View on Gold......

1. Commodity Insight
05th June, 2012
Turnover of 04.06.12 Commodity Rate Rate Up / Down
05.06.12 04.06.12
Exchange Turnover (Cr.)
Gold 1618.25 $ 1617.90 $ 0.35 $
MCX 56409 Silver 28.26 $ 28.23 $ 0.03 $
NCDEX 5354 Crude 83.93 $ 84.25 $ - 0.32 $
USDINR 55.92 55.70 0.22
Gold
Fundamentally, Gold rallied 4% last week on
unexpectedly weak U.S. jobs data could signal a
return to the safe haven status that has eluded
bullion for the past seven to eight months. Friday
move was the biggest daily percentage gain for gold
in more than three years. The European leaders
gathering last week could not bring any respite, as
neither progress was made over debt crisis nor any
commitment was made to prevent Greece from
quitting the European bloc after the comments made
by the Greece Prime Minister that risk of Greece
leaving EURO is real. Although EU ministers showed
their support wanting Greece to stay in the bloc, even
then they are unwilling to compromise on austerity
measures to give boost to the growth.
Gold imports in India are likely to dip by about 50 per
cent in May to 50-60 tonnes as weakening rupee and
higher duties has led to steep rise in price of the
precious metal, an industry body said on recently.
India had imported 102 tonnes of gold in the same
period last year.
Technically, Gold has given an downside move of $250 in past three months, prices have also broken major
support of $1640 in COMEX and also trading below 200 DMA. As the prices have broken major support so
there can be some more sell off till $1570 in short term. Well on the other side, MCX Gold has major support at
28300 or 27800 levels. But the overall scenario looks bullish, so anytime in such correction Gold is good buy
for the target of 30500 and 31000 levels.
In long term Gold prices are expected to touch levels of $2000 in COMEX, any small correction till $1570 or
$1550 should be a good buy opportunity for the targets of $1790 and if the prices are able to break and give
close above $1790 than Gold prices can touch levels of $2000 in next five to six months. In MCX once if prices
are able to break 30500 levels on closing basis than levels of 32000 & 33000 are easily achievable in next six
months.
Pepper
Fundamentally, On the back of supply shortage and high demand from the domestic market, India's pepper has
advanced more than 14 percent in last two weeks, while other spices has dropped on lower demand. Even
though the higher arrivals from Brazil and Vietnam in the global market has damped the demand for Indian
variety, thin supplies in the domestic market amid strong demand has kept the pepper positive for the week
period.
Depreciating rupee against the US dollar has also supported the Indian variety in the global market despite
higher arrivals from Vietnam and Brazil, which is offered at much lower price than India. Global Pepper
production in 2012 is expected to increase 7.2% to 3.20 lakh tonnes as compared to 2.98 lakh tonnes in 2011
with sharp rise of 24% in Indonesian pepper output and in Vietnam by 10%. Pepper output in Vietnam is
estimated to be 1.35 lakh tonne as compared to 1.10 lakh tonne estimated early in the beginning of year (2012).
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2. Commodity Insight
05th June, 2012
Technically, Pepper prices have given good upside
move of approx 15000 Rs. i.e.from 28800 to 43400 in
last one month. Pepper is overbought at present levels,
so anytime there can be sharp correction which can
take prices till 36000 or 34000 rs in next one month.
Overall, it seems that pepper will move in a range of
34000 on lower side and 44000 rs on higher side.
If pepper manages to break the level of 33000 on
downside then the levels of 28000 are easily
achievable. In long term, We maintain our bearish view
in pepper till the time prices does not break levels of
44500 on higher side. So rise in prices till 39000 or
40000 Rs. should be used as selling opportunity for the
target of 34000 Rs in next one month.
Gold Chart
GOLD CONTINUOUS 100 TROY OZ [COMEX] (1,626.80, 1,629.70, 1,610.00, 1,613.90, -8.19995)
1950
1900
1850
1800
1750
1700
1650
1600
1550
1500
1450
1400
Relative Strength Index (54.2588)
80
70
60
50
40
30
Volume (0)
1.0
0.5
0.0
-0.5
-1.0
13 20 27 5 11 18 25 1 8 15 22 29 6 12 19 26 3 10 17 24 31 7 14 21 28 5 12 19 27 3 9 17 23 30 6 13 21 27 5 12 19 26 2 9 16 23 30 7 14 21 29 4 11 18
July August September October November December 2012 February March April May June
• Equities • Commodities • Wealth • Mutual Funds • Insurance 2

3. Commodity Insight
05th June, 2012
Daily Trading Range
 Gold today’s trading levels are 29850 - 30200
 Intraday Support @ 29850 - 29950 and Resistance @ 30150 - 30200
 Intraday Trend Up, Buy on dips….
 Gold Buy @ 29950 SL 29850 TGT 30150….
Open Calls
Type
Stop Closing
Date of Commodity Initiated Price Target Comments
Loss Price
Call
Spread Calls
Date Type Commodity Initiated Stop Target Comments
of Call Price Loss Spread
Spread
Report by: -
Sumeet Bagadia (Head - Commodities & Currencies Research) sumeet.bagadia@destimoney.com
Kunal Kame (Research Associate) kunal.kame@destimoney.com
Siddhesh Ghare (Research Associate) siddhesh.ghare@destimoney.com
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4. Commodity Insight
05th June, 2012
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