1) On hourly charts, gold and silver prices have been trading in rising channel patterns but have faced resistance at upper band levels, signaling potential downward movement. Technical indicators also show negative signals. 2) Copper and crude oil prices have shown breakdowns of rising channel patterns and are trading below moving averages, with indicators suggesting further downside. Near-term price targets are lower. 3) Fundamental factors like Brexit plans indicating a "hard Brexit" and OPEC output cuts balancing the oil market provide underlying support, but technical signals point to short-term downward biases in gold, silver, copper and crude oil prices.

1. Equities I Commodities I Currencies I Mutual Funds
Aaj Ka Trend
Technical View:
On hourly chart, MCX Gold prices has been trading in rising
channel pattern and price has faced resistance of its upper
band of channel pattern at 27790 levels. COMEX Gold prices
have been faced resistance of its horizontal trend line at
$1210 levels on daily chart. Moreover, Momentum Indicator
MACD has shown negative crossover on hourly chart. For now
we expect prices should move lower towards 28400 levels in
the coming trading sessions.
SEBI Registered - Research Analyst Equities I Commodities I Currencies I Mutual Funds
Bullions
MCX Gold Feb. hourly Chart CMP: 28738
MCX Gold (Feb) Trend: Bearish
Price potential: 28400 Reversal: 26850
MCX Silver Mar. Hourly Chart CMP: 41599
Technical View:
On hourly chart, MCX Silver prices has been trading in rising
channel pattern and prices have been hovering around its
upper band of pattern at 41850 levels. In COMEX Silver prices
have been facing resistance of its $17.25 levels on hourly
chart. In addition, momentum indicator RSI has faced
resistance of its horizontal trend line at 60 levels on daily
chart, which indicates lack of strength in the prices. For now
we expect prices to move lower towards 40900 levels in few
trading sessions.
MCX Silver (Mar) Trend: Bearish
Price potential: 40900 Reversal: 42000
Pivot levels for the Day
S1 S2 S3 Pivot R1 R2 R3
Gold 28602 28484 28397 28689 28150 28350 28450
Silver 41211 40802 40517 41496 41905 42190 43168
18th Jan’17

2. Equities I Commodities I Currencies I Mutual Funds
Technical View:
MCX Copper price has shown breakdown of its rising
channel pattern at 399 levels and prices have been almost
retested its breakdown trend line at 398.80 levels on hourly
chart. On hourly chart MCX Copper prices have been
trading below its 21 HEMA. Furthermore, momentum
indicator RSI has been trading below 60 levels on hourly
time frame, which suggest further downside momentum
can be seen in the prices. For now we expect prices to
move lower towards 386 levels in coming trading sessions.
SEBI Registered - Research Analyst Equities I Commodities I Currencies I Mutual Funds
MCX Copper Feb. Hourly Chart CMP: 394.20
MCX Copper (Feb) Trend: Bearish
Price potential: 386 Reversal: 401
MCX Crude Oil Jan. Hourly Chart CMP: 3595
Technical View:
MCX Crude Oil price has shown breakdown of its rising
channel pattern and prices have been retested its breakdown
trend line at 3644 levels on hurly chart. MCX Crude Oil prices
has given breakdown of its rising trend line at 3610 levels on
hourly chart. MCX Crude Oil is trading below its 100 HEMA
on hourly chart. Moreover, Momentum indicator MACD has
shown negative crossover and moving below its signal line on
hourly chart which suggest negative movement in the prices.
For now we expect prices to move lower towards 3470
levels in coming trading sessions.
MCX Crude Oil (Jan) Trend: Bearish
Price potential: 3470 Reversal: 3630
Pivot levels for the Day
S1 S2 S3 Pivot R1 R2 R3
Copper 392.1 390.1 386.7 395.5 397.5 400.9 409.7
Crude 3543 3510 3464 3589 3622 3668 3794
Base Metal
Energy
Aaj Ka Trend
18th Jan’17

3. Equities I Commodities I Currencies I Mutual FundsSEBI Registered - Research Analyst Equities I Commodities I Currencies I Mutual Funds
Other Base Metals & Energy
S1 S2 S3 Pivot R1 R2 R3 Trend
Copper 392.1 390.1 386.7 395.5 397.5 400.9 409.7
Aluminum 121.0 119.7 118.7 121.9 123.2 124.2 127.4
Lead 151.6 148.8 146.4 154.0 156.8 159.2 166.7
Nickel 686.9 678.7 671.0 694.6 702.8 710.5 734.0
Zinc 181.7 179.1 176.8 184.1 186.7 189.0 196.4
Natural Gas 226.2 221.7 215.2 232.7 237.2 243.7 261.3
Fundamental News:
 Gold prices climbed to the highest level in around eight weeks on Tuesday, as investors looked ahead to a
highly-anticipated speech by British Prime Minister Theresa May later in the day, at which she is expected to
outline her plans for a 'Hard Brexit'.
 Britain will not seek a Brexit deal that leaves it "half in, half out" of the European Union, Prime Minister Theresa
May will say on Tuesday, according to her office, in a speech setting out her 12 priorities for upcoming divorce
talks with the bloc.
 Those priorities will include leaving the European Union's single market and regaining full control of Britain's
borders, several newspapers reported, reinforcing investor fears of a 'Hard Brexit'.
 President-elect Trump has been credited with being a major catalyst behind the market's impressive rally since
election day, although he has yet to outline his economic policies in detail.
 The precious metal has been well-supported in recent days, climbing for seven sessions in a row, amid
uncertainty surrounding the Federal Reserve’s pace of interest rate hikes this year.
 Brent oil rose above $56 a barrel after OPEC members including Saudi Arabia said output cuts are bringing the
market into balance, while the dollar weakened.
 Brent has increased since the Organization of Petroleum Exporting Countries and 11 other nations agreed late
last year to trim supply by about 1.8 million barrels a day. While Middle East producers have signaled they’re
rapidly implementing the agreed cuts, the rally’s momentum has fizzled amid concern that higher prices would
spur more supply elsewhere. The U.S. recently raised this year’s output estimate, although production in
China is forecast to continue its decline.
Aaj Ka Trend
18th Jan’17

4. Equities I Commodities I Currencies I Mutual FundsSEBI Registered - Research Analyst Equities I Commodities I Currencies I Mutual Funds
International Market
Commodity Closing Price
Gold 1215.69
Silver 17.17
Crude Oil 52.62
Brent Crude Oil 55.61
Natural Gas 3.429
COMEX/NYMEX/ICE ( Precious Metals & Energy) Currency & Commodity Index
Currency (Spot) Current Price
USD / INR 67.96
Dollar Index 100.52
EUR / USD 1.0697
CRB Index* 195.13
Closing as on 17.01.17 *Closing as on 17.01.17
LME (Base Metals) ( $ per tones)
Commodity Closing Price
Copper 5754
Aluminum 1798
Zinc 2716
Lead 2295
Nickel 10160
SHFE (Base Metals) (Yuan per tones)
Commodity Closing Price
Copper 46450
Aluminum 13330
Zinc 22400
Lead 18575
Closing as on 17.01.17 Closing as on 17.01.17
LME INVENTORY DATA
Aaj Ka Trend
10-Jan-17 11-Jan-17 13-Jan-17 16-Jan-17 17-Jan-17
Aluminium 16801 11050 -4701 -6775 0
Copper -1498 -5174 -4001 -2700 0
Lead -402 -76 -24 275 0
Nickel -49 -35 -953 -1133 0
Zinc -801 -1274 -902 -1252 0
18th Jan’17

5. Equities I Commodities I Currencies I Mutual Funds
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for the purchase and sale of any financial instruments. Any action taken by you on the basis of the information contained herein is your responsibility alone
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its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent
error in the information contained in this recommendation or any action taken on basis of this information. Technical analysis studies market psychology,
price patterns and volume levels. It is used to forecast future price and market movements. Technical analysis is complementary to fundamental analysis
and news sources. The recommendations issued herewith might be contrary to recommendations issued by Choice Broking in the company research
undertaken as the recommendations stated in this report is derived purely from technical analysis. Choice Broking has based this document on information
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and accepts no responsibility or liability as to its accuracy or completeness. The opinions contained within the report are based upon publicly available
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recommendations are valid for the day of the report however trading trends and volumes might vary substantially on an intraday basis and the
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the loss of your entire investment.
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/Instrument(s): - No. • Firm interest of the stock / Instrument (s): - No.
Disclaimer
Contact Us
Amit Pathania
Research Associate
amit.pathania@choiceindia.com
www.choicebroking.incustomercare@choiceindia.com
SEBI Registered - Research Analyst Equities I Commodities I Currencies I Mutual Funds
Aaj Ka Trend
18th Jan’17
Neeraj Yadav
Research Advisor
neeraj.yadav@choiceindia.com
Anish Vyas
Senior Research Associate
anish.vyas@choiceindia.com
Anish Vyas
Digitally signed by Anish Vyas
DN: cn=Anish Vyas, o=Choice Merchandise
Broking Pvt. Ltd, ou=Sr. Research Associate,
email=anish.vyas@choiceindia.com, c=IN
Date: 2017.01.18 09:03:11 +05'30'