Gold prices are trading on a lower note in Asian markets as the rebounds in equities on Friday led to some profit booking in gold; also the focus now shifts towards China which opens today after a week long break. Earlier the prices rallied to fresh one year highs during the previous week after the Fed chair person’s testimony where she commented on the global health of the economies and the gradual path of rate hike for the future. Holdings in bullion-backed exchange-traded products increased 0.3 percent to 1,592.3 metric tons on Friday, the highest since July, according to data compiled by Bloomberg.

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Daily MCX Newsletter
15th February 2016
2016
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PRECIOUS METALS:
Gold prices are trading on a lower note in Asian markets as the rebounds in equities on Friday led to
some profit booking in gold; also the focus now shifts towards China which opens today after a
weeklong break. Earlier the prices rallied to fresh one year highs during the previous week after the
Fed chair person’s testimony where she commented on the global health of the economies and the
gradual path of rate hike for the future. Holdings in bullion-backed exchange-traded products
increased 0.3 percent to 1,592.3 metric tons on Friday, the highest since July, according to data
compiled by Bloomberg. Asian markets are also trading higher today, while the yen nursed losses
early, having retreated from its highest in over a year as a rally in European and U.S. stocks late last
week dulled demand for the safe-haven currency
ENERGY:
Crude oil prices surged on Friday after a report once again suggested OPEC might finally agree to cut
production to reduce the world glut, while a bounce in stock markets fed appetite for risk. China's
crude oil imports fell 20 percent in January from record high volumes the previous month to their
lowest level since October, official customs data showed on Monday.
BASE METALS:
Copper and Nickel prices surged higher in Asian hours today as China markets opened today after a
weeklong break and prices do a catch up with the LME prices. Investors looked to buy the beaten
down metals. China’s January US dollar denominated trade balance were at $63.3 billion .In Yuan
terms, China’s exports fell 6.6 percent year on year in January, compared to a 2.3 percent increase in
December. Chinese imports in January fell 14.4 percent year on year, the 15th straight month of
decline.
MARKET WRAP

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PIVOTS LEVEL:
GOLD(APR)
RESISTANCE2:29850
RESISTANCE1: 28550
SUPPORT1:28050
SUPPORT2: 28700
SILVER (MAR)
RESISTANCE2:39050
RESISTANCE1: 38450
SUPPORT1:37500
SUPPORT2: 36900
CRUDE OIL (FEB)
RESISTANCE2:2120
RESISTANCE1: 2060
SUPPORT1:1955
SUPPORT2: 1900
COPPER (FEB)
RESISTANCE2:316
RESISTANCE1: 311
SUPPORT1:302
SUPPORT2: 297

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SILVER
CALL: BUY SILVER MAR ABOVE 37350 TGT 37550, 37750 SL 37000.
PICK OF THE DAY

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