Commodity Premium Daily Journal

Strictly For Client Circulation

TUESDAY, 24th
OCTOBER 2017

Gold 29571

Silver 39973

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Market Wrapup
Monday, 23rd October 2017

Commodity Contract Open Price High Low Close Price

Gold 05-Dec-2017 29500 29591 29384 29537

Silver 05-Dec-2017 39750 39990 39476 39910

Crude Oil 17-Nov-2017 3393 3408 3372 3383

Natural Gas 26-Oct-2017 191.60 195.90 191.60 194.2

Copper 30-Nov-2017 455.1 458.20 453.35 457.9

Zinc 31-Oct-2017 205 208.25 204.90 207.8

Lead 31-Oct-2017 161.90 162.40 161.90 162.4

Aluminium 31-Oct-2017 138.75 138.9 137.75 138.45

Nickel 31-Oct-2017 762.20 773 758.70 770.9

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Support & Resistance
Tuesday, 24th October 2017

Commodity Contract RES-2 RES-1 PIVOT SUP.1 SUP.2

Gold 05-Dec-2017 29711 29624 29504 29417 29297

Silver 05-Dec-2017 40306.00 40108.00 39792 39594.00 39278.00

Crude Oil 17-Nov-2017 3423.67 3403.33 3387.667 3367.33 3351.67

Natural Gas 26-Oct-2017 198.20 196.20 193.9 191.90 189.60

Copper 30-Nov-2017 461.33 459.62 456.4833 454.77 451.63

Zinc 31-Oct-2017 210.33 209.07 206.9833 205.72 203.63

Lead 31-Oct-2017 164.57 163.48 161.6167 160.53 158.67

Aluminium 31-Oct-2017 139.52 138.98 138.3667 137.83 137.22

Nickel 31-Oct-2017 781.83 776.37 767.5334 762.07 753.23

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MCX Outlook
Tuesday, 24th October 2017

Base Metals may weaken marginally; Short-term trend positive

Base Metals are trading neutral in intraday today with Copper at $6980.0, down 0.19%. Nickel and Zinc are higher by about half a percent with
Lead being the only exception, trading at $2466.25, down 0.08%.

The intraday bias on base metals is negative and we expect a marginal decline in prices in the evening session. The rally this year has been
largely driven by supply shortages instead of a stronger demand forecast.

China, which is the largest consumer of base metals, has been struggling but recent macroeconomic data points to a recovery in the immedi-
-ate term. The market is also being supported by fears of a tighter physical market as the impact of Chinese cuts begin to impact the supply
side in the coming months.

Crude Oil tests weekly resistance, further upside seen

Crude Oil is testing key weekly resistance at Rs.3410 and is currently trading at Rs.3394, up 23 points or 0.65% currently. Natural Gas is
trading higher almost 3% at Rs.195.30 currently.

The intraday bias is positive and we expect a strong upside to Rs.3450-3465 in the later session whereas, on the downside, a break below
Rs.3375 could trigger a correction in the commodity this week. The fundamentals are largely bullish for prices particularly driven by the supply
side reductions from OPEC, Russia and the US which has been hit largely due to the hurricanes.

The increased compliance from OPEC countries has done a strong job of countering the excessive supply from the US. The focus this week
will also be on the weekly inventories report which could show a potential drop in crude and gasoline supplies boosting prices in the short term.

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Market News
Tuesday, 24th October 2017

Special News
Gold Prices Gain In Asia On Weaker Dollar
Gold prices gained in Asia on Thursday with a weaker dollar aiding buuying sentiment in the
physical market.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange
rose 0.27% to $1,284.36 a troy ounce. The U.S. dolalr index fell 0.16% to 93.57.

Overnight, gold prices were roughly unchanged on Monday as dollar strength continued to weigh on upside momentum in the precious metal.

In what was a quiet day for top-tier economic data, gold prices came under pressure on signs that sentiment on the dollar is turning positive
after data showed traders continued to unwind their bearish bets on the greenback.

Crude Oil Gains In Asia As Market Looks Ahead To API Estimates

Crude oil prices gained in Asia on Tuesday as the market looked ahead to industry estimates on U.S.
inventories.

On the New York Mercantile Exchange crude futures for December delivery rose 0.10% to $51.95 a
barrel, while on London's Intercontinental Exchange, Brent gained 0.05% to $57.40 a barrel.

Later Tuesday, the American Petroleum Institute will report its estimates of U.S. crude and refined
product stocks to be followed on Wednesday by officiald ata fromt he Energy Information Administration (EIA).

Analysts expect a 2.5 million barrels drop in crude stocks and a 1.9 million barrels decreasem in distillates and gasoline inventories off by
1.9 million barrels.

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Market News
Tuesday, 24th October 2017

Commodity Buzz
Gold and the Dollar: Good news and bad news
We've all had people come up to us and say "Do you want the good news first or the bad news?" I always opt for the bad news first, to get
it out of way and end on a lighter note. The bad news is that the dollar looks set to stage a significant "swan-song" rally in coming weeks,
which will probably result in gold being beaten down again. The good news is that once that's done its toastand that's when the big gold
and silver bull market that longer-term charts are calling for will really get underway.

The last update called for the dollar to drop down to mark out the Right Shoulder of a Head-and-Shoulders bottom pattern, and for gold to
break out of its rather steep intermediate downtrend and rally, and that is exactly what has since happened. On its latest 8-month chart, we
can see how the dollar has backed off to the vicinity of its flattened out 50-day moving average and the vicinity of the Left Shoulder low of
the base pattern, in order to mark out the Right Shoulder low.

Three bullish developments to be noted that result from the dollar rising out of the Head of the pattern are the breakout from the downtrend,
the break clear above the 50-day moving average, and the big improvement in momentum (MACD), which is swinging positive. If our inter-
-pretation that this is a genuine Head-and-Shoulders bottom is proven valid, the pattern targets the 97 area in coming weeks, probably by
early November. Needless to say, this will not be good news for gold and silver prices.

Our prediction made many weeks ago that the dollar would rally off the lower boundary of its big bullhorn pattern shown on the 4-year chart
below to break out above its restraining Dome has proven to be correct, and a projection has been drawn on this chart showing roughly
what is expected to happen.

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Analyst Speaks
Tuesday, 24th October 2017

Gold MCX

Technically Gold market is under short covering as market has witnessed drop RESISTANCE 2 29711
in open interest by 10.22% to settled at 6086 while prices up 3 rupees.

RESISTANCE 1 29624
Now MCX Gold is getting support at 29417 and below same could see a test of
29297 levels and resistance is now likely to be seen at 29711, a move above
PIVOT 29504
could see prices testing 29624

BUY GOLD AROUND 29500-29530 SUPPORT 1 29417

TGTS 29630/29730 SL 29400
SUPPORT 2 29297

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Analyst Speaks
Tuesday, 24th October 2017

CRUDE OIL MCX

Technically Crude Oil market is under short covering as market has RESISTANCE 2 3423.67
witnessed drop in open interest by 11.98% to settled at 7255 while
prices up 14 rupees.
RESISTANCE 1 3403.33
Now MCX Crude oil is getting support at 3367.33 and below same could
see a test of 3351.67 levels and resistance is now likely to be seen at
3403.33 a move above could see prices testing 3423.67 PIVOT 3387.667

SELL CRUDE OIL AROUND 3400-3410 SUPPORT 1 3367.33

TGTS 3370/3340 SL 3440
SUPPORT 2 3351.67

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Todays Economic Events
Tuesday, 24th October 2017

COUNTRY TIME EVENT ACTUAL FORECAST PREVIOUS

7:15pm Flash Manufacturing PMI 53.3 53.1

USD Flash Services PMI 55.2 55.3

7:30pm Richmond Manufacturing Index 17 19

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Team :
Name Designation Email

Mr. Prateek Gupta (Technical Research Analyst-head)

Mr. Lakhan Patidar (Sr. Derivative & Technical Analyst)

Mr. Dharmendra Saloniya (Commodity Research Analyst)

Mr. Shubham Chinwar (Sr. Graphic Designer)

Checked By :-

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