DAILY COMMODITY OUTLOOK

13 Oct, 11

th

MCX GOLD DEC. CONTRACT OPEN `26746.00

HIGH

`27008.00

LOW

`26746.00

CLOSE

`26864.00

MCX GOLD DEC Contract Technical Outlook & Trading Strategy As outlined above the price action of gold over the past few sessions of trade has been taking shape of a Bearish Rising Wedge pattern. We would like to point out that the rising wedge is a bearish reversal pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. A breakdown below the wedge can lead to severe decline in prices of an Index/stock/ commodity. In the case of the above pattern a sustained breakdown below the`26740 levels can lead to an increase in supply pressure in the price of gold. The MACD indicator is gradually turning into sell mode confirming the bearish price setup.

We recommend traders to sell below `26740 levels with a stop loss placed above `26857 levels for downside targets of `26610 / `26545 levels.

DAILY COMMODITY OUTLOOK

COMMODITIES TO WATCH

13 Oct, 11

th

NCDEX Guarseed Nov CMP`4143

Technical Outlook & Trading Strategy:-

The price of Guarseed witnessed a pullback rally from the lows of `3880 levels as on 03th Oct, 11. But, the price couldnt register a close above its moving average cluster resistances. Moreover, fall witnessed during the previous sessions has led to the formation of a 3-bar bearish reversal pattern on the daily charts. This is a sign that the price can now test is recent lows. The momentum indicators continue to trade in bearish mode despite the recent pullbacks. We recommend traders to take short positions between `4130--`4180 levels with a stop loss placed above `4241 levels for downside targets of `4010 / `3950 levels expected to be achieved over the upcoming 3-4 sessions of trade.

INVENTORY DATA

LME Warehouse Stocks (Inventory) and Volume

12 Oct 2011 Metalprices.com

Inventory MT +/-2,975 -320 -20 -1,525 1,175 -720 -320 -2,150 135,320 152,200 457,000 386,850 91,782 18,910 801,550 MT 4,555,700

Volume +/2,646,725 -2,980 -10,060 132,075 412,575 22,506 10,530 141,875 41,360 47,540 3,663,675 1,451,575 208,146 28,575 2,566,350 8,691,650

Aluminum Al Alloy NASAAC Copper Lead Nickel Tin Zinc

KEY SUPPORT RESISTANCE LEVELS

Commodity NCDEX Chana(Nov) NCDEX Pepper(Nov) NCDEX Soya Oil(Nov) NCDEX Jeera(Nov) NCDEX Guarseed(Nov) Support 1 3187 36907 594 14776 4085 Support 2 3139 36678 588 14664 4028 CLOSE-PRICE 3234 37135 599.85 14887 4143 Resistance 1 3270 37472 604 14983 4225 Resistance - 2 3305 37808 609 15078 4308

DAILY COMMODITY OUTLOOK

MCX Copper MCX Nickel MCX Lead MCX Silver MCX Gold MCX Crude 363 930 98 53497 26737 4177 358 923 97 52831 26611 4148 368.75 937.10 99.90 54162 26864 4206 373 947 101 54663 26999 4239 376 956 102 55163 27135 4272

13 Oct, 11

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