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DAILY MCX NEWSLETTER

20 - FEB.-2014

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BULLION:
Gold severely overbought on daily chart & headed below 1326/27 as expected. This also acted nicely as resistance in the afternoon. We held the 1313 support yesterday but as we break 2 week trend line support at 1317 we look likely to retest 1313 today. The outlook is increasingly negative so we could continue lower to good support at 1310/09. This could hold the downside today but a break lower cannot be ruled out & could target 1304/03 then 1298, perhaps later in the week . Resistance at 1325/26 should hold any rebound now. However above here we can use the 1329/32 highs as a selling opportunity.

BASE METAL:
Barclays tracks close to 60% of the worlds copper production and when they say that refined copper output is about to increase this year, they mean what they say. After all, with the corporate results season on, the bank has found that for the 60% global production that they track, 9% of y/y output enhancement was seen in 2013. The higher treatment and refining charges, in fact the doubling of those, have incentivised smelters to fire all cylinders. Also, of the 51 mining entities that Barclays track, only 19 firms reported production drop in 2013.

ENERGY:
WTI Crude beat the 101.38 high last week & rocketed further than expected to reach 103.25. We have not hit any important resistance but we are overbought short term & on the daily chart now. Any pullback is likely to be limited but below 102.35/30 we could test support at 101.55/55. This could hold the downside but if we continue lower good support at 100.60/40 & a low for the day. Longs need stops below 100.20.

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BULLION

GOLD (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 30150, 30260 : - 29900, 29750 : - BUY ON DIPS

SILVER (5 MAR.)
OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 48100, 48500 : - 47520, 47350 : - BUY ON DIPS

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ENERGY

CRUDEOIL (19 MAR.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 6450, 6500 : - 6345, 6300 : - BUY ON DIPS

NATURAL GAS (25 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - BULLISH : - 390.00, 400.00 : - 370.00, 362.00 : - BUY ON DIPS

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BASE METAL

COPPER (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 454.00, 456.00 : - 448.00, 445.00 : - BUY ON DIPS

LEAD (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 134.50, 135.70 : - 132.50, 131.50 : - BUY ON DIPS

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ZINC (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 129.70, 130.40 : - 127.50, 126.50 : - BUY ON DIPS

ALUMINUM (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 108.70, 109.50 : - 107.00, 106.00 : - BUY ON DIPS

NICKEL (28 FEB.)

OUTLOOK:
TREND RESISTANCE SUPPORT STRATEGY : - CONSOLIDATE : - 910.00, 925.00 : - 890.00, 875.00 : - BUY ON DIPS

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GOLD SILVER COPPER CRUDEOIL PALLANDIUM PLATINUM

1309.94 21.433 3.259 102.50 728.80 1406.50

USDINR EURUSD USDJPY USDCHF GBPUSD USDCAD

62.4500 01.3751 101.997 00.8872 01.6672 01.1079

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