1) Gold, silver, and crude oil futures opened lower on the MCX on March 29th, with all three closing the day in negative territory between 0.52-1.44%. 2) Technical indicators like the RSI and Stochastic showed selling pressure across commodities, though crude oil and silver remained in oversold zones. 3) Key resistance and support levels are given for the three commodities over the near term.

1. Daily Commodity Report
29th March 2012
MCX GOLD (5 APRIL 12) - Gold opened lower at 28275. It
Gold Silver Crude
(5 Apr-12) (5 May-12) (19 Apr-12)
moved higher to touch an intra day high of 28284. However, it
failed to sustain higher and corrected. It touched an intra-day low
Open 28,275 57,341 5,467 of 28106 level. It ended the day with modest losses to close at
High 28,284 57,395 5,473 28134.
Low 28,106 56,467 5,376 The Stochastic is placed below its average and is still placed in
the over bought zone, which would lead to profit taking and selling
Close 28,134 56,578 5,397
pressure. However, the RSI is placed above its average, which
Prev. Close 28,280 57,405 5,473 would lead to buying support at lower levels. The ADX line, -DI
line are moving sideways. However, the +DI line is placed at
% Change -0.52% -1.44% -1.39%
30.80 level and is falling indicating buyers are booking profits.
Source – MCX MCX GOLD faces resistance at 28960, 29212 and 29433, while
the supports are placed at 28084, 27557, 26517, 26347 and
Volume (In 000's) 25500 levels.
28/3/2012 27/3/2012 % Chg. MCX SILVER (5 MAY 12) - Silver opened lower at 57341. It
moved higher to touch an intra day high of 57395. However, it
Gold (gms) 23,380.0 27,403.0 -14.68%
failed to sustain higher and corrected. It touched an intra-day low
Silver (kgs) 1,810.2 1,608.8 12.52% of 56467 level. It ended the day with moderate losses to close at
Crude (bbl) 15,351.7 12,056.0 27.34%
56578.
Source – MCX The RSI and the Stochastic have slipped below their respective
averages, which would lead to selling pressure support. Moreover,
Turnover (In Lacs) the Stochastic is still placed near the over bought zone, which
would lead to intermediate bouts of profit taking, especially at
28/3/2012 27/3/2012 % Chg. higher levels. The –DI, +DI line and ADX line are moving
sideways, indicating a range bound trend. MCX Silver faces
Gold 659,212.0 776,074.1 -15.06%
resistance at 61708, 65159 and 66261 while the supports are
Silver 1,031,467.5 927,341.0 11.23% placed at 56157, 51029 and 50252 levels.
Crude 831,460.6 659,524.0 26.07% MCX CRUDE (19 APRIL 12) - Crude opened lower at 5467 level.
Source – MCX
It moved higher to touch an intra-day high of 5473 level. However,
it failed to sustain higher on back of selling pressure. It moved
lower to touch an intra day low of 5376. It ended the day with
Global Market (Nymex - $)
moderate losses to close at 5397.
29/3/2012 28/3/2012 % Chg.
The RSI has slipped below its average. Moreover, the Stochastic
Gold (oz) 1,661.10 1,657.90 0.19% is already placed below its average. These conditions would lead
to profit taking at and selling pressure. However, the Stochastic is
Silver (oz) 32.05 31.83 0.69%
placed in the over sold zone and would lead to intermediate bouts
Crude (bbl) 105.45 105.41 0.04% of short covering. The +DI line, –DI line and ADX line are moving
sideways, indicating a range bound trend. It faces resistance at
Dollar Index 79.08 79.13 -0.06%
5498, 5550 and 5635 while the supports are placed at 5305, 5232
Source – www.cmegroup.com and 5182 levels.
Intra-day Resistance Intra-day Support
Commodities Close Pivot Point R1 R2 R3 S1 S2 S3
CRUDE APR 12 5397 5415 5455 5512 5609 5358 5318 5221
GOLD APR 12 28134 28175 28243 28353 28531 28065 27997 27819
SILVER MAY 12 56578 56813 57160 57741 58669 56232 55885 54957
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2. US Economic Calendar:
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Mar. 29 Mar. 30 Apr. 02 Apr. 03 Apr. 04
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Outlays
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