Thursday, January 08, 2015
Market Overview
•
Precious metals are correcting as equity
markets bounced
economic data.
back
on
better
U.S.
Time
Economic Release
Initial jobless claims
Natural gas storage
Country
Exp
290k
121bcf
Prior
298k
-26bcf
•
Base metals may trade lower but a rebound
today in equities may lift metals.
7.00pm
9.00pm
US
US
•
U.S. crude prices are flat to positive but
may remain weak. Markets will await the
Natural gas inventory data later today.
Evening View
Commodity
MCX Gold
Intraday View
MCX Gold has breached below its critical support of Rs.27050 and price sustain below is
indicating further weakness. Supports are placed at Rs.26650 - 26530 whereas major
resistance is at Rs.27155 - 27280. Intraday bias looks sideways to down, but upside could
resume if it breaches above Rs.27050
Spot Gold corrected yesterday after testing resistance at $1223. Immediate support is at
$1201 followed by $1193-1186 range. Sustained breach of resistance might lead to further
upside move towards $1233 range.
NCDEX Gold Hedge looks to trade sideways to up as long as support at Rs.24600 is held.
Resistance is at Rs.25600 followed by Rs.25950 levels.
MCX Silver looks to continue its weakness for the day, but downside looks limited till
Rs.36800 - 36555 which is key support zone for the day. Resistance is pegged at Rs.37280
and sustained breach above will resume and could upside towards Rs.37500 - 37700.
Buying only on break above Rs.37280 is advisable
Spot Silver breached key short-term resistance near $16.30 and rallied towards $16.70.
The short-term trend thus looks positive and the rally is likely to extend further towards
$16.95 level. Intraday supports are placed at $16.30 - $16.05 - $15.85.
MCX Copper will continue its weakness as long as it holds below Rs.391.50 - 393 which is
key resistance levels. Selling on rise is advisable with profit objective of Rs.383.40 - 380.
Our intraday bias could negate if it breaches above resistance levels
MCX Nickel has been showing signs of reversal and price sustain above Rs.955 - 940 is
indicating further positive move for the day. However, Rs.984 - 995 is an important
resistance zone. Breach of the same is required to lead to a further rally. Lower supports
are at Rs.965 - 955 while break of resistance could lead to rally towards Rs.1007-1012
Gold $ (SPOT)
Gold HEDGE (NCDEX)
MCX Silver
Silver $ (SPOT)
MCX Copper
MCX Nickel

range.
MCX Crude
MCX Crude oil could give some pullback for intraday on back of short covering, but short
term bias remains weak and selling on rise is advisable. Intraday resistances are pegged at
Rs.3110 - 3155 - 3190 levels whereas supports are placed at Rs.3025 - 2980 levels.
Critical resistance for MCX Natural Gas is at Rs.183.50 and selling on rise is advisable as
long as holds below the same. Immediate support is at Rs.175 and break below could
extend downside towards Rs.172. Bias for the counter could reverse if it breaches above
resistance
MCX Lead is a moving sideways and looks to continue its consolidation for the day. Strong
intraday resistance is at Rs.117.50 - 118.50 and sustained break above the same could
extend upside towards 119.4. Supports are placed at Rs.115.40 - 114.
MCX Zinc looks to trade sideways to down as long as it trades below Rs.137.30. Immediate
support is at Rs.134.50 and break below the same could target Rs.133. Our view could
negate if it breaches above resistance.
MCX Aluminum looks the weakest of the pack and continues to slide lower. Price has
intraday resistances at Rs.113.6-114.80 and the fall is likely to continue as long as price
holds below the same. Supports are seen at Rs.111.70 - 111.10 -110.45 levels.
MCX Natural Gas
LEAD
ZINC
Aluminium
Disclaimer