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R
EE E K L Y
P
O Blow by Blow
On
R
Bullions,
T
Base metals,
18 MAY 22 MAY 2015

Energy

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.

MCX Gold to
follow global
trend; may trade
higher till 28000.

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.
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 Crude Oil

trading bearish on
profit booking.

Copper Output in
China Falls To One
Year Low.

ECONOMIC CALENDER
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

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

11:00pm

FOMC Member Fischer Speaks

May 22 4:30am

FOMC Member Williams Speaks

6:00pm

CPI m/m

0.1%

0.2%

Core CPI m/m

0.2%

0.2%

7:30pm

6:00pm

111B

GOLD
TECHNICAL VIEW
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.

PIVOT TABLE
STRATEGY
Better strategy in MCX GOLD is to buy
above 27700 for the targets of 2820028500 with stop loss of 26900.

S1

S2

S3

R1

R2

R3

27270

27000

26695

27600

27900

28250

SILVER
TECHNICAL VIEW
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 4000040600 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.

STRATEGY
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.

PIVOT TABLE
S1

S2

S3

R1

R2

R3

39090

38250

37350

40600

41650

42750

CRUDEOIL
TECHNICAL VIEW
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.

PIVOT TABLE

STRATEGY
Better strategy in MCX CRUDEOIL is to
sell below 3700 for the target of 3500,
with stop loss of 4000.

S1

S2

S3

R1

R2

R3

3715

3570

3425

3870

4000

4140

COPPER
TECHNICAL VIEW
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.

PIVOT TABLE

STRATEGY
Better strategy in MCX COPPER is to buy
on dips, with stop loss of 400 for the
targets of 424-432.

S1

S2

S3

R1

R2

R3

406.20

397.50

387.65

417

426.70

435

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