Sebi Reg. No.

:- INH000003358

GOLD 29253
SILVER 39669

Commodity Premium Daily Journal

Strictly For Client Circulation
Firday, 3rd November 2017

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 Market Wrapup
Thursday, 2nd Nov 2017

Scrip Contract Open Price High Low Close Price

Gold 05-Dec-2017 29214 29370 29200 29244

Silver 05-Dec-2017 39724 39900 39467 39614

Crude Oil 17-Nov-2017 3499 3528 3495 3520

Natural Gas 27-Nov-2017 188 191.70 188 190.30

Copper 30-Nov-2017 447 449.80 447 449.60

Zinc 30-Nov-2017 213.20 213.20 208.90 211.23

Lead 30-Nov-2017 159.70 160.40 158 158.30

Aluminium 30-Nov-2017 141.30 141.30 139.15 139.85

Nickel 30-Nov-2017 820.40 834.10 798.50 808.60

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Support & Resistance
Friday, 3rd Nov 2017

Scrip Contract RES-2 RES-1 PIVOT SUP.1 SUP.2

Gold 05-Dec-2017 29441.33 29342.67 29271.33 29172.67 29101.33

Silver 05-Dec-2017 40093.33 39853.66 39660.33 39420.66 39227.33

Crude Oil 17-Nov-2017 3547.33 3533.67 3514.333 3500.67 3481.33

Natural Gas 27-Nov-2017 193.70 192.00 190 188.30 186.30

Copper 30-Nov-2017
455.25 451.60 448.45 444.80 441.65

Zinc 30-Nov-2017
215.42 213.33 211.1167 209.03 206.82

Lead 30-Nov-2017
161.30 159.80 158.9 157.40 156.50

Aluminium 30-Nov-2017
142.25 141.05 140.1 138.90 137.95

Nickel 30-Nov-2017
849.33 828.97 813.7333 793.37 778.13

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MCX Outlook
Friday, 3rd Nov 2017
Precious Metals are trading largely range bound after the FED kept rates steady overnight after the two day meeting. Gold futures are trading
at 29255, up 34 points or 0.12% whereas Silver is trading at 39665, down 35 points or 0.09%. Base Metals are trading marginally in red and
should extend losses into the evening session.

The FOMC ended its two day meeting and kept rates unchanged while leaving the door open for a December hike, which was just as the
market expected. The central bank also said that it sees the economy expand at a solid pace despite the hurricane related effects indicating a
strong chance of a rate hike in the final meeting of 2017 the market is pricing in an 85% chance currently.

Bullions barely budged after the report as the FED meeting was already expected to be a non-event. The focus will now be on Trumps
announcement of the new chair of Federal Reserve tonight and the leading contender, Jerome Powell is considered to a hawkish candidate
and his selection could be positive for precious metals in intraday. On the data front, unemployment claims and non-farm productivity should be
in focus today.

Energy prices expected to trend higher today

Crude Oil declined last evening despite inventories showing a major drop in oil inventories along with gasoline and distillate stocks in the US.
Crude Oil is trading at 3509, up 9 points or 0.26% whereas Natural Gas is higher by nearly two percent to trade at 190.10 currently.

The technical setup points to further upside in Crude Oil in the short term. The rally is being driven by falling US inventories along with an
unprecedented level of production cut compliance from OPEC and their members in the recent few months with the strong sentiment receiving
a further boost from the news that they may extend the cuts beyond March 2018 as was decided earlier.

Recent reports have also indicated a drop in exports from Iraq which has further boosted sentiment. Another key market indicator, the futures
curve for crude oil has shifted from contango to backwardation in what can be known as a major shift in market fundamentals proving the
earliest sign that the market may be on its way to rebalancing.

Crude Oil is likely to trend higher if it breaks above resistance at 3530 whereas on the downside, 3490 continues to act as a very strong
support for oil in the short term.

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Market News
Friday, 3rd Nov 2017

Special News
Bank of England Hikes Rates for First Time in a Decade
As expected, the Bank of England decided on Thursday to increase interest rates for the first
time in a decade.
Specifically, the BoE increased the benchmark interest rate from a record low of 0.25% to
0.50%.
This is the first increase since July 2007 when rates were increased to 5.75% and effectively
reverses the last rate cut in the wake of the Brexit referendum when the Bank was concerned
about uncertainty affecting the British economy.
The decision to hike interest rates was undertaken in a vote with seven members in favor and two opting to hold steady.
That surprised markets who were expecting six members to vote for a hike and three to prefer leaving rates unchanged.
The two dissenting members of the BoEs Monetary Policy Committee were Jon Cunliffe and Dave Ramsden.
Furthermore, all MPC members agreed unanimously to leave its asset purchase program unchanged as expected at 435 billion
($575 billion) as well as to maintain the stock of sterling non-financial investment-grade corporate bond purchases, financed by the
issuance of central bank reserves, at 10 billion ($13.2 billion).
The minutes from the meeting showed that the BoE now expects inflation to peak at 3.2% in October compared to its previous call for a
top at 3.0%.
On balance, inflation is expected to fall back over the next year and, conditioned on the gently rising path of Bank Rate implied by current
market yields, to approach the 2% target by the end of the forecast period, the minutes noted.
The MPC futher indicated that its outlook for inflation and activity in the November inflation report was broadly similar to the prior
projections in August.

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Market News
Friday, 3rd Nov 2017

Commodity Buzz
MCX Gold may trade in a range between 29101-29441
Technically MCX Gold is getting support at 29172 and below same could see a test of 29101 levels and resistance is now likely to be seen
at 29342, a move above could see prices testing 29441.

Gold settled flat while sentiments remain firm as support will be seen amid a weaker dollar, on increased demand from Chinese retail
investors and as the market waited for the announcement of a new chair of the US Federal Reserve, expected later in the day.

Higher demand from Chinese retail buyers has raised domestic bullion prices and global prices have risen to narrow the gap. Republicans in
the U.S. House of Representatives unveiled a tax bill on Thursday that would cost $1.51 trillion and deliver deep tax cuts as promised by
President Trump, setting off a race in Congress to give him his first major legislative Win.

Gold has advanced about 11 percent this year, building on gains in 2016 as U.S. policy makers opted for two rate increases. They also took
the first steps in paring the banks $4.5 trillion balance sheet that was amassed as the Fed undertook an unprecedented program to revive
the worlds top economy.

On Thursday, the Bank of England raised rates for the first time in more than 10 years while indicating another increase isnt imminent. The
next Fed chair will be a continuation of Yellen, itll probably be a continuation of the same rate plan weve been seeing over the past two years.

China's gold consumption rose 15.49 percent year on year to 815.89 tonnes in the first three quarters of 2017 due to strong sales of gold
bars, new data showed Wednesday. Consumption of gold bars went up 44.45 percent to 222.07 tonnes, while that for gold jewelry rose 7.44
percent to 503.87 tonnes, said the China Gold Association.

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Analyst Speaks
Friday, 3rd Nov 2017

Gold MCX

Technically Gold market is under short covering as market has witnessed drop RESISTANCE 2 29441.33
in open interest by 6.41% to settled at 5463 while prices up 48 rupees.

Now MCX Gold is getting support at 29172.67 and below same could see a test RESISTANCE 1 29342.67
of 29101.33 levels and resistance is now likely to be seen at 29342.67 a move
above could see prices testing 29441.33. PIVOT 29271.33

BUY GOLD AROUND 29200-29220 SUPPORT 1 29172.67

TGTS 29320/29420 SL 29100
SUPPORT 2 29101.33

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Analyst Speaks
Friday, 3rd Nov 2017

CRUDE OIL MCX

Technically Crude Oil market is under fresh buying as market has RESISTANCE 2 3547.33
witnessed gain in open interest by 16.94%.

Now MCX Crude Oil is getting support at 3500.67 and below same could
RESISTANCE 1 3533.67
see a test of 3481.33 level, And resistance is now likely to be seen at
3533.67 a move above could see prices testing 3547.33. PIVOT 3514.333

BUY CRUDE OIL AROUND 3520-3530 SUPPORT 1 3500.67

TGTS 3560/3590 SL 3490
SUPPORT 2 3481.33

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Todays Economic Events
Friday, 3rd Nov 2017

COUNTRY TIME EVENT ACTUAL FORECAST PREVIOUS

6:00pm Average Hourly Earnings m/m 0.2% 0.5%

Non-Farm Employment Change 312K -33K

Unemployment Rate 4.2% 4.2%

USD Trade Balance -43.3B -42.4B

7:30pm ISM Non-Manufacturing PMI 58.5 59.8

Factory Orders m/m 1.3% 1.2%

9:45pm FOMC Member Kashkari Speaks

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