1. 05th Nov’14 Aaj Ka Trend
Bullions MCX Gold Dec Hourly Chart
Technical View: As mentioned in our previous report, ‘Rally near 26250-26300 can be considered as selling opportunity to again move back to lower levels of 26000 levels’. Prices moved higher near 26260 and drifted lower achieving our short term target of 26000 levels. Outlook remains bearish with no change in bias. The momentum indicator, RSI on hourly chart remains below 40 levels which gives negative confirmation for prices to remain under pressure. COMEX Gold remains weak below 1182 $ levels. For now, outlook remains bearish for gold prices to trade lower near 25800 levels as long as 26300 levels are capped. MCX Silver Dec Hourly Chart
Technical View: Prices moved lower as expected near our short term target of 35000 levels. Currently prices have given Hourly close below the bearish Flag formation which suggests more weakness in prices. However RSI remains above 40 levels below which prices could face more weakness in terms of momentum. 35000 remains psychological support for prices below which 300/400 move can be expected. Upside remain capped at 36300 levels.
2. 05th Nov’14 Aaj Ka Trend
Fundamental News:
• Gold trades near lowest since July 2010 on Fed rate outlook.
• Gold prices hovered near the lowest level in more than four years on Tuesday, as optimism over the strength of the U.S. economy and fuelled expectations that the Federal Reserve will begin to raise rates sooner than previously thought.
• On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1.166.00 a troy ounce during European morning hours, down $3.80, or 0.32%
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Gold
25853
25743
25466
26020
26130
26297
26574
Silver
35287
35078
34608
35548
35757
36018
36488
Recommendation:
Gold
Sell
Silver
Sell
3. 05th Nov’14 Aaj Ka Trend
Base Metals MCX Copper Nov Hourly Chart
Technical Views: Prices have broken its support of 414.50 levels and drifted lower, achieving our both the short term targets of 411 and 409 levels. The momentum indicator, RSI has also fallen below 40 levels which indicate lack of momentum in prices. COMEX Copper prices have broken its support of 3.040$ levels which would add bearishness in prices. For now, Prices can drift lower towards 408 below which 405 levels are expected upside remains capped near 413 levels.
MCX Aluminum Nov Daily Chart
MCX Lead Nov Daily Chart
MCX Nickel Nov Hourly Chart
MCX Zinc Nov Hourly Chart
4. 05th Nov’14 Aaj Ka Trend
Fundamental News:
• Copper futures fluctuate after EU cuts growth forecasts • Copper prices swung between small gains and losses on Tuesday, as investors assessed the need for further stimulus measures by the European Central Bank.
• On the Comex division of the New York Mercantile Exchange, copper for December delivery traded at $3.067 a pound during European morning hours, up 0.2 cents, or 0.08%
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Copper
407.0
404.2
397.1
411.3
414.1
418.4
425.5
Aluminum
126.0
125.0
122.9
127.2
128.1
129.3
131.5
Lead
122.2
121.4
119.1
123.6
124.5
125.9
128.1
Nickel
926.1
914.7
883.3
946.1
957.5
977.5
1008.9
Zinc
137.3
135.9
132.1
139.8
141.2
143.6
147.5
Recommendation:
Copper
Sell
Aluminum
Buy
Lead
Sell
Nickel
Sell
Zinc
Sell
5. 05th Nov’14 Aaj Ka Trend
Energy MCX Crude Nov Hourly Chart:
Technical Views: Crude prices gapped lower almost near its lower circuit levels. NYMEX Crude prices made its intraday low of 75.91$ levels which was expected and mentioned in our report, ‘NYMEX Crude has an immediate support at 79.20$ below which 3$ fall could be expected.’ Outlook remains bearish as MCX crude prices are trading in bearish flag formation after steep fall from 4951 to 4691 levels. Hourly close below 4710 would confirm the bearish flag formation which can drift prices lower near 4630 levels. MCX Natural Gas Oct Hourly Chart:
Technical Views: As expected, prices moved higher achieving our both the short term targets 244/246 levels. It can be observed from the above chart that the prices are trading in higher top higher bottom levels while taking support of uptrend line. The momentum indicator, RSI is also above 60 levels which gives positive confirmation for prices to trade higher. For now, as long as uptrend line is protected, prices can head higher towards 260/262 levels.
6. 05th Nov’14 Aaj Ka Trend
Fundamental News:
• Natural gas futures rally to 1-month high on demand hopes
• U.S. natural gas prices rallied to hit a fresh one-month high on Tuesday, as investors bet that chilly weather across the U.S. will boost early-winter demand for the heating fuel.
• On the New York Mercantile Exchange, natural gas for delivery in December rose to a session high of $4.104 per million British thermal units, the most since October 1
• WTI, Brent oil plunge to multi-year lows after Saudi Arabia cuts prices.
• West Texas Intermediate and Brent oil futures lost more than 2% on Tuesday, after Saudi Arabia lowered prices to buyers in the U.S. and amid ongoing concerns over the health of the global economy.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Crude
4624
4528
4268
4788
4884
5048
5308
Natural Gas
214.4
226.5
217.5
235.5
223.4
244.5
253.5
Recommendation:
Crude
Sell
Natural Gas
Buy
8. 05th Nov’14 Aaj Ka Trend
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