During April 20-24, 2015, gold prices remained supported above $1200 per ounce due to a weaker US dollar and surging crude oil prices, though it struggled to surpass significant resistance levels. Concerns about Greece's debt situation affected global markets, while OPEC indicated a possible end to the US oil supply boom as drilling activity decreased. In metals, copper prices stabilized amid increased Chinese production, and nickel experienced a surplus in the global market, keeping its prices under 1000 rupees per kg.

1. 20 APRIL – 24 APRIL 2015
W E E K L Y
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Blow by Blow
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Bullions,
Base metals,
Energy…
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2. MAJOR EVENTS
Gold stayed supported ahead of weekend after rising above $1200 per ounce
mark.Weakness in US dollar supported the yellow metal in last couple of sessions. A
strong surge in global crude oil prices and ideas that good speculative demand could
curb losses for gold in near term also kept gold supported. However, the metal failed
to cross the 100 day Exponential Moving Average (EMA) hurdle yesterday and pared
some of its intraday gains. COMEX Gold is quoting at $1203 per ounce right now, up
$5 per ounce on the day. MCX Gold futures are trading at Rs 26762 per 10 grams, up
Rs 117 per 10 grams on the day. Global markets are worried about Greece defaulting
on its debt in near term. Greek bond yields soared higher after the country’s new
government demanded a fresh deal fromits creditors. Euro is staying supported
though, hitting above 1.0800 against the USdollar yesterday - its highest level in one
week on improved prospects for German economic growth. Falling oil prices and a
weaker euro are set to boost Germany's consumption-driven economic growth
further, four leading economic institutes said in a joint report on Thursday. The think
tanks raised sharply the German growth forecast for this year to 2.1%from 1.2% seen
in October last year.
The booming growth in U.S. oil supplies will end in 2015, the Organization of the
Petroleum Exporting Countries said Thursday, citing a significant cutback in the
number of drilling rigs. In its closely watched monthly market report, OPEC said U.S.
oil supplies would grow to about 13.65 million barrels a day in the second quarter of
2015 and then level off, beginning to decline in the second half of the year.
Meanwhile, OPEC said demand for its own crude would rise slightly to about 29.3
million barrels a day, while demand for non-OPEC supplies would fall by about
165,000 barrels a day. The U.S. rig count decreased by 238 rigs over four weeks in
March to 1,110 rigs, decelerating the pace from last month's 335 rigs taken out of
service, OPEC said, quoting data from Baker Hughes. The Vienna-based organization
kept global oil demand growth unchanged at 1.17 million barrels a day for 2015.
The US Energy Information Administration (EIA) reported Thursday that US natural
gas stocks increased by 63 billion cubic feet for the week ending April 10. The five-
year average for the week is a 35 billion cubic foot injection, and last year’s increase
was 11 billion cubic feet.
OPEC Sees End To
U.S. Oil-Supply
Boom In 2015.
Copper Static in
the Evening Trades
on MCX.
The prices of Copper remained static in the evening trades on MCX. When last checked
Copper contract was trading at Rs 382.6 per kg. The markets saw a high of Rs 386.8 per
kg and a low of Rs 381.7 per kg.
This week, Chinese production of refined copper rose 9.7 percent from a year ago in
March as smelters expanded capacity amid an increase in supply of raw material.
China churned out 636,351 tonnes of refined copper in March, down from a record
832,618 tonnes in December 2014, data from the National Bureau of Statistics showed
on Friday.
In a separate news, International Nickel Study Group (INSG) mentioned that surplus in
global nickel market was 20,300 tons in February compared to a surplus of 6,400 tons
during the same month of last year. INSG also indicated that the primary nickel
production was 158,400 tons in February and the consumption totaled 138,100 tons.
Meanwhile, the nickel stocks owned by producers totaled 93,000 tons in January,
higher than 92,100 tons in December of last year.Nickel was trading at Rs 796.4 per kg,
up by only 0.06%. The rise of surplus has brought down Nickel significantly below Rs
1000.
Gold Holds
Above $1200
Ahead Of
Weekend.

3. E C O N O M I C C A L E N D E R
DATE & TIME DESCRIPTION FORECAST PREVIOUS
Apr 22 6:30pm HPI m/m 0.7% 0.3%
7:30pm Existing Home Sales 5.04M 4.88M
8:00pm Crude Oil Inventories 1.3M
Apr 23 6:00pm Unemployment Claims 290K 294K
7:15pm Flash Manufacturing PMI 55.6 55.7
7:30pm New Home Sales 514K 539K
8:00pm Natural Gas Storage 63B
Apr 23 6:00pm Core Durable Goods Orders m/m 0.2% -0.6%
6:00pm Durable Goods Orders m/m 0.7% -1.1%

4. S1 S2 S3 R1 R2 R3
26385 25940 25500 27100 27500 27865
S1 S2 S3 R1 R2 R3
35900 34885 33830 37350 38400 40580
T E C H N I C A L V I E W
MCX GOLD showed sideways
movement, and took the support of
26390 but not able to closed below its
important support level of 26500.
Now, if it is able to maintain above
27100 then next major resistance level
is seen in the range of 27650-28000.
On other hand sustaining below 26380
bearish movement may drag it towards
the support level of 26000-25750.
S T R A T E G Y
Better strategy in MCX GOLD is to buy
above 26900 for the targets of 27250-
27500 with stop loss of 26150.
PIVOT TABLE
G O L D
PIVOT TABLE
S I L V E R
T E C H N I C A L V I E W
MCX SILVER on daily charts showed
sideways movement last week and
took the support of 36000 on lower
side. Now, if it sustain below 36000
then next support is seen in the range
of 35000-34500. On higher side
maintaining above 38000 will again
pull it towards the resistance level of
39200.
S T R A T E G Y
Better strategy in MCX SILVER at this
point of time is to sell below 35800 for
the target of 34900-34500, with stop loss
of 37500.

5. C R U D E O I L
C O P P E R
S1 S2 S3 R1 R2 R3
3365 3130 2950 3650 3815 3990
S1 S2 S3 R1 R2 R3
378.20 368.80 357.30 389.80 400 410.70
T E C H N I C A L V I E W
MCX Copper last week showed
sideways to bullish movement and
closed below its important resistance
level of 383.15. Now, if it maintains on
higher level then next important
resistance is seen around 400. On the
other hand if it sustain below the
support level of 384 then it will drag
towards the next support level of 364.
S T R A T E G Y
Better strategy in MCX CRUDEOIL is to
buy on dips for the targets of 3700-3800,
with stop loss of 3100.
PIVOT TABLE
T E C H N I C A L V I E W
MCX Crude oil last week showed
bullish movement, and broke its
important resistance of 3370 and
closed above it. Now, if it maintains
above 3500 in coming sessions then
next important resistance level is seen
around 3730. On the other hand 3350
will act as important support level
below which again it will drag towards
the support level of 3150.
S T R A T E G Y
Better strategy in MCX COPPER is to buy
above 390, with stop loss of 384 for the
targets of 400-405.
PIVOT TABLE

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