The document provides a daily technical analysis of trends in bullion and base metal commodities traded on the MCX exchange in India on November 24th, 2014. It notes that gold and silver prices remain range-bound and below key resistance levels. Copper prices tested resistance at 418 but have since declined. Crude oil rallied on positive US economic data while natural gas declined after spiking higher. Pivot levels and recommendations are provided for various commodities.

1. 24th Nov’14 Aaj Ka Trend
Bullions
MCX Gold Dec Daily Chart
Technical View:
Range bound movement continues as MCX Gold prices remain below the mentioned retracement level. Initially prices moved lower but closed on a flat to positive note. We continue with our stance that as long as mentioned retracement level is capped on higher side prices would remain under pressure. On hourly chart, RSI remained below 60 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.

2. 24th Nov’14 Aaj Ka Trend
Fundamental News:  Gold futures rise but gains limited by dollar strength.  Gold prices were higher on Friday, but gains were expected to remain limited as demand for the U.S. dollar remained broadly supported after mostly positive U.S. data and the Federal Reserve's most recent meeting minutes.  On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,194.50 a troy ounce during European morning trade, up 0.30%.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3 Gold 26347 26231 25980 26482 26598 26733 26984
Silver
35584
35349
34831
35867
36102
36385
36903
Recommendation:
Gold
Neutral to negative Silver Neutral

3. 24th Nov’14 Aaj Ka Trend
Base Metals
MCX Copper Nov Hourly Chart
Technical Views:
As mentioned in our previous report, ‘We now expect prices could head towards higher side in order to test higher band of the consolidation. 410 remains support for the test of 418’. Prices tested the upper band and made its intraday high of 418.15 and drifted lower near lower band. We now expect breach of 411 could drift prices towards 408/406 levels. while failure to breach the lower band could head prices towards 413/415 levels.
MCX Aluminum Nov Hourly Chart
MCX Lead Nov Hourly Chart
MCX Nickel Nov Daily Chart
MCX Zinc Nov Hourly Chart

4. 24th Nov’14 Aaj Ka Trend
Fundamental News:
 Copper futures advanced to a three-week high Friday after an interest-rate cut by China bolstered hopes that the country’s copper consumption will increase alongside its economic growth.
 Copper prices rallied to $3.0775 a pound, their highest level since Oct. 31, while stocks and the dollar also marched higher.
 Lower interest rates make people borrow more money, buy more houses, take on more risk.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3 Copper 409.9 407.3 401.3 413.2 415.9 419.2 425.1
Aluminum
125.5
124.5
122.9
126.1
127.1
127.7
129.3 Lead 125.3 124.6 123.4 125.8 126.5 127.0 128.2
Nickel
996.1
985.7
964.9
1006.5
1016.9
1027.3
1048.1 Zinc 138.5 138.1 137.0 139.2 139.6 140.3 141.4
Recommendation:
Copper
Sell Below 411
Aluminum
Buy
Lead
Buy
Nickel
Buy
Zinc
Buy

5. 24th Nov’14 Aaj Ka Trend
Energy
MCX Crude Dec Hourly Chart:
Technical Views:
Prices moved higher achieving our both the short term target and drifted lower after moving above 4800 levels. Outlook remains neutral for prices as prices are trading near the crucial level of 4700 levels. breach of this level decisively could drift prices towards 4630 levels while failure to breach the level could head higher for the test of 4800 levels again.
MCX Natural Gas Nov Hourly Chart:
Technical Views:
Prices spiked higher negating our short term view but failed to breach the multiple resistance of 278 and drifted lower. Breach of the uptrend line would suggest weakness is still intact in natural gas prices for the test 257 levels. The momentum indicator, RSI remained near 40 levels.

6. 24th Nov’14 Aaj Ka Trend
Fundamental News:
 Crude oil rallies as U.S. data continues to support.
 Crude oil futures rallied on Friday, as data on Thursday showing that manufacturing activity in the Philadelphia-region expanded at the fastest rate since December 1993 in November continued to support the commodity.  On the New York Mercantile Exchange, U.S. crude oil for delivery in January jumped $1.32 or 1.75% to trade at $77.18 a barrel during European early afternoon trade.  Natural gas shoots up on bullish supply report.  Natural gas futures jumped up on Thursday after data revealed U.S. inventories dropped more last week than markets were expecting.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3 Crude 4637 4595 4519 4671 4713 4747 4823
Natural Gas
192.1
220.7
205.9
235.5
206.9
250.3
265.1
Recommendation:
Crude
Buy
Natural Gas
Sell

7. 24th Nov’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. 24th Nov’14 Aaj Ka Trend
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