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R
EE E K L Y
P
O Blow by Blow
On
R
Bullions,
T
Base metals,
19 JAN 23 JAN 2015

Energy

MAJOR EVENTS
Gold prices posted the biggest weekly gain in 18 months as turmoil in European
currency markets spurred demand for the metal as a haven. Aggregate open interest
in gold futures on Jan. 15 surged 5.6 percent, the most since October 2009, following
the Swiss central banks surprise move to abandon the francs cap against the euro.
Assets in the biggest exchange-traded product backed by the metal rose the most
since August 2011. Gold climbed to a four-month high on Friday, while call options for
the right to own February futures at $1,300 an ounce soared sevenfold in two days.
Signs of cooling expansion in Europe boosted speculation that policy makers will add
to stimulus, increasing demand for a store of value. Muted inflation and stagnant
foreign economies may prompt the Federal Reserve to delay an increases in interest
rates.
Gold futures for February delivery rose 1 percent to settle at $1,276.90 an ounce at
1:38 p.m. on the Comex in New York. Earlier, the price reached $1,282.40, the highest
for a most-active contract since Sept. 2. This week, the metal jumped 5 percent, the
most since July 12, 2013.

U.S. drillers have taken a record number of oil rigs out of service in the past six weeks
as OPEC sustains its production, sending prices below $50 a barrel.
The oil rig count has fallen by 209 since Dec. 5, the steepest six-week decline since
Baker Hughes Inc. (BHI) began tracking the data in July 1987. The count was down 55
this week to 1,366. Horizontal rigs used in U.S. shale formations that account for
virtually all of the nations oil production growth fell by 48, the biggest single-week
drop.
Analysts including HSBC Holdings Plc say the decline shows that the Organization of
Petroleum Exporting Countries is winning its fight for market share and slowing the
growth thats propelled U.S. production to the highest in at least three decades.
OPECs decision not to curb its output amid increasing supplies from the U.S. and
other countries has driven global oil prices down 58 percent since June.

Gold Climbs to
Four-Month High
as Open Interest
Surges.

Steepest Oil-Rig
Drop Shows Shale
Losing Fight to
OPEC.

Copper got underpinned by the recent losses that have made the prices attractive.
Copper prices notched their biggest one-day percentage gain in four months last day
as investors took advantage of the recent slide to 5 1/2-year lows.
In domestic markets, Copper showed resilience for the second day in a row as prices
got sparked to Rs 353.3 per kg. The prices tested a high of Rs 356.65 per kg and a low
of Rs 351.8 per kg.
The most actively traded contract, copper for March delivery, was last seen trading at
$ 2.55 cents, on the Comex division of the New York Mercantile Exchange. Yesterday it
was the largest Copper gain in COMEX.
Prices rebounded from Wednesday's low as some bearish traders moved to lock in
gains on slide by buying copper futures, while others saw an opportunity to pick up the
metal at bargain prices. Despite Thursday's bounce, the outlook for copper prices is
bearish as concerns about global growth remain.

Copper Trying to
Recover Lost
Ground In Last
Session of The
Week.

ECONOMIC CALENDER
DATE & TIME

DESCRIPTION

Jan 19 All Day

Bank Holiday

8:30pm

FORECAST

PREVIOUS

58

57

FOMC Member Powell Speaks

8:30pm

NAHB Housing Market Index

Jan 21 Day 1 ALL

WEF Annual Meetings

7:00pm

Building Permits

1.06M

1.05M

Housing Starts

1.04M

1.03M

7:00pm
Jan 22 Day 2 ALL

WEF Annual Meetings

7:00pm

Unemployment Claims

301K

316K

7:30pm

HPI m/m

0.4%

0.6%

9:00pm

Natural Gas Storage

-236B

9:30pm

Crude Oil Inventories

5.4M

Jan 23 Day 3 ALL

WEF Annual Meetings

8:15pm

Flash Manufacturing PMI

54.1

53.9

8:30pm

Existing Home Sales

5.08M

4.93M

8:30pm

CB Leading Index m/m

0.5%

0.6%

Jan 24 Day 4 ALL

WEF Annual Meetings

GOLD
TECHNICAL VIEW
MCX GOLD showed bullish movement,
and closed above trendline also
formed inverse head and shoulder
pattern. Now, if it is able to maintain
above 28000 then breakout will
expected and next resistance level is
seen around 29000. On other hand if it
sustains below 27200 then bearish
movement may drag it towards the
next support level of 26300.

PIVOT TABLE
STRATEGY
Better strategy in MCX GOLD is to buy
above 28000 for the targets of 2850029000 with stop loss of 27000.

S1

S2

S3

R1

R2

R3

27320

26800

26280

28000

28500

29085

SILVER
TECHNICAL VIEW
MCX SILVER on daily charts showed
upward movement last week, found
important resistance of 39000 and also
closed above it. Now, if it maintains
above 39000 then next resistance is
seen in the range of 40000-41000. On
lower side sustains below 38000 will
drag it to next support level of 37000
below which again brears may active
and find next support around 34000.

STRATEGY
Better strategy in MCX SILVER at this
point of time is to buy above 39500 for
the targets of 40500-41600, with stop
loss of 38000.

PIVOT TABLE
S1

S2

S3

R1

R2

R3

38150

37025

35700

39900

41210

42450

CRUDEOIL
TECHNICAL VIEW
MCX Crude oil last week break the
important support of 2950 but not able
to maitain below it and closed above
that level. Now, the next important
resistance level is seen around 3140 if
it maintains above 3150 then bulls may
active and find next resistance is
around 3500. If it follows downtrend
then 2750 will act as major support
level.

PIVOT TABLE

STRATEGY
Better strategy in MCX CRUDEOIL is to
sell below 2850 for the target of 2500,
with stop loss of 3150.

S1

S2

S3

R1

R2

R3

2750

2600

2450

3210

3570

3935

COPPER
TECHNICAL VIEW
MCX Copper last week showed bearish
movement and retrace upto 23.6%
retracement level. Now if it sustain
below 350 then again bears will drag it
towards next important support level
of 335. On the other hand immediate
resistance is seen near 367 and closing
above which may show some strength
towards the resistance level of 390.

PIVOT TABLE

STRATEGY
Better strategy in MCX COPPER is to sell
below 350, with stop loss of 367 for the
target of 335.

S1

S2

S3

R1

R2

R3

350.60

340.90

330

365

377.10

390

DISCLAIMER

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