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1. W E E K L Y
15 SEP – 19 SEP 2014
R
E
P
O
R
T
Blow by Blow
On
Bullions,
Base metals,
Energy…
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2. MAJOR EVENTS
Gold is extending its persistent drop as strong dollar and demand worries continue to
hit the sentiments. Prices dropped to a seven and half month low near $1230 per
ouncetoday, wiping out much of the gains witnessed by the metal during the middle
of the year.The Russian-brokered ceasefire in eastern Ukraine is holding and traders
are questioning the demand factor even as prices have dropped by more than $100 in
last two months. COMEX Gold is quoting at $1239.30 per ounce, almost unchanged on
the day. MCX Gold futures for October are trading at Rs 26916 per 10 grams, down Rs
70 per 10 grams on the day. Thecounter has dropped under Rs 27k now and spot
prices are lingering in a broad range of Rs27100-27500.
Gold futures have not been able to hold this month, normally considered as a positive
month for the yellow metal per ounce as strong dollar, broad demand worries and
falling global commodity prices undermined the sentiments for the yellow metal. Fed
hike fearshave kept the US dollar index at 14-month high and kept gold under
constant check overlast few days. Falling global commodity prices have been ensuring
that the rout in goldextends further.
Brent crude fell to the lowest closing price in more than two years on signs that
global demand is slowing while output climbs. The European benchmark’s decline
narrowed the premium to West Texas Intermediate oil.
Both grades capped weekly declines after the International Energy Agency cut its
global oil demand forecast for 2015 yesterday. The IEA also said Saudi Arabia
exported the least in almost three years as purchases slowed from China and Europe.
IEA projections showed that demand growth should slow while production continues
to grow. They had Saudi exports at the lowest level in years, which is a sign of how
weak demand is.
Brent for October settlement fell 97 cents, or 1 percent, to close at $97.11 a barrel
on the London-based ICE Futures Europe exchange. It was the lowest since June 28,
2012. The volume of all futures traded was 2.8 percent above the 100-day average at
2:55 p.m. in New York. The contract slipped 3.7 percent since Sept. 5, capping the
biggest weekly drop since the week ended Jan. 3.
Brent, WTI Drop
on Speculation
Global Demand Is
Slowing.
Copper Remains
Standing On a
Weak Platform.
The crisis and panic selling in Copper continued for the second straight day in a row.
The prices of Copper in Indian markets were trading at Rs 420.2 per kg when last
checked. MCX Copper tested a high of Rs 422.3 per kg and Rs 419.25 per kg. In COMEX
as well the metal was almost static at $ 3.09 per pound.
The dollar remained near 14-month highs against the other major currencies on
Friday, as ongoing expectations for an early hike in U.S. interest rates continued to
support the greenback and investors eyed upcoming U.S. economic reports.
Demand for the dollar continued to be underpinned by expectations for an early hike
in U.S. interest rates, despite data on Thursday showing that U.S. jobless claims rose
more than expected last week. Meanwhile, USD/JPY hi t fresh six year highs of 107.40
and was last up 0.09% at 107.19 as the diverging monetary policy stance between the
Federal Reserve and the Japanese central bank continued to pressure the yen
lower.Data from the Labor Department showed initial jobless claims to have climbed
to 315,000 in the week ended August 30, an increase of 11,000 from the previous
week's revised level of 304,000.
Gold Slips Well
Under 27K In
Local Futures
Market.

3. E C O N O M I C C A L E N D E R
DATE & TIME DESCRIPTION FORECAST PREVIOUS
Sep 15 6:00pm Empire State Manufacturing Index 16.4 14.7
6:45pm Capacity Utilization Rate 79.3% 79.2%
6:45pm Industrial Production m/m 0.4% 0.4%
Sep 16 6:00pm PPI m/m 0.1% 0.1%
6:00pm Core PPI m/m 0.1% 0.2%
6:30pm TIC Long-Term Purchases 24.3B -18.7B
Sep 17 6:00pm Core CPI m/m 0.2% 0.1%
6:00pm CPI m/m 0.1% 0.1%
6:00pm Current Account -114B -111B
7:30pm NAHB Housing Market Index 56 55
8:00pm Crude Oil Inventories -1.0M
11:30pm FOMC Economic Projections
11:30pm FOMC Statement
11:30pm Federal Funds Rate <0.25% <0.25%
Sep 18 12:00am FOMC Press Conference
6:00pm Building Permits 1.04M 1.06M
6:00pm Unemployment Claims 312K 315K
6:00pm Housing Starts 1.04M 1.09M
6:15pm Fed Chair Yellen Speaks
7:30pm Philly Fed Manufacturing Index 22.8 28.0
8:00pm Natural Gas Storage 92B
Sep 19 7:30pm CB Leading Index m/m 0.4% 0.9%
Sep 20 Day 1 ALL G20 Meetings

4. S1 S2 S3 R1 R2 R3
26690 26320 25950 27150 27550 28000
S1 S2 S3 R1 R2 R3
40840 39450 38500 42450 43300 44310
T E C H N I C A L V I E W
MCX GOLD showed downward
movement in whole week, broke
strong support of 61.8% retracement
level i.e 26980 and also closed below
it. Now, if it able to sustain below
27000 then next vital support is seen
near psychological level of 26550.
Some correction may take it towards
immediate resistance of 27250 above
which next resistance is 27700.
S T R A T E G Y
Better strategy in MCX GOLD is to sell
on highs for the targets of 26500-26250
with stop loss of 27650.
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
continuous bearish movement, trades
in between downward channel
pattern and found support of
psychological level i.e 41000. Now, if it
breaks 41000 then next support is seen
around lower band of channel i.e.
40250. On higher side 42500 is act as
important resistance level for it.
S T R A T E G Y
Better strategy in MCX SILVER at this
point of time is to sell below 41000 for
the targets of 40300-39500, with stop
loss of 42500.

5. C R U D E O I L
S T R A T E G Y
Better strategy in MCX CRUDEOIL is to buy
above 5780 for the targets of 5950, with
stop loss of 5525.
C O P P E R
S1 S2 S3 R1 R2 R3
5630 5525 5430 5780 5900 6000
S1 S2 S3 R1 R2 R3
417.70 421.15 407.50 425.70 432.70 439.25
T E C H N I C A L V I E W
MCX Copper last week showed
sideways to bearish movement and
broke the support level of 423.35 but
unable to sustain below it and closed
above it. Now, if it breaks resistance
level of 427 then next resistance is
seen around 434. On lower side if it
sustain below 420 then next support is
seen in the range of 415-410.
PIVOT TABLE
T E C H N I C A L V I E W
MCX Crude oil last week showed
downward movement and broke the
support of 5640 but unable to closed
below it. Now, if it trades below
support level in coming sessions then it
may drag towards 5500 below which it
is in weak zone and may find next
support around 5380. On other hand
some correction in it take towards
resistance level of 5780.
S T R A T E G Y
Better strategy in MCX COPPER is to buy
above 428, with stop loss of 415 for the
targets of 440.
PIVOT TABLE

6. DISCLAIMER
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