TODAY COMMODITY REPORT AND MCX SUPPORT AND RESISTANCE OUTLOOK 13 OCT 2016.

COMMODITY MARKET OUTLOOK

Gold prices edged down as the dollar rose on expectations that the U.S. Federal Reserve might raise interest rates in December.

Silver prices ended with small gains but helped by a mild pullback from the U.S. dollar but remained amid growing expectations for a 2016 rate hike by Fed.

Crude oil dropped after OPEC said that its production had risen to its highest level in at least eight years.

Copper prices dropped as dollar strength ahead of the release of Fed’s minute offsetting a drop in LME inventories to a three-week low.

Zinc prices ended with gains recovering from lows which seen after a major miner said it planned to double output next year.

Nickel gained as prices remained supported by an environmental audit in the Philippines, which has resulted in a number of mine closures.

Natural gas dropped on profit booking after prices gained forecasts showed unseasonably high temperatures.

Commodity Market update:-

GOLD

PP-29673

R1- 29756                                   S1-29567

R2- 29862                                   S2-29484

SILVER

PP-41985

R1-42215                                     S1-41820

R2-42380                                     S2-41590

CRUDE OIL

PP-3368

R1- 3400                                      S1-3320

R2- 3448                                      S2-3288

NATURAL GAS

PP-215.30

R1- 216.9                                      S1-212.8

R2- 219.4                                      S2-211.2

COPPER

PP-324.7

R1- 325.6                                      S1-323.0

R2- 327.3                                      S2-322.1