- Prices of gold and copper moved higher according to technical analysis, achieving short-term targets and supported by momentum indicators. Bias remains bullish for gold. - Silver prices are trading sideways in a consolidation formation over past trading sessions according to technical analysis. - Crude oil futures resumed their decline, falling over $1, due to concerns over global economic outlook and future demand, while natural gas futures fell to an 11-month low on expectations of mild weather dampening early-winter demand.

1. 21st Oct’14 Aaj Ka Trend
Bullions MCX Gold Dec Hourly Chart
Technical View: As expected, prices moved higher achieving our first short term target. Bias remains bullish with no change in outlook. It can be observed from the above hourly chart prices are trading above the uptrend line. As long as the mentioned trend line is intact, prices can move towards 27600 levels. COMEX Gold prices remains strong with upside targets of 1250$/1255$ levels. MCX Silver Dec Hourly Chart
Technical View: Silver prices are trading in the sideways consolidation formation from past few trading session. As long as upper and lower range is intact prices could move in sideways direction. The momentum indicator, RSI has also indicated sideways moment as it remained within 60-40 levels. Upside and downside levels remains at 39100 / 38250 levels respectively. Breach of the mentioned range would confirm the further direction.

2. 21st Oct’14 Aaj Ka Trend
Fundamental News:
• Gold futures edged higher, as investors continued to speculate over the timing of a rate hike in the U.S.
• Futures were likely to find support at $1,222.00, the low from October 15, and resistance at $1,250.30, the high from October 15.
• Gold edges higher with Fed rate outlook in focus.
• On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,241.80 a troy ounce during European morning hours, up $2.80, or 0.23%.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Gold
27249
27084
26798
27370
27535
27656
27942
Silver
38354
38176
37763
38589
38767
39002
39415
Recommendation:
Gold
Buy
Silver
Neutral

3. 21st Oct’14 Aaj Ka Trend
Base Metals MCX Copper Nov Hourly Chart
Technical Views: From the above chart, it can be observed that prices have taken support near the previous intermediate bottom of 405 levels. The momentum indicator, RSI has also formed positive divergence which would give positive confirmation to the prices. As long as previous intermediate low of 405 is intact we expect prices can rally towards 411/415 levels.
MCX Aluminum Oct Hourly Chart
MCX Lead Oct Hourly Chart
MCX Nickel Oct Hourly Chart
MCX Zinc Oct Hourly Chart

4. 21st Oct’14 Aaj Ka Trend
Fundamental News:
• Copper slips on worries over rising stocks, China economy.
• London copper futures fell on Monday after hitting their lowest levels in six months in the previous session, hurt by worries over rising stocks, China's economic growth and the impending end of U.S. monetary stimulus.
• Copper has some of the weakest fundamentals among base metals as a wave of fresh supply works its way into the market.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Copper
404.6
402.2
397.5
406.9
409.3
411.6
416.3
Aluminum
119.7
118.9
117.0
120.7
121.5
122.6
124.4
Lead
122.1
121.4
119.4
123.4
124.1
125.4
127.4
Nickel
922.7
910.8
877.8
943.8
955.7
976.8
1009.8
Zinc
133.9
132.8
129.6
136.0
137.1
139.2
142.4
Recommendation:
Copper
Buy
Aluminum
Buy
Lead
Sell
Nickel
Sell on Rallies
Zinc
Sell

5. 21st Oct’14 Aaj Ka Trend
Energy MCX Crude Nov Hourly Chart:
Technical Views: As mentioned prices initially moved lower but failed to break the previous low of 4950 and moved higher. Bollinger band has narrowed which is suggesting volatility has decreased. Cut on either of the band could take prices in the same direction. Favored view remains bullish as the momentum indicator, RSI has also taken support near 40 levels. For now, as long as 4935 levels are protected on downside prices can head towards 5125/5250 levels. MCX Natural Gas Oct Hourly Chart:
Technical Views: As expected prices moved lower achieving both the short term targets. However, we remains cautious in shorting the natural gas as prices are trading near the crucial support of 224 levels. Sustaining above the mentioned level could head 228/230 levels while breach of the level could drift prices near 220 levels. However RSI is in oversold zone which suggest pullback in prices.

6. 21st Oct’14 Aaj Ka Trend
Fundamental News:
• Crude oil futures resume decline, Brent down more than $1.
• Crude oil prices fell to the lowest levels of the session during U.S. morning trade on Monday, as market players remained concerned over the global economic outlook and the impact on future demand prospects..
• On the ICE Futures Exchange in London, Brent for December delivery slumped $1.47, or 1.7%, to trade at $84.70 a barrel during U.S. morning hours
• Natural gas futures tumble to 11-month low on mild weather.
• U.S. natural gas futures fell to an 11-month low, as investors bet that mild weather will dampen early-winter demand for the heating fuel.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Crude
5012
4944
4825
5063
5131
5182
5301
Natural Gas
240.6
230.2
224.9
235.5
245.9
240.8
246.1
Recommendation:
Crude
Buy
Natural Gas
Neutral

7. 21st Oct’14 Aaj Ka Trend
Sumeet Bagadia (Associate Director) sumeet.bagadia@choiceindia.com
Ritesh Patel (Research Associate) ritesh.patel@choiceindia.com
Deveya Gaglani (Research Advisor) deveya.gaglani@chocieindia.com
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8. 21st Oct’14 Aaj Ka Trend
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