Thursday, August 14, 2014
Market Overview
•
Gold prices remain underpinned by the
situation in eastern Ukraine but a stronger
INR is weighing on domestic prices. Earlier,
a WGC reported a 16% YoY fall in gold
demand in Q2 which will also weigh on
prices.
Time
6.30 PM
8.00 PM
Economic Release
Jobless claims
Natural Gas
Inventory
Country
US
US
Exp
295K
83B
Prior
289K
82B
•
Base metals are lower as GDP data from
France,
Germany
and
Euro
zone
disappointed raising concerns about growth.
•
Oil prices are lower following a bearish
inventory report and weaker growth
numbers from the Euro zone earlier today.
Evening View
Commodity
MCX Gold
Intraday View
Intraday Support for MCX Gold remains at Rs.28530 - 28400 whereas resistance pegged at
Rs.28760-28920-29085. Overall the metal looks to continue its consolidative range,
sustained breach on either side of Rs.28400 - 29100 could give positional direction. As long
as above Rs.28400, buying on dips is advisable.
Spot Gold traded with a positive bias in the previous session and is trading close to $1311
at present. Strong intraday supports are placed at $1302/1295/1284 whereas $1318/1325
should act as resistances. As long as above $1295, buying on dips is advisable.
Intraday support for NCDEX Gold Hedge is at Rs.25830/25740 whereas resistance is at
26035. Looks to trade in a consolidative range for the day.
MCX Silver failed to breach crucial resistance near Rs.44100 and fell sharply. Strong
intraday supports are now placed at Rs.43100/42800 whereas Rs.43460/43630/44100
should act as resistances. Only move above Rs.44100 would be the first positive sign for
the metal. Selling on rise is advisable as long as mentioned resistances are capped on the
upside.
Intraday support for Spot silver is at $19.70 whereas resistance is pegged at $20.15/20.40.
Range bound to positive movement is expected as long as $19.70 is held on the downside.
As recommended, MCX Copper traded with negative bias and achieved our expected target
of Rs.422. Some upside could be seen on back of short covering, but bias remains weak as
long as Rs.424 - 426 is capped on the upside. Immediate support is at Rs.417.3 and
sustained break below could target Rs.414.50. Selling on rise is advisable.
Gold $ (SPOT)
Gold HEDGE (NCDEX)
MCX Silver
Silver $ (SPOT)
MCX Copper

MCX Nickel
Immediate support for MCX Nickel is at Rs.1122/1117 whereas critical support is at
Rs.1112. Immediate resistance is at Rs.1137-1143 and sustained break above could target
Rs.1156. Range bound movement is expected for the day.
MCX Crude oil looks to trade sideways to up as long as Rs.5920 - 5930 is held on downside
which should act as key support zone. Immediate resistance is at Rs.5975 and sustained
break above the same could target Rs.6005-6040. However, breach below Rs.5920 would
be strongly bearish targeting Rs.5875 level.
Natural Gas failed to breach Rs.246.80 on the upside and reversed sharply as expected.
Correction should continue for the day towards Rs.232.50 level. Strong intraday resistances
are placed at RS.237.80/239/241.50 level. Selling on rise is advisable.
MCX Lead fell sharply as expected and closed near Rs.134.70 level. Strong intraday
resistances are placed at Rs.135.90/136.40/138 whereas Rs.133.80/133.30/132.40 could
act as supports. Selling on rise is advisable.
MCX Zinc breached crucial support near Rs.139.60 and closed well below the same
indicating weakness. Strong intraday resistances are now placed at Rs.139.60/142 whereas
Rs.138.10/137.40/136.70 should act as supports. Selling on rise is advisable.
Immediate support for Aluminium is at Rs.122.50/122/121.30 whereas strong intraday
resistances are placed at Rs.123.30/123.80/124.50/125.50 level. Range bound to negative
movement is expected for the day.
MCX Crude
MCX Natural Gas
LEAD
ZINC
Aluminium
Disclaimer