Wednesday, June 18, 2014
Market Overview
•
Precious
metals are trading flat ahead
of the
outcome of the Fed policy meet today. A weaker
INR has kept domestic prices higher
•
Base
m
etals are mostly higher on the LME with
Aluminium gaining and
copper edging to its
Economic Data
Current account
Crude oil inventory
Fed interest rate
decision
Country
US
US
US
Time
6.00pm
8.00pm
11.30pm
Exp
$96.9B
0.65m
0.25%
Prior
$81.8B
-2.5m
0.25%
highest in nearly two weeks on hopes of Chinese
authorities supporting growth.
•
Crude
fears.
oil prices are higher on concerns over Iraq
and shutdown of the Baiju refinery further spread
Evening View
Commodity
MCX Gold
Intraday View
MCX Gold faces strong resistance near Rs.27030/27100 level and as long as capped below
the same, expect a correction on the downside. Key supports for the day are at
26770/26580 levels. However, sustained breach above Rs.27100 would be strongly bullish
for the metal. Next major resistance is at Rs.27290 level.
As expected Spot gold corrected yesterday and took support near $1258. Immediate
resistance is at $1275/1284 and breach above the same could target $1290/1298. Fall
below $1258 would be bearish for the same.
NCDEX Gold Hedge has immediate support at Rs.24560 followed by strong support at
Rs.24430-300 range. Strong resistances on the upside are at Rs.24780 - 24950 levels.
Either side breach of the mentioned range will give us futher direction.
MCX Silver has strong support at Rs.41750/42040 and as long as held above the same,
sideways to positive movement is expected. Strong resistance on the upside is at Rs.42600
and rise above the same could target Rs.420/43150 level.
Spot silver has breached above recommended resistance of $19.45 and is trading near
$19.70. Key support is at $19.45 whereas resistance is pegged at $19.90 - 20.00 range.
Bias remains sideways to up as long as $19.45 is held on downside.
MCX Copper failed to breach Rs.394 twice on the downside and rallied sharply towards
Rs.405-408 level. Immediate resistance on the upside is at Rs.410/411.40 level followed by
strong resistance at Rs.413 range. Strong supports on the downside are placed at
Rs.405.50/403.5 level. Buying on dips is advisable.
Gold $ (SPOT)
Gold HEDGE (NCDEX)
MCX Silver
Silver $ (SPOT)
MCX Copper

MCX Nickel
MCX Crude
MCX Natural Gas
LEAD
ZINC
Aluminium
Key support for Nickel is at Rs.1127/1108 and the short-term trend looks up as long as the
price sustains above the same. Strong support is at Rs.1100 level. Immediate resistance for
Nickel is at Rs.1152 followed by 1169-70 area. As long as above Rs.1127/1108, buying on
dips is advisable.
MCX Crude oil price after breach of consolidation Rs.6235-6170 range rallied sharply above
6400 level. The price has now taken support near Rs.6370 as expected in the earlier
report. Only sustained breach of 6370-6360 could deepen the correction towards Rs.6315
level. Strong intraday resistances are at Rs.6468-6485 levels. As long as above Rs.6360-
70, dip buying is advisable.
Natural gas achieved expected level of Rs.288 and corrected towards Rs.281 level. Only
short-term trend looks positive above Rs.281 level. Strong supports for the day are placed
at Rs.281/278/276.40 whereas resistances are at Rs.289/292.5/296 levels.
MCX lead rallied sharply for 3rd consecutive session and is trading near Rs.127 at present.
Strong support on the downside is at Rs.126/124.60/123.80 whereas strong resistances are
placed at Rs.127.20/128.40 level.
MCX Zinc still looks stronger of the lot and we continue with our positive bias for the metal.
Intraday support is at Rs.127.40/126.20/125.10 whereas resistance is at Rs.129.10/130
levels. Buying on dips is advisable.
MCX Aluminium has strong support at Rs.109/107.40 level whereas strong resistances are
placed at Rs.110.80/111.60/112.70 levels. As long as above Rs.107.40 retest of resistance
near Rs.111.60 looks possible. Only move below Rs.107.40 could resume the downtrend.
Disclaimer