The document provides a technical analysis of gold, silver, and base metals markets. It indicates that gold and silver prices have moved lower and momentum indicators suggest a lack of momentum, pointing to further weakness. For copper, the analysis signals a potential move lower as prices have retraced 61.8% of a previous down move and an evening star candlestick pattern has formed near support levels. Pivot levels and recommendations to sell various metals are also presented.

1. 27th Oct’14 Aaj Ka Trend
Bullions MCX Gold Dec Hourly Chart
Technical View: Prices moved lower and have given close below uptrend line drawn on hourly chart. The momentum indicator, RSI has also moved below 40 which suggest lack of momentum in prices. On hourly chart of COMEX Gold, RSI has taken resistance at 60 levels which would give negative confirmation for to move lower. For now we expect weakness in gold could continue as long as 27600 levels are capped on higher side for downside to test at 26880 where rallies could be used as selling opportunity. MCX Silver Dec Hourly Chart
Technical View: Prices have given close below the lower band of the consolidation which indicates weakness in prices. Negative reversal on the momentum indicator, RSI gives negative confirmation for prices. No clear indication from COMEX Silver as it has formed doji on daily chart which itself signals indecision. For now as long as 38500 is capped on higher side outlook remains bearish for the test of 37600 levels.

2. 27th Oct’14 Aaj Ka Trend
Fundamental News:
• Gold prices were higher in early European trade on Friday, but gains were expected to remain limited as Thursday's upbeat U.S. jobless data continued to weigh on the precious metal.
• On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,232.90 a troy ounce during European morning trade, up 0.30%.
• Gold futures rise but upside seen limited.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Gold
27130
27083
26979
27187
27234
27291
27395
Silver
37926
37777
37392
38162
38311
38547
38932
Recommendation:
Gold
Sell
Silver
Sell

3. 27th Oct’14 Aaj Ka Trend
Base Metals MCX Copper Nov Hourly Chart
Technical Views: Prices moved higher as mentioned. However, we now change our bias to negative as it can be observed from the above chart that prices have retraced 61.8% of the previous down move. Prices have also formed evening star candlestick near mentioned retracement level. The rally from 404–415.5 looks correction of the previous impulsive fall from 423 – 404 levels. For now, as long as 417 are capped on higher side, prices can move towards 409-405 levels.
MCX Aluminum Oct Hourly Chart
MCX Lead Oct Hourly Chart
MCX Nickel Oct Hourly Chart
MCX Zinc Oct Hourly Chart

4. 27th Oct’14 Aaj Ka Trend
Fundamental News:
• Copper Hopes Bright despite volatility.
• Copper is set for a period of price volatility as the market digests new supply but long-term prospects remain bright due to grade declines and extended lead times for new projects, according to global miner Rio Tinto.
• Sentiment toward the red metal, used extensively in construction and electrical applications, has turned increasingly bearish over the past year as new projects have come on stream and concerns about slowing growth in China have intensified.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Copper
411.2
410.1
407.0
413.2
414.3
416.3
419.4
Aluminum
119.1
118.3
116.1
120.5
121.3
122.7
124.9
Lead
120.6
119.8
117.6
122.0
122.8
124.2
126.4
Nickel
906.7
900.1
882.1
918.1
924.7
936.1
954.1
Zinc
137.2
136.7
135.5
137.9
138.4
139.1
140.3
Recommendation:
Copper
Sell
Aluminum
Sell
Lead
Sell
Nickel
Sell
Zinc
Sell

5. 27th Oct’14 Aaj Ka Trend
Energy MCX Crude Nov Hourly Chart:
Technical Views: Outlook remains neutral as prices are trading near previous crucial low of 4955 levels. As long as previous lows are intact prices could head higher towards 5100/5150 levels while breach of this level could move prices lower near 4900 levels. For now, we would like to wait for some confirmation before giving any view. 4930 on downside would be crucial to watch out for the coming trading session. MCX Natural Gas Oct Hourly Chart:
Technical Views: The momentum indicator, RSI has made positive divergence which would be confirmed above breach of the downtrend line or above the super trend level of 225 levels. However trading below which suggests weakness in prices. For now, breach of 225 could drift prices towards 228/230 levels. Breach of 219 levels could move prices towards 216/214 levels.

6. 27th Oct’14 Aaj Ka Trend
Fundamental News:
• Crude oil reverses overnight gains as Ebola concerns weigh.
• U.S. oil futures dropped on Friday, reversing sharp overnight gains as reports of a new case of Ebola in the U.S. weighed on risk sentiment.
• On the New York Mercantile Exchange, crude oil for delivery in December traded at $81.37 a barrel during European early afternoon trade, down 0.72$ or 0.88%.
• Natural gas moves off earlier highs on mild weather forecasts. • Natural gas prices moved lower on Thursday on expectations that mild autumn temperatures will hold across much of the U.S. and curb demand for both heating and air conditioning, prompting thermal power plants to burn less of the commodity as a result.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Crude
4938
4909
4843
4975
5004
5041
5107
Natural Gas
248.0
230.3
225.1
235.5
253.2
240.7
245.9
Recommendation:
Crude
Neutral
Natural Gas
Neutral

7. 27th 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. 27th Oct’14 Aaj Ka Trend
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