The document provides a technical analysis of commodity markets. It summarizes that MCX gold and silver prices have broken out of patterns and momentum indicators suggest further upside potential. MCX copper and crude oil are expected to fall as they have faced resistance and momentum indicators are negative. Pivot levels are provided for the day's trading. Fundamental news includes that gold prices edged lower on expectations of future US rate hikes from Fed minutes. OPEC estimates high compliance with output cuts. International commodity and currency closing prices are also listed.

1. Equities I Commodities I Currencies I Mutual Funds
Aaj Ka Trend
Technical View:
MCX Gold price has given a breakout of its Cup & Handle
pattern at 28870 levels on a daily chart and price has almost
retested its breakout trend line levels. Moreover, MCX Gold
prices have been trading above 21 DEMA on the daily chart. In
addition, COMEX Gold price has shown a breakout of its
horizontal trend line at $1230 levels. Moreover, Momentum
Indicator RSI has shown bullish range shift on the daily chart.
For now, we expect prices should move higher
towards 29600 levels in the coming trading sessions.
SEBI Registered - Research Analyst Equities I Commodities I Currencies I Mutual Funds
Bullions
MCX Gold Apr. Daily Chart CMP: 29208
MCX Gold (Apr) Trend: Bullish
Price potential: 29600 Reversal: 29000
MCX Silver Mar. Daily Chart CMP: 42713
Technical View:
On a daily chart, MCX Silver price has given a breakout of its
inverted Head & Shoulder neckline at 41980 levels and price
has rested its neckline breakout. On the other hand, COMEX
Silver price has given a breakout of its horizontal trend line at
$17.70 levels. Moreover, MCX Silver prices have been trading
above its 50 DEMA. In addition, momentum indicator RSI has
remained above 60 levels, which indicates possibilities of
further upside in the prices. For now, we expect prices to
move higher towards 43800 levels in few trading sessions.
MCX Silver (Mar) Trend: Bullish
Price potential: 43800 Reversal: 42100
Pivot levels for the Day
S1 S2 S3 Pivot R1 R2 R3
Gold 29154 29079 28983 29250 29325 29420 29687
Silver 42586 42461 42322 42725 42850 42989 43393
23rd Feb’17

2. Equities I Commodities I Currencies I Mutual Funds
Technical View:
MCX Copper prices have been trading in rising channel
pattern from past few months and price has faced the
resistance of its upper band of channel pattern at 414.40
levels. On the daily chart, MCX Copper prices have traded
below its 21 DEMA on a daily chart. Furthermore,
momentum indicator RSI has shown negative divergence on
a daily time frame, which suggests down momentum in the
prices. For now, we expect prices to move lower
towards 394 levels in coming trading sessions.
SEBI Registered - Research Analyst Equities I Commodities I Currencies I Mutual Funds
MCX Copper Feb. Daily Chart CMP: 403.65
MCX Copper (Feb) Trend: Bearish
Price potential: 394 Reversal: 410
MCX Crude Oil March. Daily Chart CMP: 3601
Technical View:
MCX Crude Oil price has faced the resistance of its rising
channel pattern and price has faced the resistance of its
upper band of channel pattern at 3780 levels. Moreover,
prices have been trading below 21 DEMA. Furthermore,
NYMEX Crude Oil prices have given a breakdown of its rising
trend line at $53.90 levels on the hourly chart. Moreover,
Momentum indicator RSI has remained below 60 levels on
the hourly chart which suggests negative movement in the
prices. For now, we expect prices to move lower towards
3500 levels in coming trading sessions.
MCX Crude Oil (March) Trend: Bearish
Price potential: 3500 Reversal: 3660
Pivot levels for the Day
S1 S2 S3 Pivot R1 R2 R3
Copper 401.1 398.5 396.8 403 405 407 413
Crude 3575 3551 3507 3619 3643 3687 3798
Base Metal
Energy
Aaj Ka Trend
23rd Feb’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 401.1 398.5 396.8 403 405 407 413
Aluminum 124.8 124.1 123.6 125.3 126.1 126.6 128.3
Lead 150.5 148.8 147.2 152.1 153.8 155.4 160.2
Nickel 717.3 711.9 707.8 721.4 726.8 730.9 744.5
Zinc 190.3 188.0 186.5 191.9 194.2 195.7 201.2
Natural Gas 169.8 166.4 163.9 172.3 175.7 178.2 186.7
Fundamental News:
 Gold prices edged lower during European morning hours on Wednesday, as market players looked ahead to the
minutes of the Federal Reserve’s latest policy meeting for further hints on the timing and pace of future rate
hikes.
 The U.S. central bank held interest rates steady following its meeting on February 1 and painted a relatively
upbeat picture of the economy, although it gave no firm signal on the timing of its next rate move amid
considerable uncertainty over economic policy under the Donald Trump administration.
 Fed fund futures priced in about a 22% chance of a rate hike in March, according to Investing.com’s Fed Rate
Monitor Tool. Odds of a May increase was seen at around 50%, while June odds were at 73%.
 The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding
assets such as bullion, while boosting the dollar in which it is priced.
 The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major
currencies, was up 0.2% to 101.60 in London morning trade, within sight of last week's more than one-month
high of 101.75.
 Both a strong dollar and higher interest rates are typically bearish for gold, which is denominated in dollars and
struggles to compete with yield-bearing assets when borrowing costs rise.
 OPEC estimates high compliance with cuts of 1.2 million barrels per day at the start of this year for six months.
 Non-OPEC members led by Russia have also agreed to cut output by 558,000 barrels a day.
Aaj Ka Trend
23rd Feb’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 1237.50
Silver 18.05
Crude Oil 54.10
Brent Crude Oil 56.36
Natural Gas 2.614
COMEX/NYMEX/ICE ( Precious Metals & Energy) Currency & Commodity Index
Currency (Spot) Current Price
USD / INR 66.97
Dollar Index 101.35
EUR / USD 1.0558
CRB Index* 191.22
Closing as on 22.02.17 *Closing as on 22.02.17
LME (Base Metals) ( $ per tones)
Commodity Closing Price
Copper 6040
Aluminum 1884
Zinc 2865
Lead 2276
Nickel 10810
SHFE (Base Metals) (Yuan per tones)
Commodity Closing Price
Copper 48610
Aluminum 13895
Zinc 23260
Lead 18880
Closing as on 22.02.17 Closing as on 22.02.17
LME INVENTORY DATA
Aaj Ka Trend
16-Feb-17 17-Feb-17 20-Feb-17 21-Feb-17 22-Feb-17
Aluminium -3950 -5700 -7251 275 -3925
Copper 900 -7650 -5052 -2600 -2000
Lead -25 625 625 50 0
Nickel -510 -606 4292 1116 -900
Zinc -1800 -3075 -2048 -1750 -1125
23rd Feb’17

5. Equities I Commodities I Currencies I Mutual Funds
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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
23rd Feb’17
Neeraj Yadav
Research Advisor
neeraj.yadav@choiceindia.com
Anish Vyas
Senior Research Associate
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Anish Vyas
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DN: cn=Anish Vyas, o=Choice Merchandise
Broking Pvt. Ltd, ou=Sr. Research Associate,
email=anish.vyas@choiceindia.com, c=IN
Date: 2017.02.23 08:58:15 +05'30'