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1. 27 JAN – 30 JAN 2015
W E E K L Y
R
E
P
O
R
T
Blow by Blow
On
Bullions,
Base metals,
Energy…
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2. MAJOR EVENTS
Gold futures are trading sideways today though the COMEX futures linger below
$1300 perounce mark. Prices have come off their five month highs. Sharp gains in US
dollar havecapped gold this week. Safe-haven demand propped up the metal last
week as a break above$1200 per ounce extended following the surprising news that
Swiss National Bank abruptlyabandoned the Swiss franc's peg to Euro. This week, the
traders are booking profits afterprices soared 10% in first three weeks of 2014. Even
the much touted ECB QuantitativeEasing decision is not helping gold much. COMEX
Gold is trading at $1297.10 per ounce,down $3.60 per ounce on the day. MCX Gold
futures are quoting at Rs 28055 per 10 grams, upRs 19 per 10 grams on the day.
The US dollar is quoting near a fresh 11 year high around 1.1300 against the Euro.
ECBPresident Mario Draghi said yesterday that the central bank would make monthly
bondpurchases of as much as 60 billion Euros starting in March, and running through
Septemberof next year. Draghi's announcement came after the ECB held benchmark
rates unchanged atrecord lows. This has boosted stocks around the globe and the
European indices are tradingaround with gains of around 1.5%-2%.
Oil fell to the lowest in almost six years on speculation the death of King Abdullah of
Saudi Arabia won’t signal any change in strategy for the world’s largest crude
exporter.
U.S. benchmark oil futures slid 1.6 percent, reversing an initial gain of as much as 3.1
percent. Salman Bin Abdulaziz Al Saud, who succeeds Abdullah on the throne, said he
would maintain his predecessor’s policies. The kingdom will not cut production to
boost prices because other producers would fill in the gap, Saudi Prince Alwaleed Bin
Talal Al Saud said. U.S. crude inventories rose the most since 2001 last week,
according to a government report on Thursday.
“There already has been a pretty well established succession plan so it’s not a big
deal,” said Kyle Cooper, director of commodities research at IAF Advisors in Houston.
“Supply has been very stout and demand’s not been what people had expected. It
highlights the bearish sentiment in the market.”
Oil Falls to Lowest
Since ’09 as Saudis
Signal Continuity.
Copper Declines
On MCX, WBMS
Reports Provides
Little Support.
The latest data release from WBMS has posted little support to Copper as prices have
declined sharply. Moving closer to Rs 340 prices are showing limited resilience. When
last checked, MCX Copper February expiry was trading at Rs 346.2 per kg. The prices
have tested a high of Rs 349.5 per kg, and a low of Rs 346.2 per kg. Data from Chinese
PMI was still disappointing as it came below 50. China with the release of the HSBC
Flash China Manufacturing PMI which beat expectations of 49.5 with a print of 49.8.
However the index still lingers in the contraction zone below 50. According to a data
released by the World Bureau of Metal Statistics (WBMS), copper was in a shortage of
122000 tons in the first eleven months of 2014. Copper market recorded a surplus of
283000 tons in 2013. Global consumption of copper totaled 21.05 million tons in the
first eleven month of 2014 and the figure in 2013 was 21.04 million tons. Global
output of refined copper totaled 2.01 million tons in November, as the consumption
was 2.04 million tons. WBMS also mentioned that global lead was in a surplus of
13,700 tons in the first eleven months of 2014. Lead market recorded a shortage of
94000 tons in 2013. Global consumption of lead saw a decrease of 347,000 ton in the
first eleven month of 2014. Global output of refined lead totaled 877,300 tons in
November, as the consumption was 881400 tons.
Gold
Consolidates Just
Under $1300.

3. E C O N O M I C C A L E N D E R
DATE & TIME DESCRIPTION FORECAST PREVIOUS
Jan 27 7:00pm Core Durable Goods Orders m/m 0.6% -0.7%
7:00pm Durable Goods Orders m/m 0.6% -0.9%
7:30pm S&P/CS Composite-20 HPI y/y 4.7% 4.5%
8:15pm Flash Services PMI 53.9 53.3
8:30pm CB Consumer Confidence 95.7 92.6
8:30pm New Home Sales 452K 438K
8:30pm Richmond Manufacturing Index 6 7
Jan 28 9:00pm Crude Oil Inventories 10.1M
Jan 29 12:30am FOMC Statement
12:30am Federal Funds Rate <0.25% <0.25%
7:00pm Unemployment Claims 301K 307K
8:30pm Pending Home Sales m/m 0.6% 0.8%
9:00pm Natural Gas Storage -216B
Jan 30 7:00pm Advance GDP q/q 3.1% 5.0%
7:00pm Advance GDP Price Index q/q 0.9% 1.4%
7:00pm Employment Cost Index q/q 0.6% 0.7%
8:15pm Chicago PMI 58.1 58.3
8:30pm Revised UoM Consumer Sentiment 98.5 98.2
8:30pm Revised UoM Inflation Expectations 2.4%

4. S1 S2 S3 R1 R2 R3
27545 27145 26665 28271 28690 29085
S1 S2 S3 R1 R2 R3
39040 37600 36385 40600 41975 43270
T E C H N I C A L V I E W
MCX GOLD showed sideways to bullish
movement, and gave breakout of
inverse head and shoulder pattern and
also closed above it. Now, if it is able to
maintain above 28300 then upward
movement will expected and next
resistance level is seen around 29100.
On other hand if it sustains below
27500 then bearish movement may
drag it towards the next support level
of 26500.
S T R A T E G Y
Better strategy in MCX GOLD is to buy
above 28300 for the target of 29000
with stop loss of 27450.
PIVOT TABLE
G O L D
PIVOT TABLE
S I L V E R
T E C H N I C A L V I E W
MCX SILVER on daily charts showed
upward movement last week, and
closed above its important resistance
of 39200. Now, if it maintains above
40600 then next resistance is seen in
the range of 42500-43000. On lower
side sustains below 38800 will drag it
to support level of 38000 below which
again brears may active and find next
support around 35700.
S T R A T E G Y
Better strategy in MCX SILVER at this
point of time is to buy above 40600 for
the targets of 42000-43000, with stop
loss of 38800.

5. C R U D E O I L
C O P P E R
S1 S2 S3 R1 R2 R3
2750 2600 2450 3140 3440 3730
S1 S2 S3 R1 R2 R3
340 320 310 351 360.85 370
T E C H N I C A L V I E W
MCX Copper last week showed bearish
movement and not able to maintains
above 23.6% retracement level and
again drag to its recent low of 341.
Now if it sustain below 340 then again
bearishness will drag it towards next
important support level of 330. On the
other hand if some correction occur
on higher side then immediate
resistance is seen around 352.50.
S T R A T E G Y
Better strategy in MCX CRUDEOIL is to
sell on highs for the target of 2500, with
stop loss of 3150.
PIVOT TABLE
T E C H N I C A L V I E W
MCX Crude oil last week showed
bearish movement and break the
important support of 2870 and closed
below it. Now, the next immediate
important support level is seen around
2750 if it sustain below this level, then
next support level is seen around 2550.
On the other hand if it maintains above
3000 then 3140 will act as major
resistance level.
S T R A T E G Y
Better strategy in MCX COPPER is to sell
below 340, with stop loss of 355 for the
target of 330.
PIVOT TABLE

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