1. 26th Nov’14 Aaj Ka Trend
Bullions
MCX Gold Dec Daily Chart
Technical View:
Prices moved lower achieving our first short term target of 26300 levels. Outlook remains the same as prices are consolidating the previous up move from 25165 – 26833 levels. On hourly timeframe the momentum indicator, RSI is below 40 levels which also suggest lack of momentum in prices. For now, as long as 26650 levels are capped on higher side prices could drift lower near 26000 levels. the up move in COMEX Gold looks corrective in nature which suggest breach of 1195$ levels could drift prices towards 1165$ levels.
MCX Silver Dec Daily Chart
Technical View:
Prices are trading below its multiple resistance of 36550-36600 levels. Failure to breach the mentioned level could give 500-800 Rs. Down move from current levels while breach of 36600 levels could move prices higher near 37800 levels. On COMEX Silver 16.70$ remains crucial resistance for prices on closing basis.
2. 26th Nov’14 Aaj Ka Trend
Fundamental News: Gold gains as dollar slides on disappointing consumer confidence report. Gold prices posted cautious gains in U.S. trading on Tuesday after a soft report on U.S. consumer confidence weakened the dollar, though a robust economic growth report capped the precious metal's gains. Gold and the dollar tend to trade inversely with one another. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.14% at $1,198.30, up from a session low of $1,190.60 and off a high of $1,203.00.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3 Gold 26226 26127 25874 26380 26479 26633 26886
Silver
36321
36123
35697
36549
36747
36975
37401
Recommendation:
Gold
Neutral to negative Silver Neutral
3. 26th Nov’14 Aaj Ka Trend
Base Metals
MCX Copper Nov Hourly Chart
Technical Views:
Initially copper prices moved higher for retesting the lower band of the consolidation. However in the second half, prices have broken the lower band of the consolidation and drifted lower near its previous intermediate low of 403 levels. Outlook remains bearish as the break down look impulsive in nature. The momentum indicator, RSI is in oversold territory which suggest pullback which could be good selling opportunity as there is no divergence in RSI.
MCX Aluminum Nov Hourly Chart
MCX Lead Nov Hourly Chart
MCX Nickel Nov Daily Chart
MCX Zinc Nov Hourly Chart
4. 26th Nov’14 Aaj Ka Trend
Fundamental News:
Copper futures down after weak consumer confidence data
Copper Future declined sharply after the consumer confidence data. On the Comex division of the New York Mercantile Exchange, copper for March delivery picked up 1.1 cents, or 0.36% to trade at $3.017 a pound during European morning hours.
On the Comex division of the New York Mercantile Exchange, copper for March delivery declined 0.4 cents, or 0.12% to trade at $3.026 a pound during European morning hours.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3 Copper 400.5 397.0 387.1 406.9 410.4 416.8 426.7
Aluminum
127.9
126.9
125.2
128.7
129.7
130.4
132.2 Lead 126.0 125.4 123.7 127.0 127.6 128.7 130.3
Nickel
1007.4
997.3
977.6
1017.0
1027.1
1036.7
1056.4 Zinc 139.3 138.4 135.9 140.9 141.8 143.4 145.9
Recommendation:
Copper
Sell on Rallies
Aluminum
Buy
Lead
Buy
Nickel
Neutral
Zinc
Buy
5. 26th Nov’14 Aaj Ka Trend
Energy
MCX Crude Dec 15 minutes Chart:
Technical Views:
Prices have given close below the horizontal support of 4700 levels and drifted lower near 4600 levels. From the above chart it can be seen that prices have broken the descending triangle formation which indicates weakness in prices. For now, rallies near 4650-4670 can be used as selling opportunity to move lower towards 4600/4550 levels.
MCX Natural Gas Dec Hourly Chart:
Technical Views:
From the above chart it can be seen that prices are trading in the range where upper band of the formation is at 280 and lower band is at 245 levels. Currently prices are trading in upward direction which could head prices towards upper band as the momentum indicator, RSI has moved above 60 levels which would give positive confirmation.
6. 26th Nov’14 Aaj Ka Trend
Fundamental News:
Oil futures fluctuate with U.S. economy, OPEC meeting in focus
Oil prices swung between small gains and losses on Tuesday, as investors digested a mixed bag of U.S. economic data ahead of a much-anticipated meeting of the Organization of the Petroleum Exporting Countries later this week. On the New York Mercantile Exchange, crude oil for delivery in January dipped 3 cents, or 0.04%, to trade at $75.75 a barrel during U.S. morning hours. Natural gas rebounds as market prices in mild temperatures. Natural gas futures rose on Tuesday after investors viewed futures as oversold in wake of forecasts calling for mild temperatures across much of the U.S.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3 Crude 4589 4538 4402 4674 4725 4810 4946
Natural Gas
266
260
251
270
275
279
288
Recommendation:
Crude
Sell on Rallies
Natural Gas
Buy
8. 26th Nov’14 Aaj Ka Trend
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