- Gold and silver prices declined on Tuesday due to a stronger US dollar, with gold falling by as much as 2.15% and silver dropping near key support levels. - Most base metals also fell, with copper hitting a one-month low due to a strike at the Antamina mine in Peru and declining oil prices weighing on industrial metals. - Crude oil and natural gas prices also declined sharply by over 2% and 3% respectively on ongoing oversupply concerns and forecasts of mild weather decreasing demand.

1. 03rd Dec’14 Aaj Ka Trend
Bullions
MCX Gold Feb Daily Chart
Technical View:
Prices gave a gap down opening and traded in a range which could be considered as consolidation of the previous up move. The momentum indicator, RSI on daily timeframe have taken resistance near 60 which suggest prices are still not in bullish zone. Once the RSI on momentum indicator, crosses 60 levels, prices could start trading higher. We expect prices can test 26450 levels which can be considered as buying opportunity to test 26800/27000 while support remains at 25950 levels.
MCX Silver Mar Daily Chart
Technical View:
Currently prices are trading near the crucial resistance level of 37900 failure to breach the level could drift prices lower by 300-500 points while breach of the level could move prices towards 38200/38500 levels. on hourly timeframe, the momentum indicator, RSI has moved above 60 levels which signals prices could head higher. For now we expect prices to test 37900 levels while downside remains limited to 36400 levels.

2. 03rd Dec’14 Aaj Ka Trend
Fundamental News:  Gold tumbles 2% after Monday's sharp rally.  Gold prices tumbled sharply on Tuesday, as a broadly stronger U.S. dollar dampened the appeal of the precious metal  On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell by as much as 2.15% to touch a daily low of $1,191.80 a troy ounce, before trading at $1,195.30 during U.S. morning hours, down $22.80, or 1.87%.  A day earlier, Comex gold prices fell by as much as 2.86% to $1,141.70 an ounce, the weakest level since November 7, before rallying to settle at a five-week high of $1,218.10, up $42.60, or 3.62%.
Pivot Levelsfor the Day:
S1
S2
S3
Pivot
R1
R2
R3 Gold 26018 25847 25467 26227 26398 26607 26987
Silver
35643
35128
34141
36115
36630
37102
38089
Recommendation:
Gold
Buy on dips Silver Buy

3. 03rd Dec’14 Aaj Ka Trend
Base Metals
MCX Copper Feb Hourly Chart
Technical Views:
Prices have taken support near the 50% retracement level of the previous up move which suggested prices could head higher while near that that level prices have formed bullish engulfing candlestick which would give positive confirmation. The momentum indicator, RSI has taken support near 40 levels on hourly timeframe which also indicates once prices are trading above 396 levels prices can head higher near 405 levels.
MCX Aluminum Dec Hourly Chart
MCX Lead Dec Hourly Chart
MCX Nickel Dec Daily Chart
MCX Zinc Dec Hourly Chart

4. 03rd Dec’14 Aaj Ka Trend
Fundamental News:
 Copper Falls on Antamina Mine Strike While Oil Weighs on Metals.
 Copper for delivery in three months on the London Metal Exchange fell as much as 1.2 percent to $6,481.25 a metric ton, the lowest since March 25.
 Aluminum in London dropped as much as 0.5 percent to $2,033 a ton. Nickel and zinc also declined on the LME, while tin was unchanged.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3 Copper 397.1 393.5 387.2 399.7 403.4 406.0 412.2
Aluminum
120.5
118.9
114.6
123.2
124.8
127.5
131.8 Lead 124.8 123.7 121.0 126.3 127.5 129.0 131.6
Nickel
999.9
991.8
974.1
1009.5
1017.6
1027.2
1044.9 Zinc 135.7 134.7 132.1 137.4 138.3 140.0 142.7
Recommendation:
Copper
Buy
Aluminum
Sell on Rallies
Lead
Neutral
Nickel
Neutral
Zinc
Neutral

5. 03rd Dec’14 Aaj Ka Trend
Energy
MCX Crude Dec Daily Chart:
Technical Views:
Prices drifted lower achieving both the short term targets. We now remain cautious as prices are trading near the downtrend line above which prices could rally towards 4350 levels while failure to breach the levels could drift prices towards 4180 levels. Favored view remains buy as on daily timeframe prices have formed hammer candlestick which would give bullishness to prices.
MCX Natural Gas Dec Hourly Chart:
Technical Views:
Prices opened on a flat note but in the second half of the trading session prices drifted lower below the lower band of the consolidation formation which gives negative confirmation for prices. We expect prices can test 235 levels while upside remains capped at 246.40 levels. the momentum indicator, RSI remained below 40 levels which suggest lack of momentum in prices.

6. 03rd Dec’14 Aaj Ka Trend
Fundamental News:
 West Texas Intermediate and Brent oil prices tumbled sharply on Tuesday, as a broadly stronger U.S. dollar and ongoing concerns over a global supply glut weighed.  On the New York Mercantile Exchange, crude oil for delivery in January fell by as much as 3.27% to touch a daily low of $66.74 a barrel, before trading at $67.50 during U.S. morning hours, down $1.50, or 2.17%..  A day earlier, Nymex oil futures fell by as much as 3.6% to $63.72 a barrel, a level not seen since July 2009, before rallying to settle at $69.00, up $2.85, or 4.31%, as market players closed out bets on lower prices.  Natural gas futures tumble to 4-week low as mild weather weighs.  U.S. natural gas prices fell for the fourth consecutive session on Tuesday to hit the lowest level in more than four weeks as forecasts for above-normal temperatures to settle in across much of the U.S. in early December weighed.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3 Crude 4152 4093 3936 4250 4309 4407 4564
Natural Gas
236
232
220
244
248
255
267
Recommendation:
Crude
Buy
Natural Gas
Sell

7. 03rd Dec’14 Aaj Ka Trend
SumeetBagadia (Associate Director) sumeet.bagadia@choiceindia.com
Ritesh Patel (Research Associate) ritesh.patel@choiceindia.com
DeveyaGaglani (Research Advisor) deveya.gaglani@chocieindia.com
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8. 03rd Dec’14 Aaj Ka Trend
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