Wednesday, 3 December 2014

Thursday, 27 November 2014

Technical Comment For The Day: Gold

The prices of MCX Gold closed at Rs 26247 per 10 grams, down 0.44 percent. The prices tasted decline for the third consecutive session. The prices dipped to levels of Rs 26131 per 10 grams. The prices tested a high of Rs 26334 per 10 grams. Volumes of Gold were 12056 in lots compared to 10467. Open interest for Gold moved higher to 5006 against 6752 on 27 October 2014. Supports for Copper are expected to remain at Rs 25950 per 10 grams. On the higher side, resistance for Copper is at Rs 26350 per 10 grams.

Friday, 21 November 2014

Gold Volatile In Midst Of Major Economic Events

Gold futures traded volatile on Friday on the back major economic events such as FOMC minutes release, ECB president speech and China rate cuts.The euro tumbled, after comments from officials both the euro zone. The euro currency quotes at $1.2434, down 0.85% on Thursday and the US dollar index quotes at 88.16, up 0.52% on Thursday.

European Central Bank President Mario Draghi sent a strong signal Friday that the central bank is ready to step up the pressure and expand its asset-purchase programs if inflation fails to show signs of quickly returning to the ECB's target.

We will continue to meet our responsibility--we will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us, Mr. Draghi said in a speech to a banking conference.

If on its current trajectory our policy is not effective enough to achieve this, or further risks to the inflation outlook materialize, we would step up the pressure and broaden even more the channels through which we intervene, by altering accordingly the size, pace and composition of our purchases, Mr. Draghi said. Annual euro zone inflation was 0.4% last month, far below the ECB's target of just below 2%.

In response to both a slowing domestic and global economy, the People's Bank of China, the country's central bank, has cut benchmark interest rates in the world's second-largest economy. It has cut the one-year deposit rate by 25 basis points to 2.75 per cent and the one-year lending rate by 40 basis points to 5.6 per cent. The rate will be effective from Saturday. The central bank said it was also giving banks more freedom to set their interest rates, raising the ceiling for deposit rates to 1.2 times the benchmark rate from 1.1 times.
The minutes of the US Federal Reserve's last policy meeting released Wednesday showed that the Fed decided not to alter its wording on the timing of any interest rate increases. Fed officials worried that a change could be misinterpreted by financial markets. In last week of October, the Fed voted to end its asset purchase program, by a 9-1 vote, and repeated that rates are likely to stay near zero for “a considerable time,” adding further that the first move to raise rates could come sooner if the economy is stronger than expected.
The COMEX Gold December delivery quotes at $1,195.50, up $4.60 a troy ounce and Silver December delivery quotes at $16.263, up $0.126 a troy ounce. The MCX Gold December delivery quotes at Rs 26470, up Rs 7 and Silver December delivery quotes at Rs 35996, up Rs 180 per 1 kg. Indian rupee gained strengthened against the US dollar on Friday with the currency quotes at Rs 61.756, down 0.22% on Friday.

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Time 06:44pm :
Jackpot Call :-  2nd tgt achieved in silver dec @ 36450. profit rs.19,500 per lot.mcx
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Thursday, 20 November 2014

Technical Comment For The Day: Gold

Gold moved higher and ended the day at Rs 26463 per 10 grams, against Rs 26711 per 10 grams a day before. From here the prices can look to move towards Rs 26400 and 26366 per 10 grams that are the immediate supports. On the higher side, the resistance for Gold is at Rs 26780 per 10 grams. The volumes for Gold were 17269 on 20 November against 25380 on 19 Nov 2014. The prices tested a high of Rs 26617 and a low of Rs 26366 per 10 grams. Open interest moved down and was at 8158 lots.

WTI Oil Edges Up Towards $75

World crude oil prices edged up from their lows amid continued signs of bargain buyingthough tepid economic data could arrest the gains in the commodity. Worries about theactions from OPEC oil cartel at its upcoming meeting is offering some support for thecommodity after prices sank to a three year low last week. The slightly weak undertone inthe US dollar is also pushing up the prices. The dollar is of its recent highs and quotesaround 1.2540 against the Euro right now. The WTI Crude oil is quoting at $74.79 perbarrel, up 25 cents per barrel on the day. However, MCX Crude oil is quoting at Rs 4661per barrel, down Rs 22 per barrel on the day.
China's HSBC manufacturing PMI came in at 50.0 in November, down from 50.4 in October.A score above 50 signals expansion in a sector, while a reading below means contraction.The manufacturing sector defied expectations for expansion in November as the purchasingmanagers' index fell its lowest level in six months, preliminary figures from HSBC andMarkit Economics revealed on Thursday.
Germany's private sector expanded at the slowest pace since July last year, flashsurvey data from Markit Economics showed today. The Markit composite output index slippedto 52.1 in November from 53.9 in October. The activity expanded for 19 consecutive monthsbut it was the slowest expansion in 16 months. However, output growth slowed at bothmanufacturers and service providers. The services Purchasing Managers' Index droppedunexpectedly to 52.1 from 54.4 a month ago. The PMI for manufacturing fell to 50 from 51.4in October, while it was expected to improve to 51.5.
US commercial crude inventories increased by 2.6 million barrels last week, maintaininga total US commercial crude inventory of 381.1 million barrels, according to the weeklypetroleum status report from US Energy Information Administration (EIA) Yesterday,. Crudeinventory remains in the upper half of the five-year range for this time of the year.
The EIA, in its latest monthly short-term energy outlook cut its forecast for benchmarkUS crude-oil prices to an average of $95 a barrel this year and $77.75 a barrel next year,below its previous forecasts of $97.72 a barrel this year and $94.58 a barrel next year.For Brent, the global benchmark, the EIA expects prices to average $101.04 a barrel in2014 and $83.42 a barrel in 2015. In October, the agency called for price averages of$104.42 a barrel this year and $101.67 a barrel next year.
The EIA raised its forecast for total US crude production this year to 8.57 millionbarrels a day, up from its prior forecast of 8.54 million barrels a day. For 2015, theagency lowered its production forecast from 9.50 million barrels a day to 9.42 millionbarrels a day. The forecast 2015 production would represent the highest level of annualaverage oil production since 1972, the EIA said.

Economic Buzz: US Jobless Claims Fall

The number of people who applied for new unemployment benefits totaled fewer than 300,000 for the 10th straight week, reflecting the low level of layoffs in the U.S. as the economy continues to strengthen.Initial jobless claims fell by 2,000 to a seasonally adjusted 291,000 in the week ended Nov. 15, the Labor Department said Thursday. Claims from two weeks ago were revised up to 293,000 from 290,000.Also, the government said continuing claims decreased by 73,000 to a seasonally adjusted 2.33 million in the week ended Nov. 8.

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Time:
06L31pm Jackpot Call :-  1st tgt achieved in gold dec @ 26470. profit rs.11,000 per lot.mcx
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Gold Stays Weak On Strong Dollar

Gold remained weak on firm US dollar ahead of the US CPI data release. The metal is easing on ideas that support for Swiss referendum to require the country's central bank to hold 20% of its reserves in gold bullions is waning. 
The euro fell to session lows against the dollar on Thursday after data showed that euro zone private sector output slowed in November, clouding the outlook for fourth quarter growth. Euro quotes at $1.2530, down 0.19% on Thursday and the US dollar index quotes at 87.83, up 0.17%.

The pace of economic growth in the euro area slowed to a 16 month low in November, according to the Markit Euro zone PMI. The headline index, which measures business activity in the manufacturing and services economies, fell from 52.1 in October to 51.4, its lowest since July of last year. Manufacturing output growth picked up slightly to the highest for four months, but the rate of expansion remained only modest. Growth in the service sector meanwhile eased for a fourth successive month to the weakest since last December.
German private sector has grown at the slowest rate in 16 months in November as manufacturing stagnates and services lose momentum, a survey showed on Thursday, signaling a weak fourth quarter for Europe's largest economy.
The minutes of the US Federal Reserve's last policy meeting released Wednesday showed that the Fed decided not to alter its wording on the timing of any interest rate increases. Fed officials worried that a change could be misinterpreted by financial markets. Most economists predict that the Fed won't raise rates before June.

The COMEX Gold for the December delivery off the session low and quotes at $1,192.90 per ounce, down $1 and Silver December quotes at $16.258 per ounce, 0.036 on Thursday.

Local gold slipped on weak global cues and strength in the local currency. The MCX Gold December delivery quotes at Rs 26543, down Rs 168 and Silver December delivery quotes at Rs 36033, down Rs 339 per 1 kg. Indian rupee gained strength in the afternoon session with the Indian rupee quotes at Rs 61.938, down 0.29% in Thursday.

Wednesday, 19 November 2014

Gold Nears $1180 Mark On Waning Support For Swiss Referendum

Gold dropped heavily today as a correction from its two week highs continued. The metalis easing on ideas that support for Swiss referendum to require the country’s centralbank to hold 20% of its reserves in gold bullions is waning. Gold fell towards $1130 perounce at the start of the month, testing its lowest level in four and half years amidpersistent dollar strength and demand worries for the yellow metal. The metal currentlytrades at $1183.90 per ounce, down $10 per ounce on the day. MCX Gold futures are tradingat Rs 26493 per 10 grams, down Rs 218 per 10 grams or 0.82% on the day.
However, weak undertone in Indian rupee could offer some support for the local futures.The Indian rupee edged lower at commencement tracking losses in the Asian currenciesmarket. The domestic currency trades at 62.12 per US dollar, its weakest mark in eightmonths. The US dollar is holding just above 1.2500 mark against the Euro in globalmarkets- off its four year high but still in a formidable position.
The minutes of the US Federal Reserve's last policy meeting released Wednesday showedthat the Fed decided not to alter its wording on the timing of any interest rateincreases. Fed officials worried that a change could be misinterpreted by financialmarkets. Most economists predict that the Fed won't raise rates before June. The US stocksedged up a bit after the minutes. In last week of October, the Fed voted to end its assetpurchase program, by a 9-1 vote, and repeated that rates are likely to stay near zero for“a considerable time,” adding further that the first move to raise rates couldcome sooner if the economy is stronger than expected.
Meanwhile, India’s gold imports jumped in last month amid falling prices andexcellent demand ahead of the peak festive season. Gold imports rose 280% to $4.17 billionfrom $1.09 billion in the year-ago period. However, India’s merchandise exportscontracted in October, the first time this fiscal year exerting pressure on thecountry’s trade deficit. The trade deficit widened to $13.3 billion in October from$10.6 billion a year ago, according to data released by the commerce ministry on Monday.During the month, merchandise exports contracted 5% to $26 billion. Imports grew 3.6% to$39 billion, with the growth moderation mainly on account of lower petroleum imports.
Global Gold demand totalled 929 tonnes in the third quarter this year, which proved tobe a generally subdued quarter for the gold market, according to the World Gold Council'sGold Demand Trends. This was the lowest level for gold demand in nearly five years. Demandfell by around 2% compared to third quarter of last year. Jewellery demand softened by 4%year-on-year, but the comparison continues to be heavily influenced by the events in 2013.
The metal witnessed a solid jump on 14th November as short covering pushed up theprices ahead of weekend. COMEX Gold futures soared sharply, adding more than 2% in asingle session to close at $1185 per ounce. The Swiss National Bank could be forced to buynearly $60 billion of gold at current spot prices after the first poll on the impendingSwiss referendum shows a ‘yes' vote. On November 30, voters in Switzerland willdecide whether or not to outlaw further gold sales from the Swiss National Bank, to makephysical bullion at least 20 percent of the bank's assets and whether to repatriateSwiss-owned gold.

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Time:09:20pm
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Time:09:13pm
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Mild Gains Emerge In Crude Oil

The global crude oil prices edged up from their lows amid continued signs of bargainbuying. Equities are holding steady ahead of the release of the minutes of last US FOMCmeeting and the US dollar is mildly weak. Oil has eased this week after a bounce on lastFriday as traders feel that the OPEC oil cartel will leave output unchanged at an upcomingmeeting despite months of steady losses due to ongoing supply concerns. However, today’sbounce makes it look like the prices have formed a short term bottom. The WTI Crude oil isquoting at $74.78 per barrel, up 17 cents per barrel on the day. MCX Crude oil is quotingat Rs 4623 per barrel, up Rs 16 per barrel on the day.
Crude oil prices dropped yesterday as US industry stocks data painted a bearish pictureahead of more closely watched government data. Data from the industry group, the AmericanPetroleum Institute released late Tuesday, showed that crude supplies rose by 3.7 millionbarrels last week, while gasoline inventories rose by 519,000 barrels and distillatestocks fell by 3.3 million barrels.
A measure of German economic confidence edged higher for the first time in last oneyear, indicating that the country's economy may be starting to turn around after months ofconcerns about Europe's largest economy, noted the ZEW institute yesterday. The ZEW leadexpectations indicator was 11.5 in November, after -3.6 in October. It was the firstincrease in the index since December of last year. It strongly beat economists'expectations of a rise to 0.9 in a Dow Jones survey of analysts. The US Dollar eased a bitfollowing this and currently quotes at 1.2530 against the Euro.
The US Energy Information Administration (EIA), in its monthly short-term energyoutlook released yesterday cut its forecast for benchmark US crude-oil prices to anaverage of $95 a barrel this year and $77.75 a barrel next year, below its previousforecasts of $97.72 a barrel this year and $94.58 a barrel next year. For Brent, theglobal benchmark, the EIA expects prices to average $101.04 a barrel in 2014 and $83.42 abarrel in 2015. In October, the agency called for price averages of $104.42 a barrel thisyear and $101.67 a barrel next year.
The EIA raised its forecast for total US crude production this year to 8.57 millionbarrels a day, up from its prior forecast of 8.54 million barrels a day. For 2015, theagency lowered its production forecast from 9.50 million barrels a day to 9.42 millionbarrels a day. The forecast 2015 production would represent the highest level of annualaverage oil production since 1972, the EIA said.
In its latest annual world outlook, the OPEC predicted less demand for its oil through2017. OPEC said demand for its crude oil would fall to 28.2 million barrels a day by theend of 2017, as output from producers outside the cartel, such as the U.S. and Canada,Latin American countries, and Russia, continue to rise. Demand for OPEC crude will pick upagain in 2018, but a year later it will still be lower than demand for 2013, OPEC said.

Gold Stays Up On Bargain Buying

Gold futures extended the gains on bargain buying supported by reports ofRussia and Swiss Bank will be buying gold amid weak US dollar. The COMEX Gold futures gained above three weeks high of $1,200 mark on last day, after falling near $1,130 mark earlier this month. Meanwhile, Investors are looking ahead to the minutes of the Federal Reserve's October meeting, due out later in the day.

Russian President Vladimir Putin is stockpiling gold as the Kremlin looks to be digging in for a long economic war with the West. And, at the end of this month, the Swiss will hold a referendum on a partial return to the gold standard.

Over the last decade, Putin has tripled the country's reserves of gold, building up a stockpile of 1,150 tons. In the last three months, according to the World Gold Council, the country snapped up another 55 tons, making it the largest buyer in the market. Putin has turned Russia into the fifth largest holder of gold in the world, and is spending half a billion dollars a month buying more.

On Nov. 30, the Swiss will vote on a partial return to the gold standard. The proposed rule would force the Swiss National Bank to hold at least 20% of its assets in gold, which would mean it would have to repatriate gold held overseas, and probably start buying more of the stuff as well. It may well pass.

Euro currency remained supported for the second day against the US dollar after release of strong ZEW economic data for Germany and Euro Zone on last day.Euro currency quotes at $1.2540, up 0.06% on Wednesday. Meanwhile, the US dollar index quotes at $87.70, up 0.08% on Wednesday.

The COMEX Gold December delivery quotes at $1,200.90 a troy ounce, up $3.80 and Silver December delivery quotes at $16.237, up 0.063 a troy ounce.

Local gold surged on positive global cues amid weak local currency. The MCX Gold for the December delivery quotes at Rs 26774, up Rs 178. The December Silver quotes at Rs 36100, up Rs 290 per 1 kg.Indian rupee stayed lower near one month level with the currency quotes at Rs 61.980, up 0.49% over last day.

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 Time:03:52pm
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Time:
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Tuesday, 18 November 2014

Gold Jumps Above $1200 Mark On Weak Dollar, Bargain Buying

Gold jumped on weak dollar against major currencies amid bargain buying in the Yellow metal on reports of massive surge in India's gold imports. The COMEX Gold futures gained above three weeks high of $1,200 mark, after falling near $1,130 mark earlier this month.
The Euro currency gained against the US Dollar on strong economic data released from Euro zone. Euro quotes at $1.2519, up 0.55% and the US dollar index slipped and trades at 87.64, down 0.41% over last day. The ZEW's Indicator of Economic Sentiment for the Euro zone has increased by 6.9 points in November to a reading of 11.0 points. The indicator for the current economic situation in the euro area has decreased by 2.9 points to a value of minus 59.7 points. The German ZEW lead expectations indicator was 11.5 in November, after -3.6 in October. It was the first increase in the index since December of last year. The ZEW indicator of current conditions rose to 3.3 in November from 3.2 in the previous month.
Annual inflation in the U.K. accelerated in October but remained well below the Bank of England's 2% target, official data showed Tuesday, a further sign of subdued price pressures facing central banks around the world. The Office for National Statistics said annual inflation increased to 1.3% in October from 1.2% in September, largely because of smaller declines than a year earlier in prices for fuel and airfares. Core CPI, which excludes food, energy, alcohol, and tobacco costs rose at a seasonally adjusted rate of 1.5% last month, unchanged from September.
Japanese Prime Minister Shinzo Abe said Tuesday the government will delay by 18 months a planned increase in sales tax. The move comes after the economy unexpectedly fell into recession in the third quarter. The sales-tax increase to 10% from 8% had been scheduled to take place in October 2015. Abe also said the tax hike will not be delayed again. A previous sales-tax hike to 8% from 5% went into effect in April. Abe will dissolve the lower house of parliament on Nov. 21 and has called for a snap election to be held in December.
The COMEX Gold December delivery quotes at $1,201 an ounce, up $17.50 an ounce and the Silver December delivery quotes at $16.313, up $0.256 on Tuesday.
Local gold prices gained on strong COMEX gold amid reports of higher imports. The MCX Gold December delivery quotes at Rs 26715, up Rs 400 and Silver December delivery quotes at Rs 36222, up Rs 593 per 1 kg. Indian rupee gained afternoon moves with the currency quotes at Rs 61.760, down 0.09%.

India's gold imports jumped in last month amid falling prices and excellent demand ahead of the peak festive season. Gold imports rose 280% to $4.17 billion from $1.09 billion in the year-ago period. However, India's merchandise exports contracted in October—the first time this fiscal year—exerting pressure on the country's trade deficit. The trade deficit widened to $13.3 billion in October from $10.6 billion a year ago, according to data released by the commerce ministry on Monday. During the month, merchandise exports contracted 5% to $26 billion. Imports grew 3.6% to $39 billion, with the growth moderation mainly on account of lower petroleum imports.

Monday, 17 November 2014

Sell silver dec @ 35950-36050 wt sl 36322 tgt 35700-35400-35100.mcx:

Time 01:08 :
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Thursday, 4 September 2014

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Time:04:55pm
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Wednesday, 27 August 2014

Jackpot Performance 27 Augest 2014

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