18 MAY 22 MAY 2015

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W E E K L Y

R

E

P

O

R

T

Blow by Blow

On

Bullions,

Base metals,

Energy

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MAJOR EVENTS MCX Gold June future prices are trading bullish on negative economic data of US and

weak USD/INR. Prices may accelerate further on weak US and Chinese data forecast.

Comex Gold has been roar in previous session and sustain above crucial resistance of

$1200. Comex Gold prices likely to trade higher till $1230 in near term.

MCX Gold future prices likely to follow global trend and probable to trade higher till

28000. Support: 27200/27000 and resistance: 27800/28000. Gold rose two percent to

above $1,200 an ounce on Wednesday, heading for a second session of gains as the

hit a near three-month low after disappointing U.S. employment data.

U.S. retail sales were also unchanged in April as households cut back on purchases of

automobiles and other big-ticket items, suggesting the economy was struggling to

make a strong rebound after barely growing in the first quarter.

A top Fed official said he did not know when interest rates would rise, but tempered

that uncertainty by applauding an apparent consensus between markets and the U.S.

central bank that it would happen later this year.

MCX Crude Oil prices are trading bearish on profit booking seen by traders. Oil prices

were unable to sustain above resistance of $60 BPL. Nigerian Oil at Akwa has began

its production weigh on long bets by traders. PratikPatel, Research analyst at

Commodity Online, said overall prices for Oil are likely to correct on increasing

supply. MCX Crude Oil trading range: Support 3760/3720; resistance 3840/3880. On

Friday(11.53 am), MCX Crude Oil May contract has been trading 0.58 per cent to

3798 levels.

Trading was choppy on Thursday as market participants tried to square bullish

factors, including recent drops in U.S. inventories, spot demand for crude in Asia and

Middle East unrest, with basic supply fundamentals of historically high inventories

and ample production. China, the world's top energy consumer, lost more economic

steam in April despite easing monetary policy, while Europe's largest economy,

Germany, slowed in the first quarter. In the United States, retail sales were flat in

April, curbing hopes of a sharp rebound in growth in the second quarter. A surprise

increase in output in March from the No. 2 U.S. Oil producing state.

MCX Crude Oil

trading bearish on

profit booking.

Copper Output in

China Falls To One

Year Low.

The copper producers in China have finally realized that there over enthusiasm in

Copper will led them nowhere. Copper output is very likely to face tough times as

producers have slashed there capacities. The reflection of the same was seen in the

latest refined Copper production numbers from China. The production of Copper in

China marked the lowest levels witnessed since April 2014. The total Copper

production was 603498 tonnes in April 2015 compared to 636351 tonnes in March

2014. The data was released by National Bureau of Statistics, China. It has been noted

that the yearly numbers of refined Copper production was still higher. The April output

was 6.8 per cent up from a year ago. In the first 4 months of 2015, the production rose

11.9 per cent from a year ago to 2.44 million tonnes, the data showed.

It has also been noted that maintenance activity will start by Copper producers in

May-June months that can release Copper of the hook of bears. Meanwhile, prices

have been riding choppy in last one week due mixed set of news in the markets about

demand and supplies. Domestic Copper is failing to find its foot above Rs 420 at the

moment, and had slipped in the last trading session on the back of profit booking. On

the lower side, Copper is supported at Rs 405 per kg.

MCX Gold to

follow global

trend; may trade

higher till 28000.

E C O N O M I C C A L E N D E R

DATE & TIME DESCRIPTION FORECAST PREVIOUS

May 18 11:30am FOMC Member Evans Speaks

7:30pm NAHB Housing Market Index 57 56

May 19 6:00pm Building Permits 1.06M 1.04M

6:00pm Housing Starts 1.02M 0.93M

May 20 12:30pm FOMC Member Evans Speaks

8:00pm Crude Oil Inventories -2.2M

11:30pm FOMC Meeting Minutes

May 21 6:00pm Unemployment Claims 267K 264K

7:15pm Flash Manufacturing PMI 54.6 54.1

7:30pm Philly Fed Manufacturing Index 8.3 7.5

7:30pm Existing Home Sales 5.23M 5.19M

7:30pm CB Leading Index m/m 0.3% 0.2%

8:00pm Natural Gas Storage 111B

11:00pm FOMC Member Fischer Speaks

May 22 4:30am FOMC Member Williams Speaks

6:00pm CPI m/m 0.1% 0.2%

6:00pm Core CPI m/m 0.2% 0.2%

S1 S2 S3 R1 R2 R3

27270 27000 26695 27600 27900 28250

S1 S2 S3 R1 R2 R3

39090 38250 37350 40600 41650 42750

T E C H N I C A L V I E W

MCX GOLD showed bullish movement,

broke the resistance of 27000 and

closed around its important resistance

level of 27500. Now, if it is able to

maintain above 27600 then next major

resistance level is seen in the range of

28000-28250. On other hand

sustaining below 27000 bearish

movement may drag it towards the

support level of 26500.

S T R A T E G Y Better strategy in MCX GOLD is to buy

above 27700 for the targets of 28200-

28500 with stop loss of 26900.

PIVOT TABLE

G O L D

PIVOT TABLE

S I L V E R

T E C H N I C A L V I E W

MCX SILVER on daily charts showed

upward movement and after giving the

breakout of trendline it tooks the

resistance of psychological level 40000.

Now, if it maintains above 40000-

40600 then next resistance is seen in

the range of 41500-42000. On lower

side sustaining below 39000 will again

drag it towards the support level of

37500.

S T R A T E G Y Better strategy in MCX SILVER at this

point of time is to buy above 40200 for

the target of 41500, with stop loss of

38400.

C R U D E O I L

C O P P E R

S1 S2 S3 R1 R2 R3

3715 3570 3425 3870 4000 4140

S1 S2 S3 R1 R2 R3

406.20 397.50 387.65 417 426.70 435

T E C H N I C A L V I E W

MCX Copper last week showed

sideways movement and closed

around its important support level of

410. Now, if it maintains on higher

level then next important resistance is

seen around 421 above which next

resistance level is 430. On the other

hand if it sustain below the support

level of 410 then it will drag towards

the next support level of 400.

S T R A T E G Y Better strategy in MCX CRUDEOIL is to

sell below 3700 for the target of 3500,

with stop loss of 4000.

PIVOT TABLE

T E C H N I C A L V I E W

MCX Crude oil last week showed

sideways movement but not able to

hold above 4000 and steep fall drag it

towards the support level of 3715.

Now, if it sustain below 3700 in coming

sessions then next important support

level is seen around 3570. On the other

hand 3850 will act as important

resistance level above which again it

will move towards the resistance level

of 4000.

S T R A T E G Y Better strategy in MCX COPPER is to buy

on dips, with stop loss of 400 for the

targets of 424-432.

PIVOT TABLE

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