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R
EE E K L Y
P
O
Blow by Blow
On
R
Bullions,
T
Base metals,

20 APRIL 24 APRIL 2015

Energy

MAJOR EVENTS
Gold stayed supported ahead of weekend after rising above $1200 per ounce
mark.Weakness in US dollar supported the yellow metal in last couple of sessions. A
strong surge in global crude oil prices and ideas that good speculative demand could
curb losses for gold in near term also kept gold supported. However, the metal failed
to cross the 100 day Exponential Moving Average (EMA) hurdle yesterday and pared
some of its intraday gains. COMEX Gold is quoting at $1203 per ounce right now, up
$5 per ounce on the day. MCX Gold futures are trading at Rs 26762 per 10 grams, up
Rs 117 per 10 grams on the day. Global markets are worried about Greece defaulting
on its debt in near term. Greek bond yields soared higher after the countrys new
government demanded a fresh deal fromits creditors. Euro is staying supported
though, hitting above 1.0800 against the USdollar yesterday - its highest level in one
week on improved prospects for German economic growth. Falling oil prices and a
weaker euro are set to boost Germany's consumption-driven economic growth
further, four leading economic institutes said in a joint report on Thursday. The think
tanks raised sharply the German growth forecast for this year to 2.1%from 1.2% seen
in October last year.
The booming growth in U.S. oil supplies will end in 2015, the Organization of the
Petroleum Exporting Countries said Thursday, citing a significant cutback in the
number of drilling rigs. In its closely watched monthly market report, OPEC said U.S.
oil supplies would grow to about 13.65 million barrels a day in the second quarter of
2015 and then level off, beginning to decline in the second half of the year.
Meanwhile, OPEC said demand for its own crude would rise slightly to about 29.3
million barrels a day, while demand for non-OPEC supplies would fall by about
165,000 barrels a day. The U.S. rig count decreased by 238 rigs over four weeks in
March to 1,110 rigs, decelerating the pace from last month's 335 rigs taken out of
service, OPEC said, quoting data from Baker Hughes. The Vienna-based organization
kept global oil demand growth unchanged at 1.17 million barrels a day for 2015.

Gold Holds
Above $1200
Ahead Of
Weekend.

OPEC Sees End To

U.S. Oil-Supply
Boom In 2015.

The US Energy Information Administration (EIA) reported Thursday that US natural

gas stocks increased by 63 billion cubic feet for the week ending April 10. The fiveyear average for the week is a 35 billion cubic foot injection, and last years increase
was 11 billion cubic feet.
The prices of Copper remained static in the evening trades on MCX. When last checked
Copper contract was trading at Rs 382.6 per kg. The markets saw a high of Rs 386.8 per
kg and a low of Rs 381.7 per kg.
This week, Chinese production of refined copper rose 9.7 percent from a year ago in
March as smelters expanded capacity amid an increase in supply of raw material.
China churned out 636,351 tonnes of refined copper in March, down from a record
832,618 tonnes in December 2014, data from the National Bureau of Statistics showed
on Friday.
In a separate news, International Nickel Study Group (INSG) mentioned that surplus in
global nickel market was 20,300 tons in February compared to a surplus of 6,400 tons
during the same month of last year. INSG also indicated that the primary nickel
production was 158,400 tons in February and the consumption totaled 138,100 tons.
Meanwhile, the nickel stocks owned by producers totaled 93,000 tons in January,
higher than 92,100 tons in December of last year.Nickel was trading at Rs 796.4 per kg,
up by only 0.06%. The rise of surplus has brought down Nickel significantly below Rs
1000.

Copper Static in
the Evening Trades
on MCX.

ECONOMIC CALENDER
DATE & TIME

DESCRIPTION

FORECAST

PREVIOUS

Apr 22 6:30pm

HPI m/m

0.7%

0.3%

7:30pm

Existing Home Sales

5.04M

4.88M

8:00pm

Crude Oil Inventories

Apr 23 6:00pm

Unemployment Claims

290K

294K

7:15pm

Flash Manufacturing PMI

55.6

55.7

7:30pm

New Home Sales

514K

539K

8:00pm

Natural Gas Storage

Apr 23 6:00pm

Core Durable Goods Orders m/m

0.2%

-0.6%

6:00pm

Durable Goods Orders m/m

0.7%

-1.1%

1.3M

63B

GOLD
TECHNICAL VIEW
MCX
GOLD
showed
sideways
movement, and took the support of
26390 but not able to closed below its
important support level of 26500.
Now, if it is able to maintain above
27100 then next major resistance level
is seen in the range of 27650-28000.
On other hand sustaining below 26380
bearish movement may drag it towards
the support level of 26000-25750.

PIVOT TABLE
STRATEGY
Better strategy in MCX GOLD is to buy
above 26900 for the targets of 2725027500 with stop loss of 26150.

S1

S2

S3

R1

R2

R3

26385

25940

25500

27100

27500

27865

SILVER
TECHNICAL VIEW
MCX SILVER on daily charts showed
sideways movement last week and
took the support of 36000 on lower
side. Now, if it sustain below 36000
then next support is seen in the range
of 35000-34500. On higher side
maintaining above 38000 will again
pull it towards the resistance level of
39200.

STRATEGY
Better strategy in MCX SILVER at this
point of time is to sell below 35800 for
the target of 34900-34500, with stop loss
of 37500.

PIVOT TABLE
S1

S2

S3

R1

R2

R3

35900

34885

33830

37350

38400

40580

CRUDEOIL
TECHNICAL VIEW
MCX Crude oil last week showed
bullish movement, and broke its
important resistance of 3370 and
closed above it. Now, if it maintains
above 3500 in coming sessions then
next important resistance level is seen
around 3730. On the other hand 3350
will act as important support level
below which again it will drag towards
the support level of 3150.

PIVOT TABLE

STRATEGY
Better strategy in MCX CRUDEOIL is to
buy on dips for the targets of 3700-3800,
with stop loss of 3100.

S1

S2

S3

R1

R2

R3

3365

3130

2950

3650

3815

3990

COPPER
TECHNICAL VIEW
MCX Copper last week showed
sideways to bullish movement and
closed below its important resistance
level of 383.15. Now, if it maintains on
higher level then next important
resistance is seen around 400. On the
other hand if it sustain below the
support level of 384 then it will drag
towards the next support level of 364.

PIVOT TABLE

STRATEGY
Better strategy in MCX COPPER is to buy
above 390, with stop loss of 384 for the
targets of 400-405.

S1

S2

S3

R1

R2

R3

378.20

368.80

357.30

389.80

400

410.70

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