’s decision to maintain the pace of QE until the economic conditions stabilizes. Asian markets also traded on a positive note and US futures are also trading in the green. UK Retail sales declined by 0.9 percent in August as compared to a gain of 1.1 percent in July. Confederation of British Industry (CBI) Industrial Order Expectations increased to 9-mark in the current month.

Indian Rupee appreciated by more than 2 percent as a result of Federal Reserve stance of maintaining easy monetary policy. Further, weakness in the DX supported an upside in the currency. The Rupee touched an intra-day high of 61.645 today till 4:30 pm IST. Spot Gold traded on a flat note and rose on the back of weakness in the Dollar Index (DX) and upbeat global market sentiments. The yellow metal hovered around $1365/oz till 4:30 pm IST. In the Indian

markets, gold prices gained around 1.2 percent.

Spot silver traded on a flat note taking cues from upside in base metals prices. Weakness in the DX and upbeat global market sentiments also supported gains. The precious metal touched an intra-day high of $23.18/oz till 4:30 pm IST. The near month silver contract gained around 3 percent on the MCX. Base metals pack on the LME traded on a positive note due to upbeat global market sentiments. Weakness in the DX, which was due to Fed’s decision of keeping the pace of QE constant until the jobs market improve, supported gains in the base metals prices.

LME Copper prices rose around 1.8 percent taking cues from Fed’s decision of easy monetary policy and upbeat global market sentiments. Decline in inventories by 0.6 percent to 568,575 tonnes added to the upside in prices. The red metal touched an intraday high of $7345/tonne till 4:30 pm IST. The MCX Copper prices declined by more than 1 percent due to Rupee appreciation.

The trading pattern in copper futures for August delivery on MCX is unstable and brokers are encouraged to remain wary while taking positions for the day. Devaluation of Indian Rupee against US Dollar was seen topping the decrease in the base metal price to certain degree in the local market on Tuesday. As of now Indian Rupee deteriorated by 0.86% against US Dollar.

For intra-day, resistance for the Copper is seen at 412.5 and 416 levels while support levels are seen at 409 and 406. MCX copper for August conveyance was seen exchanging up by o.17% at Rs.411.55 for every kilogram starting 03.02 PM IST on Tuesday. Copper futures for September delivery on Globex stage of COMEX was seen exchanging around 0.67% at $3.087 for every pound starting 03.16 PM IST on Tuesday.

Since May, MCX Copper has formed a pullback rally. It has retraced 61.8% of the previous fall and at that key Fibonacci level copper has formed a distribution since the last few weeks. In terms of the price pattern, it has formed a distribution triangle and has broken out on the downside recently. Thus, the red metal can be considered to have resumed with the larger downtrend. The daily momentum indicator has triggered a bearish crossover. The short-term targets on the downside will be 393.30 and 390. The reversal can be tightened to 416 on a closing basis.

MCX Gold Tips: Sell around 28200 with a stop loss of above 28500 for targets of 27700.

MCX Silver Tips: Sell below 41000 with a stop loss at 41600 for targets of 40000.

Crude Oil Tips: Buy above 6230 with a stop loss placed below 6180 for targets of 6320.

Commodity Updates:

• GOLD SLIDES AFTER U.S. PAYROLLS DATA BEATS FORECASTS.
• COPPER HIT BY DEMAND WORRIES.
• CRUDE OIL FUTURES EDGE HIGHER AHEAD OF U.S. JOBS REPORT.
• REFINED SOY OIL STEADY IN SPOT.

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