The document provides a daily commodity outlook and summary of commodity prices and trading activity for gold, silver, and crude oil on the MCX exchange in India. It notes that gold and silver opened lower but bounced back from intra-day lows to close with modest losses. Crude also opened lower but bounced back from its low to end the day with modest losses. The technical indicators suggest a range-bound trend for all three commodities. Resistance and support levels are provided. Trading volumes declined significantly compared to the previous day.

1. Daily Commodity Outlook
25th November 2011
MCX GOLD (DEC 11) - Gold opened lower at 28730. Incidentally,
Gold Silver Crude
(5 Dec-11) (5 Dec-11) (19 Dec-11)
this was also the highest traded price for the day. It moved lower to
touch an intra-day low of 28518. However, it managed to bounce
Open 28,730 55,657 5,072 back from the lows of the day to ended the day with modest losses
High 28,730 55,768 5,072 to close at 28549.
Low 28,518 55,042 5,026 The RSI remains placed below its average, which would lead to
Close 28,549 55,251 5,062 selling pressure. However, the Stochastic is placed above its
average, which would lead to intermediate bouts of short covering
Prev. Close 28,780 55,846 5,074
and selective buying support. However, it is nearing the over bought
% Change -0.80% -1.07% -0.24% zone. The ADX, +DI and -DI line are moving sideways, indicating a
range bound trend. MCX GOLD faces resistance at 28960, 29212,
Source – MCX
29500 and 30000, while the supports are placed at 28152, 27954,
26768 and 26000 levels.
Volume (In 000's)
24/11/2011 23/11/2011 % Chg. MCX SILVER (DEC 11) - Silver opened lower at 55657. It moved
lower to touch an intra-day low of 54703 on back of sustained
Gold (gms) 20,545.0 51,423.0 -60.05% selling pressure. However, it managed to bounce back from the
Silver (kgs) 1,026.6 2,565.6 -59.99% lows of day to touch an intra-day high of 55768. It ended the day
with modest losses to close at 55251.
Crude (bbl) 8,770.8 23,322.5 -62.39%
Source – MCX The RSI is placed below its average, which would lead to further
selling pressure. However, the Stochastic is already placed above
Turnover (In Lacs) its average, which would lead to buying support at lower levels. The
ADX, -DI and +DI line are moving sideways, indicating a range
24/11/2011 23/11/2011 % Chg. bound trend. MCX Silver faces resistance at 61708, 61884 and
Gold 587,122.5 1,472,961.8 -60.14%
64605 levels, while the supports are placed at 54754, 52725, 52365
and 51226 levels.
Silver 568,472.4 1,422,851.6 -60.05%
Crude 442,379.3 1,177,741.4 -62.44%
MCX CRUDE (DEC 11) - Crude opened lower at 5072 level.
Incidentally, this was also the highest traded price for the day. It
Source – MCX moved lower to touch an intra-day low of 5026 on back of sustained
selling pressure. However, it managed to bounce back from the
Global Market (Nymex - $) lows of day to end the day with modest losses to close at 5062.
25/11/2011 24/11/2011 % Chg.
The RSI is placed below its average, which would lead to further
Gold (oz) 1,698 1,706 -0.47% selling pressure. However, the Stochastic is placed above its
average, which would lead to buying support at lower levels. The
Silver (oz) 31.88 31.96 -0.25%
ADX and –DI line are moving sideways, but +DI line is still placed at
Crude (bbl) 96.39 96.17 0.23% 34.94 indicating buyers have an upper hand. It faces resistance at
Dollar Index 79.24 79.13 0.14% 5174, 5200 and 5250 levels, while the supports are placed at 4889,
4618, 4493 and 4291 levels.
Source – www.cmegroup.com
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE DEC 11 5062 5053 5081 5099 5145 5035 5007 4961
GOLD DEC 11 28549 28599 28680 28811 29023 28468 28387 28175
SILVER DEC 11 55251 55354 55665 56080 56806 54939 54628 53902
Keynote Capitals Ltd.
th
4 Floor, Balmer Lawrie Bldg., 5, J. N. Heredia Marg, Ballard Estate, Fort, Mumbai, India – 400001. Tel: 3026 6000 / 2269 4322
www.keynotecapitals.com

2. US Economic Calendar:
Friday Monday Tuesday Wednesday Thursday
Nov. 25 Nov. 28 Nov. 29 Nov. 30 Dec. 01
Pending Home Sales
Weekly Bill Settlement New Home Sales Consumer Confidence New Home Sales
Index
ICSC-Goldman Store EIA Petroleum Status 4-Week Bill
Money Supply Data 6-Month Bill Auction
Sales Report Announcement
4-Week Bill FHFA House Price ADP Employment
Fed Balance Sheet 6-Month Bill Auction
Announcement Index Report
Keynote Capitals Ltd.
th
4 Floor, Balmer Lawrie Bldg., 5, J. N. Heredia Marg, Ballard Estate, Fort, Mumbai, India – 400001. Tel: 3026 6000 / 2269 4322
www.keynotecapitals.com

3. Disclaimer
This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or
redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions.
This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is
not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. It is for the general information of clients of Keynote Capitals Ltd. It does not constitute a personal
recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients.
We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy
or completeness cannot be guaranteed. Neither Keynote Capitals Ltd., nor any person connected with it, accepts any liability arising from
the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice.
Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future
performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studying charts
of a stock’s price movement and trading volume, as opposed to focusing on a company’s fundamentals and as such, may not match with
a report on a company’s fundamentals.
Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a
reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from
doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to
change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the
recommendations expressed herein.
We and our affiliates, officers, directors, and employees world wide may: (a) from time to time, have long or short positions in, and buy or
sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and
earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed herein or act
as advisor or lender / borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and
related information and opinions.
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the
subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly
related to specific recommendations or views expressed in this report.
No part of this material may be duplicated in any form and/or redistributed without Keynote Capitals Ltd’s., prior written consent.
Keynote Capitals Ltd.
th
4 Floor, Balmer Lawrie Bldg., 5, J. N. Heredia Marg, Ballard Estate, Fort, Mumbai, India – 400001. Tel: 3026 6000 / 2269 4322
www.keynotecapitals.com