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R
EE E K L Y
P
O
Blow by Blow
On
R
Bullions,
T
Base metals,
29 JUNE 03 JULY 2015

Energy

MAJOR EVENTS
MCX Gold futures are trading in a nervous manner ahead of weekend. Global markets
are teetering amid a heavy sell off in Asian stocks as traders remain skeptical about
the Greece debt fiasco. The yellow metal has been tamed this week after crashing
under $1200per ounce as strength in dollar and tepid retail buying in India hurt
sentiments. The counter is quoting at $1174 per ounce right now, up 0.19% on the
day. MCX Gold futures are trading at Rs 26488 per 10 grams, almost unchanged on
the day. MCX Silver futures are trading at Rs 35980 per kg, down 0.35% on the day.
Greeces talks with its creditors are still the talking point for the globalmarkets.
European leaders have put off until the weekend talks to seal a bailout dealafter
cutting short talks yesterday to give negotiators more time to settle differences.This is
weighing on the sentiments and world equities are a facing a heavy sell off.Stocks in
China were hurt severely today, crashing around 7.5% on the day. Stocks inEurope are
also in red and the US dollar is holding around 1.1200 mark against the
Euro.Meanwhile, RBI Governor Raghuram Rajan has asked central banks from across
the world todefine new rules of the game as he warned that the global economy may
be slipping intoproblems similar to the Great Depression of the 1930s.
Crude oil may move in range amid mixed fundamentals as EIA inventory data today
will give further direction to the prices. Overall it can move in range of 3800-3900 in
MCX, as per SMC Global report. MCX Crude Oil June contract was trading up by 0.21
per cent to 3857 levels on Wednesday(11.57am).U.S. crude prices rose on Tuesday as
a tropical storm moved ashore in the oil-producing state of Texas, but global
oversupply limited gains and pressured Brent futures. Gasoline stocks are expected to
be down 300,000 barrels.
A crude oil drop would be a seventh consecutive draw recorded by the government,
with the next Energy Information Administration report due on Wednesday at 10:30
a.m. EDT. Tropical Storm Bill went ashore on the Texas Gulf Coast and is expected to
bring heavy rains and strong winds. Last year, active oil rigs were at 1,536. This means
the current oil rigs are 59% lower than the levels last year. OPEC's (Organization of
the Petroleum Exporting Countries) largest crude oil producer is Saudi Arabia. It
continued to produce more than 10 MMbpd (million barrels per day) in May 2015.
US consumer spending recorded its largest increase in nearly six years in May, further
evidence that economic growth was accelerating in the second quarter. Three-month
copper on the LME closed up 0.5 per cent at $5770 a tonne, recovering from a low of
$5692. Prices have been on a downtrend since mid-May, hitting a three-month low on
Monday, mostly on worries over lackluster Chinese demand and a summer slowdown.
Meanwhile, in COMEX, Copper prices July expiry contract was trading at $ 2.62 per
pound, up 0.03 pounds. Antofagasta on the other hand announced establishing a
project committee. Antofagasta plc announced that the Board has established a
Projects Committee and has changed the composition of the Audit and Risk
Committee. Antofagasta is committed to growing its copper mining business in Chile
and beyond, in a sustainable and responsible manner that ensures it retains its social
licence to operate.
The new Projects Committee adds an important level of governance and responsibility
for all the Company's projects under development, and will play a vital role in
providing the Board with additional oversight of Antofagasta's projects portfolio,
proposals, milestones and key indicators and is in line with the approach to projects
that the Company is implementing.

Gold Cautious
Ahead Of
Weekend, Silver
Stalls Under 36K.

MCX Crude Oil

may move in
range amid mixed
fundamentals.

Copper Supported,
US Consumer
Spending Records
Largest Increase in
Six Years.

ECONOMIC CALENDER
DATE & TIME

DESCRIPTION

FORECAST

PREVIOUS

June 29 7:30pm

Pending Home Sales m/m

1.3%

3.4%

June 30 6:30pm

S&P/CS Composite-20 HPI y/y

5.3%

5.0%

7:15pm

Chicago PMI

50.2

46.2

7:30pm

CB Consumer Confidence

97.1

95.4

July 01 5:00pm

Challenger Job Cuts y/y

5:45pm

ADP Non-Farm Employment Change

216K

201K

7:15pm

Final Manufacturing PMI

53.4

53.4

7:30pm

ISM Manufacturing PMI

53.2

52.8

7:30pm

Construction Spending m/m

0.6%

2.2%

7:30pm

ISM Manufacturing Prices

52.1

49.5

8:00pm

Crude Oil Inventories

All Day

Total Vehicle Sales

17.2M

17.8M

July 02 6:00pm

Non-Farm Employment Change

231K

280K

6:00pm

Unemployment Rate

5.4%

5.5%

6:00pm

Average Hourly Earnings m/m

0.2%

0.3%

6:00pm

Unemployment Claims

270K

271K

7:30pm

Factory Orders m/m

-0.5%

-0.4%

8:00pm

Natural Gas Storage

-22.5%

-4.9M

75B

GOLD
TECHNICAL VIEW
MCX GOLD showed downward
movement, and broke the trendline on
lower side and found the crucial
support of 26400. Now, if it is able to
sustain below 26350 then next major
support level is seen in the range of
26000-25500. On other hand if some
correction happen then 26800 will act
as
important
resistance
level,
maintaining above pull it towards the
next resistance level of 27250.

PIVOT TABLE
STRATEGY
Better strategy in MCX GOLD is to sell
below 26350 for the targets of 2600025800 with stop loss of 26850.

S1

S2

S3

R1

R2

R3

26385

26135

25900

26740

27025

27325

SILVER
TECHNICAL VIEW
MCX SILVER on daily charts showed
bearish movement and broke the
important support of 35500 but not
able to closed below it. Now, if it
sustain below 35400 then next support
range may seen at 34900-33500. On
higher side maintaing above 37500 will
again pull it towards the resistance
level of 38500.

STRATEGY
Better strategy in MCX SILVER at this
point of time is to sell below 35400 for
the targets of 34400-33500, with stop
loss of 37500.

PIVOT TABLE
S1

S2

S3

R1

R2

R3

35400

34525

33490

36450

37500

38550

CRUDEOIL
TECHNICAL VIEW
MCX Crude oil last week showed
sideways movement some strength on
higher side seen but found resistance
around 4000 and again drag to its
support level of 3750. Now, if it
maintains above 4000 in coming
sessions then next
important
resistance level is seen around 4200.
On the other hand sustaining below
3750 will again drag it towards support
level of 3625.

PIVOT TABLE

STRATEGY
Better strategy in MCX CRUDEOIL is to
sell below 3750 for the targets of 36253500, with stop loss of 4000.

S1

S2

S3

R1

R2

R3

3715

3570

3425

3880

4000

4215

COPPER
TECHNICAL VIEW
MCX Copper last week showed
sideways to bullish movement and
showed some correction on higher
side after took the important support
of 357 last week. Now, if it maintain
above 377 on higher side then next
important resistance level is seen
around 391. On the other hand if
bearishness continue and sustain
below 364 then again 357 will act as
major support level.

PIVOT TABLE

STRATEGY
Better strategy in MCX COPPER is to sell
below 364, with stop loss of 376 for the
target of 354.

S1

S2

S3

R1

R2

R3

365.35

357.30

348

375.50

384.20

394

DISCLAIMER

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