- Gold and silver prices moved lower due to a healthy U.S. November jobs report bolstering demand for the dollar. Technical indicators also suggest weakness in gold and pressure on prices while below key trend lines. - Copper futures fell after the strong U.S. jobs data increased expectations of interest rate hikes, which could slow economic growth and metal demand. Crude oil declined after Saudi Arabia cut export prices to the U.S. and Asia. - Most metals and energies are given neutral or buy recommendations, with copper and crude oil expected to rise if support levels are maintained.

1. 08th Dec’14 Aaj Ka Trend
Bullions MCX Gold Feb Daily Chart
Technical View: Gold prices moved lower and closed near day’s low which suggests signs of weakness. We continue to mention that as long as the downtrend line is intact, prices could remain under pressure while breach of the mentioned trend line could head higher and move prices towards higher levels. The momentum indicator, RSI has also remained below 60 levels on daily timeframe. On COMEX Gold break below 1185$ would keep prices under pressure. For the day 26100 remains to be the support and 26700 remains to be the resistance for MCX gold prices. MCX Silver Mar Hourly Chart
Technical View: Above chart shows that prices are trading near the lower band of the consolidation formation. The momentum indicator, RSI is also near 40 levels which signals prices could take support near the same and start moving towards higher levels to test upper band near 37400 levels. Prices are also trading above the super trend indicator’s support which would give positive confirmation for prices. On COMEX Silver 16.20$ happens to be the crucial support for prices to move towards 16.55$ levels.

2. 08th Dec’14 Aaj Ka Trend
Fundamental News:
• Gold drops on robust U.S. November jobs report. • Gold futures dropped on Friday after official data revealing a healthy uptick in U.S. hiring bolstered demand for the dollar, which trades inversely with the yellow metal.
• On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 1.35% at $1,191.40, up from a session low of $1,186.80 and off a high of $1,207.70
• The February contract settled down 0.08% at $1,207.70 on Thursday.
Pivot Levelsfor the Day:
S1
S2
S3
Pivot
R1
R2
R3
Gold
26133
25914
25560
26268
26487
26622
26976
Silver
36002
35561
34921
36201
36642
36841
37481
Recommendation:
Gold
Neutral
Silver
Buy

3. 08th Dec’14 Aaj Ka Trend
Base Metals MCX Copper Feb Hourly Chart
Technical Views: As mentioned, ‘For now we expect once prices breaches 404.50 levels, it can easily test 407/410 levels while downside remains protected at 400 levels on closing basis’ prices moved above 404.50 levels and have tested our first short term target of 407 levels. In the above hourly chart it can be observed that prices are trading above 403.5 levels which happen to be the support for prices. The momentum indicator, RSI has formed positive reversal which adds bullishness to prices. For now, as long as 400 levels are protected on down side, prices can test 407/409 levels.
MCX Aluminum Dec Hourly Chart
MCX Lead Dec Hourly Chart
MCX Nickel Dec Daily Chart
MCX Zinc Dec Hourly Chart

4. 08th Dec’14 Aaj Ka Trend
Fundamental News:
• Copper Falls as U.S. Job Gains Spur Bets on Interest-Rate Rise. Copper fell for the third time in four days after U.S. payrolls rose more than forecast, bolstering the case for the Federal Reserve to raise interest rates that may slow economic growth and curb metal demand.
• Employers added 321,000 jobs in November, the highest since January 2012 and above the most optimistic projection in a Bloomberg survey of economists, government data showed today. Treasury yields rose as traders bet improvement in hiring will help assure Fed policy makers that the economy is strong enough to withstand an increase in borrowing costs next year. The U.S. is the largest consumer of copper after China.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Copper
401.5
399.7
395.1
404.3
406.1
408.9
413.5
Aluminum
121.8
121.2
119.5
122.8
123.4
124.5
126.1
Lead
125.6
124.9
123.5
126.4
127.0
127.8
129.3
Nickel
1028.8
1018.4
989.2
1047.6
1058.0
1076.8
1106.0
Zinc
137.9
137.2
135.5
138.8
139.6
140.5
142.1
Recommendation:
Copper
Buy
Aluminum
Sell
Lead
Neutral
Nickel
Neutral
Zinc
Buy above 139

5. 08th Dec’14 Aaj Ka Trend
Energy MCX Crude Dec Hourly Chart:
Technical Views: From the above chart it can be observed that prices have taken support near 78.6% retracement level of the previous intermediate up move. The momentum indicator, RSI has move above 40 levels which signals prices could move in sideways or positive trend. The up move from 63.77$ - 69.55$ looks impulsive and the counter rally from 69.55$ - 65.15$ could be corrective in nature. For now we expect prices can head towards 68.20$ and in MCX prices can head towards 4230 levels as long as 4050 levels are protected on downside. MCX Natural Gas Dec Hourly Chart:
Technical Views: Natural gas prices moved higher almost near upper circuit levels which signals early move of strength in natural gas prices. The momentum indicator, RSI has also moved near 60 levels which indicate momentum in prices. Prices could retest the lower band of the consolidation at 245 as long as 226 levels are protected on down side.

6. 08th Dec’14 Aaj Ka Trend
Fundamental News:
• Crude shrugs off U.S. data and falls on Saudi price cut.
• Crude futures shrugged off an upbeat U.S. jobs report and slid on Friday on news that Saudi Arabia trimmed the price of oil it exports to the U.S. and Asia.
• In the New York Mercantile Exchange, West Texas Intermediate crude futures for delivery in January traded down 1.73% at $65.66 a barrel during U.S. trading, up from a session low of $65.19 a barrel and off a high of $66.86 a barrel.
• Natural gas gains as markets price in mild temperatures.
• Natural gas futures rose on Friday after investors priced in losses stemming from mild U.S. temperatures and snapped up nicely-priced positions in the commodity.
• Longer-range forecasts suggesting a return of colder weather supported the commodity as well.
Pivot Levels for the Day:
S1
S2
S3
Pivot
R1
R2
R3
Crude
4065
4009
3906
4112
4168
4215
4318
Natural Gas
230
223
210
235
242
248
260
Recommendation:
Crude
Buy
Natural Gas
Buy

7. 08th 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. 08th Dec’14 Aaj Ka Trend
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